I have put together something special for you today. It’s “The Complete Guide to Double Closings; How to Buy Property Even When you’re Broke”.
There is so much confusion when it comes to doing double closings especially for new investors. While this subject appears to be complex, it is really quite straight forward in how it is done.
There’s a lot of information to cover so let’s get started. I will go over what a double closing is, exactly how it all works, and I also tell you why I prefer double close rather than assign the contracts.
What Exactly Are Double Closings?
Double closings or simultaneous closings as they are sometimes called are when you (the buyer) actually take title to the property just before you sell it. You buy the property and sell it usually in about a 30 minute time span. Read the rest of this entry →
Real estate investors are no long limited by geography when it comes to investing in real estate. Because of the internet they can invest virtually anywhere in the US or even in another country.
Investors with cash have a distinct advantage over all other buyers. When a seller has an offer from a cash buyer, that buyer automatically jumps to the top of the list. In fact, motivated sellers are often willing to take less for their property in exchange for quick cash sale.
Today we are going to take a look at cash buyer markets. Specifically which areas have both the least and the most cash buyers. My article today is a guest post from someone familiar to you, Satinder Haer of Zillow. She is just a wealth of information so I always look forward to having her back.
Real estate investors (especially wholesalers) can never have too many cash buyers. In fact, you should always be building your buyers list. Most of the time when you have a smoking hot deal you can just go right to that coveted list and find a buyer.
But what do you do when you have a house under contract and no one on your regular buyer's list wants this particular property because it just doesn't fit their buying criteria? Where can you quickly find a cash buyer?
I Have a Solution for You!
They are hidden in plain sight. You can find them on the tax assessor's site. There is a wealth of information on this site, but one of those hidden treasures is a whole bunch of cash buyers. Several times over the years, I have put a house under contract that my regular cash buyers didn't want, and I would need to find a buyer another way.
You could market the house on Craig's List or one of a number of other ways. I can tell you this strategy is great for finding folks that already own property right in the area your house is located in.
How to Use Your Tax Assessor’s Site to Find Cash Buyers
Normally I would pull out a map and look at the streets about 2-3 blocks in every direction. But in this case when I first looked up the street “Lincoln”, I only needed to look on this particular street since there were so many owners that were obviously investors. I had a list of potential investor buyers in less than 30 minutes.
I sat down and printed off some oversized postcards and got them in the mail the same day. I used oversized cards to make them stand-out from the rest of their mail, and using colored card stock made them stand out even more. I sold the house in a matter of days and had another quick closing.
Here's a Video to Walk You Through the Process
Do you have other creative ways to find cash buyers?
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Cash buyers are the lifeblood of a wholesalers business. Building a list of cash buyers is also one of the biggest challenges real estate investors face. Everyone knows they are out there. But where do you find them? How can you get them on your list? I’m not talking about the tire kickers, but real cash buyers. What are some tips for finding them?
There is nothing worse for a wholesaler than snatching up a great deal only to find out he can’t find a cash buyer to close on it.
What if I told you that I can point you in a direction that would make this process almost painless and that is wasn’t going to cost you an arm and a leg? Well that’s a promise I can keep.
Introducing “Cash Buyer Ninja”
I just came across Steph Davis’ brand new course called the “Cash Buyer Ninja; The Ultimate Guide to Building a Kick A$$ Buyer’s List”. I finished going through the entire course, and I wanted to be sure everyone knew about it. Why? Because I think it’s a great product, and I firmly believe every real estate investor needs to know how to do this.
There is always a lot of conversation between real estate investors about choosing a wholesaler to work with; the good, the bad and the ugly as some like to say. Some investors love wholesalers. Others will say that they prefer to find their own deals.
By and large, most rehabbers love working with wholesalers. Rehabbers are in the business of fixing houses. Most of them are NOT in the marketing business.
The Ideal Buyer
What do wholesalers look for when they decide to put someone on their buyer’s list, and how can you position yourself so that you are on the top of every wholesaler’s list? Here are a few tips for you.
I am a big fan of just being able to call up one of the folks on my buyers list when I have a property to sell, and knowing that I will get it sold quickly. Yes, it's the easy way if you are lucky to have a good buyer's list, but I don't see a problem with that.
Someone even made the comment the other day that my way was the “lazy way”. A real estate investor in another state recently told me that they always closed on the properties and then listed them on the MLS. They went on to say that they almost always got more money for the house. “After all, there are a fair amount of brand new investors that hire an agent to find them a property. And, most of these brand new investors don't really know what a good deal is.”
Unless this is a property that doesn't need a whole lot of work, I really don't see that happening in my area. All of the investor buyers except complete newbies are only going to pay what the property is worth based on the typical formula most investors use, and I don't see myself taking advantage of folks just getting into the business.
Another fellow said that he has good luck listing his wholesale deals on the MLS because he will typically get multiple investors making an offer if it is a really good deal. I can see the pros and cons on both sides of the fence especially in this case. Take a look and let me know what you think.
Do you have a buyer's list or do you list your wholesale deals on the MLS?