Today Tom has some quick tips that you can implement RIGHT NOW to start making more money in your Wholesaling business.
How to Find More Cash Buyers
- Do not become a CBE, or a Cash Buyer Employee. Always make your buyers bid on your purchase agreements.
- Real Estate Agents will provide you with the highest-paying cash buyers. Make sure you’re friends with all of the real estate agents in town, especially the ones that make a lot of cash transactions on MLS!
- Use bandit signs. When we have a property under contract, we always put up 30 signs that say, “DESPERATE. 3/2 HOUSE. CASH ONLY. (555) 555-5555.” Often people who are looking to buy a house want to buy based on location, which makes the purchase emotional. It will add buyers to your list and drive up the price with more bids!
- Go to private or city auctions. Go a little early and stay a little late so that you can talk to people and find cash buyers.
Remember: It’s your show, not the cash buyer’s show!
- Rhinoceros Success: the Secret to Charging Full Speed Toward Every Opportunity by Scott Alexander & Dave Ramsey
- The Four Spiritual Laws of Prosperity: A Simple Guide to Unlimited Abundance by Edwene Gaines
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Tom Krol: If you are, your cash buyers are like slapping you on the back and like, “Oh, this is Sally. She’s my number one lady to get a wholesale discount real estate.” And they’re happy and jovial. That’s a problem. If your cash buyers are friendly with you, you probably are not making enough money. As I was pulling up, one of our tribe members called us and he had a quick question. He has a property under contract and he said, “Tom, I just joined the tribe, I haven’t gotten up to the module yet on how to find cash buyers. I need to get some cash buyers.”
So I’m going to give you a few quick tips that you can use right now to get more money for your contracts right now. This is the no fluff, no BS zone. So this is good, wholesome, honest information about how to make more money wholesaling properties right now. If you don’t know what wholesaling real estate is, it’s very, very simple. You ready? Here we go.
Find a motivated seller, put the house under contract, sell the contract. That’s it. You do not need a license. You do not need cash to buy the home and you do not need good credit. It is the most honest, wholesome way to make an absolute fortune in a very, very, very short amount of time. So I love sharing this information. It is just amazing that I was able to go to Charleston and look for a vacation home when three years ago to almost to the day I wouldn’t have had enough gas money to get there. Forget buying a vacation home. So it’s so awesome.
So, all right, so you guys, so here’s the deal to make some extra, we want to make your assignment fees nice and big and fat. So here’s some tips and tricks. Number one, numero uno. This is the most important thing. Do not become CB E, a cash buyer employee.
So number one, most importantly, before we even tell you the tips or tricks, if your cash buyers are like slapping you on the back and like, “Oh, this is Sally she’s my number one lady to get a wholesale discount real estate.” And they’re happy and jovial. That’s a problem. If your cash buyers are friendly with you, you probably are not making enough money. So what I want to tell you is a few tips and tricks.
Number one, most importantly, make your buyers bid on your purchase agreements. I don’t care about any of the excuses. Well, there’s a tenant in the property. Oh, the homeowner lives in the property. I’m scared to do it. I don’t care. Just do it. Be upfront and honest and operate your business with total integrity and you won’t run into any problems about bidding out that contract. That’s number one.
Number two, where are you going to find the highest paying cash buyers? Highest paying cash buyers are going to come from where? It’s going to be agents, real estate agents. They will provide you with the highest paying cash buyers. So number one, make sure you are friends with all of the real estate agents in town, especially the ones who have a lot of cash transactions on MLS. If you don’t have access to MLS, that’s okay. Take some agents out to lunch and have one of them pull a report for you for all the cash transactions. Make sure that those agents are your best friends because those agents have the highest paying cash buyers in town. I promise you this is true. That’s number one number.
So number one is don’t forget all the buyers are bidding against each other. You create a feeding frenzy, they’re bidding against each other, bidding against each other. That price is going up, up, up, up, up, up, up. That’s number one. Number two, tons of real estate agents on your list.
Number three, this is a key one because these cash buyers are really fast to buy and they buy specifically based on location. So when somebody purchases on location, that’s emotional and when it’s emotional that usually means more money, which is fantastic for you. So here’s what it is, bandit signs, what should the bandit sign say? Very easy. When you have a property under contract, our acquisition managers always put out 30 signs. We you said you 20 now we do 30.
The signs look like this, desperate three two house, cash only telephone number. We want to put out 30 if the house is vacant, we put one right in the yard. If the house is occupied and we put them all around the house like within a three, four or five block area. The reason you do that is very often there’ll be somebody who has a few family members, they have some money in the bank and they want to live in that part of town so they’re visiting for the weekend or whatever it is.
So very frequently we’re selling to friends and families who are right in there. Sometimes landlords and sometimes rehabbers who are in the area anyway, but these are emotional buyers it’ll add buyers to your buyers list, which is key, and it will also, it’ll drive up that price because you’ll have more people bidding. So some of the tips and tricks are agents, signs 30 every single time, no questions asked. Also, any of the properties in town that have a for rent sign, call up those landlords as a keyword add some more cash buyers.
One other tip that you can do is you can go to private or city auctions. Go there, go a little bit early and stay a little bit late and go and pick everybody’s brain and say, “Hey, are you a cash buyer? I have properties that I put under contract for a discount way better than if you auction.” That is one of the tricks right there, agents then signs and then for sure auctions because the auctions have legitimate cash buyers who have tons of cash and they could buy a property in five seconds flat.
So you guys, cash buyers, don’t be a cash buyer employee. Make them bid. I don’t care if they get offended, they always come back when you have a good deal, I promise you that. So don’t let them push you around. Remember it’s your show, not the cash buyer show. So good luck and remember, if you want to explode your wholesaling business right now, go to Wholesaling Inc and read Rhinoceros Success today. Do know the author actually friend requested me, Scott Alexander on Facebook. I couldn’t believe it. It totally blew my mind. And he is in our tribe. The author of Rhinoceros Success is in the tribe.
Crazy so read that book, read the The Four Spiritual Laws of Prosperity and if you want to explode your wholesaling business right now today, book a call with our team at wholesalinginc.com, wholesalinginc.com book a call and if we like what you have to say, we just might invite you in to be a tribe member.