Wholesaling real estate has become one of the most popular ways for new investors to make some quick bucks. Through the act of buying and selling property as quickly as possible, you can make a handsome income every month. What makes the proposition so attractive is that it doesn’t require much capital or effort on your part to succeed.
The key to success lies in finding the right deal and grabbing it when it comes your way. If you don’t know where to find good wholesale deals, don’t worry, we’ll tell you all that there's need to know.
The best places to find wholesale real estate deals
1. Local real estate meetings
No matter wherever you are, it’s very likely that there is a local real estate investment club near you. Regardless of your experience, joining this club should give you a lot of knowledge on places to find wholesale deals. Since meetings are all about networking, you never know when you might have a chat with someone who can turn your life around. Finding the best deals boils down to a game of numbers, where more outlets for deals translates to more chances of success.
Being a part of a real estate investment association puts you in touch with hundreds of people in the property market. From meeting someone who might be willing to give you buyer details to making acquaintance with a customer looking for the right person to sell to, the possibilities are endless. Moreover, you may even get to learn about techniques of landing contracts that you may have never thought about before.
2. Direct mail
For your business to be profitable, you need to ensure that the wholesale deal gives you a purchase price well below the market value. There has to be adequate spread for the end buyer to earn a profit. If the price of purchase on your end is too high, you might get stuck with a property that just doesn’t sell. Direct mail is an excellent way to find reduced prices as it lets you narrow in on distressed homeowners.
Direct mail can be tailored to meet your unique needs without getting pricey if you do it right. By targeting distressed homeowners and disgruntled landlords, you’ll have a much better chance of building up the ultimate list of cheap houses that sell for a fortune. Direct mail is the kind of investment that pays off if you know the best way to track your leads and are willing to follow up.
Classifieds in newspapers or online portals like Craigslist are some of the favorite platforms for advertising. Classified ads serve as a major source of customers for many small and medium scale businesses, even in this era of digitalization. Real estate is particularly highly sought after in classifieds; either because most buyers and sellers aren’t very tech savvy or much rather prefers doing it the old way.
Craigslist is a very popular platform for buying and selling through which many real estate agents do their business. From great rentals to wholesale deals, you’ll find them all right here.
4. Local marketing
Who said you need to spend thousands of dollars to find the best wholesale deals? Sometimes, all you need to do is take a peek at your neighborhood sellers. A lot of wholesalers use bandit signs on the street to market their deals, attracting the attention of the people passing by. Bandit signs are small signs that you often see placed on telephone poles or in the front yards. It is possible to get your phone to ring by just strategically placing signs saying “sell your home today” or “we buy houses.”
Most of the time, these ads are placed by the property owners themselves because they want to save on commission that comes from hiring a real estate agent. However, you might be able to get them to sell you and move on by making just the right offer. Local marketing is one of the most cost-effective ways to buy and sell cash flowing property.
5. Social media
If you aren’t networking on social media, then you’re leaving money on the table. People these days hang out more on social media sites like Facebook, Twitter, Instagram, etc. than they do in real life. Signing up to social media will give you access to hundreds of people within a few clicks. In fact, there are Facebook groups available that are dedicated to buying and selling real estate.
Look for groups on Facebook by searching “real estate investors in Miami,” or “Miami wholesalers” to get started. Of course, you have to replace "Miami" with the name your area. Plenty of wholesalers announce their best deals in these groups, and you’d want to be there when it’s ripe for the taking. Social media is booming, and expert forecasts that user engagement will only continue to increase in the future.
6. Google Search
Last but not least, your hunt for the best real estate wholesale deals should also cover Google searches. Search Engine Optimization is a big deal now as businesses are now vying to rank on the first page of Google search. Doing a simple search using keywords like “investment properties + your area,” “wholesale real estate + your area,” “wholesale properties + your area,” etc. can yield great results.
Just don’t forget to mention the name of your state or city right after the search term. Google can quickly give you details about the best deals near you, and all that for free. However, be prepared to do a bit of scouting because there are literally thousands of offers available online, ranging from new property for sale to auctioning off fixer uppers.
What are the key takeaways?
The key takeaways here are that finding good wholesale real estate deals shouldn’t be too tough. All you have to do are the following things:
• Attend local real estate meetings
• Check classifieds for wholesale deals
• Check locally for wholesalers who market deals using bandit signs
• Utilize the power of social media to build connections
• Use direct mail to narrow down your search
• Use Google search to find more deals
Before we conclude, let us just remind you that wholesale deals are always negotiable. Even if a wholesaler has quoted a fixed price on their ad, you can still approach them and negotiate. So don’t shy away from those seemingly expensive deals; pitch your offer anyway. Who knows, you might end up getting a steal deal out of nowhere.