OfflineA pretty awesome thing that I have been doing with real estate agents that I am working with is using their access to the MLS to get me active cash buyers who are buying properties with CASH. Believe it or not, Real estate agents can actually do a search on the MLS to find and pinpoint cash buyers and can legally give you that list to work with to build relationships with buyers. Here is what I say to agents and how I say it to them to get this list to help me out. I like to do this face to face and not over the phone or email because I get better results actually talking to them. (I see this in many aspects of my investing)
First thing I will say to them is this:
"So you know in the MLS where you have to enter in weather or not the property was purchased using either "conventional funds", "FHA" funds, or "CASH" for the purchase?" (They always respond yes by the way because they have to enter this when a property sells)
Next thing I will say is "And of course you know that the MLS is one big giant database right?" (They will answer yes to this as well)
Next thing I will say is: "So as we know with any database, we know that if we have to enter in a piece of data, we can search the database for this exact same data?" (They will respond to this with a big yes as well)
Next thing I will say is: "And we know that just about everything in the MLS comes from public records" (They nod and understand this as well)
Next thing I will say is: "I need you to do something for me. I need you to run a search for the last 3 months for all properties that closed using "CASH" as the form of payment for the property." (the wheels in their heads will be spinning by now and lights will be going off as well)
They will be able to provide you with this list that will show you the address of the property sold and we can go to the county courthouse either in person or online and search tax records for the person/place/entity where the TAX BILL is being sent to. This is public record and we can get the contact information of the owner of the property.
AWESOME WAY TO BUILD A LIST OF POTENTIAL BUYERS TO WORK WITH WHO WE KNOW ARE ACTIVE BUYERS!!!!!
Have fun with this one and as always,,,,,,,
Happy Investing!
Thank you for sharing this detailed tip and well explained way of finding cash buyers. This will help many real estate investors. Believe and Achieve!
- Joe
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This technique works and I like the details that you outline, mwalton on what to say. Often we get stuck on how to ask or communicate what to say to our RE Agent to get what we want. Your script will help a lot of Investors get past that.
After you get the Cash Buyers contact information, which is typically their mailing address,you can then send a mailer to them. Another approach is to take their address and do a reverse search on websites like www.whitepages.com or www.411.com to find a phone number.
These are cash buyers! Go out and get them!
KEEP MOVING FORWARD
"If it is important to you, you will find a way. If not, you'll find an excuse."
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