Re: Tips for locating Wholesale RE with Realtors - Posted by Jim IL
Posted by Jim IL on January 05, 1999 at 16:39:23:
I too am trying to become established in the Wholesaling biz. This is what I have done so far.
I run a daily classifed ad. I read and call all ads in the paper. I post flyers (on any bulletin board available, like laundrymats, and grocery stores), mail out letters, and cards from the various lists available (Sheriffs list etc.)
I also talk to any RE agent willing to listen.
Today, I talked to my “Buyers agent” who is in the process of closing just such a deal for me. I told her originally that after this deal I’d like to talk more, and find more REO’s and flip homes. When we talked today, I said "I don’t want to wait, lets do this now."
She listened to what I had to say, and I was honsest and direct with her of my intentions. I explained that I had a list of qualified “Cash” buyers and wanted to do wholesaling. I gave her my buying criteria, and guess what?
she is now on her way here to drop off a list of properties that she feels “fit the bill”. She also informed me that she often does BPO’s (Brokers Price Opinions) for many REO management companies, and that she’d give me all info on those as soon as she gets it. In other words, I get first crack at them. This also means that while she is taking the few days to do her BPO, I can also check out the properties, and bring her offers right away, allowing her to secure a contract with the “sellers” giving her an easy commission. She also has recently been hired by “National REO” a very large REO management company that markets REO’s all around the USA. I know, because I checked, they currently do not have anyone in my area but her listing there REO’s.
So, my advice to you is ASK! The worst thing that happens is they say “what? no, cannot help you”.
the answer is simple…on to the next agent, and more deals, the first one just lost your business. Granted my agent had the added incentive of knowing from this experience, that I can do this, and there is a market for us. Also, she knows by using me, getting REO’s sold fast, will only bring her more business from others when the word gets out, and it will.
Pardon, my typos, but I am in a hurry.
Hope this helps.
Remember, the only “stupid question” is the one NOT asked.
P.S. One other little story for you. I also told my agent that I have a buyer looking for “boarded up” homes in the area. He wants the DOGS of houses for rehabbing, no matter the area. I asked her if she had any? she said "no, but i do drive around and look at the market almost every other day, and have a few in mind. She volunteered to drive around tommorrow and gather addresses, and then goto the Tax assessors office and find owners for me. Sure she’ll get commission, and I may lose a little in the deal, but imagine the added income from her work and efforts if we can “flip” 3-4 of these a month.
I have truly been blessed with finding this agent. And the best part is that she is also an investor, who understands my ideas, and knows the market. But, she’d rather make money in commission than in buying properties. Why I don’t know, but it works for me.