11/5/2008
I have received several emails asking questions about the signs I use to sell my deals and to attract new buyers.
I use 18x24 blank white choroplast signs. They cost me 88 cents each, and I cut them in half myself (they will cut them for you, but it costs more, and I am cheap). I buy them at a local company (Laird Plastics), but it looks like they have locations all over the place. I can't speak for the other locations, but here, I can just drop by their shop and they will have my signs in a few minutes, and they are super nice.
I have been putting out 25 signs every Saturday morning. If I don't have a deal of my own to sell, I will market something that one of the other wholesalers I work with is trying to sell (someone always has something to sell). If you are just getting started, I would highly recommend contacting some of the active wholesalers in your area and asking them if they have any properties to sell. This is a FANTASTIC way to get your feet wet, build your buyers list, and learn your market. And there is no risk involved at all. If I was starting over, that is exactly what I would do. I would find the most productive wholesaler in town, call him (or her) up, and ask if I could help market their properties. Then I'd go out and market like a mad person. There is no better way to learn than getting out in the streets and DOING....
Anywho, here's a picture of one of my signs in action....
P.S.
Don't prank call me.
Wednesday, November 5, 2008
How I Find Cash Buyers In A "Crappy" Market
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13 comments:
AWESOME!! Thank you very much for sharing.:)
Steph,
Does the township ever call asking you to take them down? The one and only time I put out signs I had a call the same day telling me to take them down asap.
Eileen
No problem, Claude
Eileen,
I have never had a problem with the city/code violations.
I know it varies by county- some areas and really strict and will fine you, and some don't seem to care.
I am going to prank call you by the way... :)
This is awesome -- how would you recommend finding the most productive wholesalers? - Asking the first ones you call? I'm in an area now (New Haven, CT) where there are a TON of foreclosures - very exciting times!
Hi Alison,
Here in Tampa, lots of wholesalers advertise their deals on Craigslist, so that is where I would start. They usually use key words like "ARV" and "hard money" in their ads , so you can do a search for those words and see what pops up.
I would also call all of the "We Buy Houses" ads and signs, as those usually belong to wholesalers.
Start going to all of the rei meetings that you can find and network like crazy. It should not take you too long to find out who the movers and shakers are..
Steph
Thanks!
I will market something that one of the other wholesalers I work with is trying to sell
Steph, that is the sort of thing I was asking about back a few weeks ago when someone said they'd report you to the real estate board. It's fine to market your own stuff, but it seems to me when you are "marketing" for others, you are doing the job of a real estate agent, without a license.
I'm not an expert on such things but I always try to follow the rules and I guess I just assume others do, too. I don't know what the punishment would be if you get caught. If it's just a stern "stop that," maybe it's worth the chance to you. But what if it was a huge fine?
Yes, it would be breaking the rules if I didn't have an equitable interest in the property. How do you know that I don't have a contract or an option on the property?
It can be done legally, and there are more ways than one to get it done.
The deal I just sold for another wholesaler is structured like this:
Wholesaler has property under contract with bank for 12k, I have contract to buy from wholesaler for 18k, and I am assigning my contract to my buyer for $4500.
Steph
is a handwritten sign better than a factory printed one?
I don't know if handwritten ones or better than printed ones. I know that they are cheaper, and they make my phone ring, though. :)
Hey Steph,
Do you post a sign on the property? And how do you get your buyers inside?
Best Regards,
Mike Osterman
Hi Mike,
No- I don't put a sign on the property.
99% of the REO realtors will give you the lockbox code if you ask for it. They aren't supposed to, but they do. I've never had a problem getting anyone inside..
Steph
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