subject: 3 Great Places To Find Cash Buyers - A Guide To Skyrocketing Your Real Estate Investing Business [print this page] 3 Great Places To Find Cash Buyers - A Guide To Skyrocketing Your Real Estate Investing Business
So you're a brand new real estate investor trying to get your start wholesaling properties and you don't know how to find cash buyers. Not a big deal! There are tons of good ways to find cash buyers for all of your wholesale real estate deals you just need to know where to look. Here are 3 easy ways to find cash buyers that you may have never looked into.
Look At Your Local Housing Authority
A lot of cash buyers in your local area are probably landlords in some capacity. They could have 100's of houses or just 8-10 houses. It really does not matter how many houses they currently have. What matters is that they are landlords and you need to know how to find them. One of the best ways to find a list of landlords is to go down to your local housing authority.
The Housing Authority is who Section 8 tenants go to when they are looking for properties to potentially rent in their area. The Local Housing Authority will often have a laundry list of potential Section 8 houses available along with contact numbers. I know in my local area there are two older women who work down at the Housing Authority office and they are just as sweet as can be. The first time I walked in I was just as polite as can be and said I was looking for a list of the Section 8 properties in my county and they printed me out a list of what was currently available. As a wholesaler this list was as good as gold! Especially since the majority of the properties that I wholesale make way better rentals than properties for owner occupants.
Trustee Sales
Another great way to find cash buyers is at the court house steps. When a house gets foreclosed on it is sold at the courthouse steps. The sale is an auction style format and the buyers at these auctions must have 20% of the purchase price in the form of a cashier's check and be able to close quickly with no inspection period.
Now just because these buyers are at the auction does not necessarily mean they are cash buyers, but it does mean they are either purchasing with cash or hard money. A real estate investor who purchases with a hard money loan is just as good as an investor who purchases with cash.
The best thing to do as a wholesaler is to go to these auctions and mingle with the other investors there. You can even act like you're a buyer, but just remember to not bid. Remember, your just there to meet cash buyers and collect their contact information.
Hard Money Liens
Typically every major metropolitan area will have between 5 and 10 hard money lenders who are real active players in the real estate market. If you are new to real estate investing when a wholesaler says he is looking for a cash buyer, hard money as is good as cash in a wholesalers mind. There are not a bunch of rules and regulations like in traditional financing that could delay the closing of one of your wholesale closings.
Once you identify who the real hard money "players" are in your local area then your next task is to do some research and find out what houses they have liens on. Once that is identified you can then look in the tax record and find out who owns the home and "presto" you now have the info for a real estate investor who is active in purchasing properties with hard money.
Now that you know these 3 simple tricks to finding cash buyers, you should have no trouble adding "real deal" investors to your cash buyers list.
