Flip Tip Summary
Many real estate investors feel they have to go alone to find buyers for their wholesale deals. In this FlipNerd.com Flip Tip, Alex Pardo shares a simple but effective tip on how to leverage real estate investors in your market to find cash buyers for your next wholesale deal.
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from FlipNerd.com and we have a quick VIP tip to share with you from Alex Pardo, who’s going to share a tip on leveraging real estate agents to find cash buyers.
Alex: Great, guys. So here’s what you want to do. If you have access to the MLS, what you want to do is go into the MLS and pull a report of the recent cash sales. And when I say recent, I’m saying the last 90 to 120 days, and looking at the listing agents and selling agents who have been involved in a cash transaction during that time period in the same zip code as the property that you’re currently looking to flip or market. Simply reach out to the listing and selling agents and say, “Hi, my name’s Alex. I noticed on the MLS that you were recently involved in a cash transaction at 123 Main Street that sold for $100,000 last month. We currently have a property that’s under a contract, that’s off market. We’re looking for a cash buyer and I wanted to see if you have any other cash buyers looking for properties in that particular area.”
And the power of this, is that now you’re basically multiplying your cash buyers list and you’re leveraging other people’s lists. Now here’s the key: make sure that you tell the agent to add their fee or commission to your wholesale price. I think a mistake people make is that they’ll give up half of the deal or a certain percentage of the deal just for the buyer. You know, always have others add to your wholesale price. And that’s just a way to leverage other people’s cash buyers.
Mike: Thank you for joining us for another FlipNerd Flip Tip. We’d also like to thank our featured sponsors; Home Depot, B2R Finance, and UglyOpportunities.com. To listen to more FlipNerd.com Flip Tips, or full interviews, with the most successful real estate professionals in America, please check out FlipNerd.com or the FlipNerd podcast in the iTunes store.