OfflineWhen looking for a property to assign, what should you look for: run down houses (fixer uppers) or ones in decent condition. Also, how should the price fit into your wholesaling strategy ? After you sign the purchase agreement with the seller, how should I go about finding an investor ? Where are the best places for them ? What kind of things are the investors looking for ?
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the first thing you should be doing before finding deals is to find investors first to flip deals to. It's a lot easier to flip deals to investors that you already have in place. When an offer is accepted, you will only have a specified period (within whatever exit strategy you are using) to find an investor. IF you do not find someone to assign to and you do not have an exit strategy, you could be stuck with the house.
You should be looking for properties where two investors can profit from - you and the investor to whom you flipped the deal. So needless to say you have find deals that are low enough in price that you can bake in two commissions. usually investors don't look at deals that are more than 65-70% of ARV (after repair value) Do your homework and start networking with other investors.
Good luck!!
Nick
Nick Walters
Walters Property Investment Group, LLC
Thanks nickwalter13. There is an investor club meeting this week that I plan on attending, so do you think this is a good opportunity to meet investors ? Also how can you meet them online ? How do yo calculate if a house is at 65%-70% ARV ?
ANOTHER SOLUTION TO FINDING INVESTORS TO WHOLESALE YOUR PROPERTIES TO IS CRAIGSLIST. GO TO CRAIGSLIST.ORG AND CLICK ON YOUR STATE AND CITY, THEN GO UNDER REAL ESTATE FOR SALE OR REAL ESTATE WANTED. YOU CAN FIND A WHOLE LOT OF INVESTORS ADVERTISING THAT WE BUY HOUSES. TAKE DOWN THE NUMBERS AND CALL EVERY ONE THEM. ASK THEM WHAT TYPE OF PROPERTIES THEY ARE LOOKING FOR? WHAT IS THEIR TYPICAL CLOSING TIME?, PRICE RANGE?, ETC...MAJORITY OF THEM WILL JUST START TELLING YOU WHAT THEY ARE LOOKING FOR. I DID THIS AND WITHIN ONE WEEK I HAD OVER 20 INVESTOR IN MY DATABASE AND STILL GROWING. I ALSO MET SOME GREAT PEOPLE WHO ARE LOOKING FOR PARTNERS ON DEALS. I HOPE THIS HELPS...
"The greatest of all mistakes is to do nothing because you think you can only do a little. -Zig Ziglar"
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Rev Run
"The entrepreneur always searches for change, responds to it, and exploits it as an opportunity." — Peter F. Drucker
I have been doing this for a while and never thought about Craig's list to find even more investors. Thanks for the light bulb moment.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Below is the exact criteria that is being taught all over the country. If the listings have many of these then it is a A property. If they have just a few then it would be a B property. And if there is only 1 or 2 of these then it is a C property or even a property you wouldn't want to even approach.
Condition
“As Is”
Handyman special
Needs TLC
Diamond in the rough
Bring your imagination
Motivation
Priced reduced
Motivated seller
Bring all offers
Below market value
Average DOM+30 days
Vacant
REO
Estate sale
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125