Wholesaling Properties: Tapping Other Investors For Deals
Could tapping other real estate investors be one of the best strategies for finding inventory for flipping houses in today’s hot housing market?
This is an incredible time for wholesaling properties, but as more individuals realize just how profitable it is, more are trying their hand it, creating more competition for real estate wholesalers. While there are actually plenty of new foreclosures in the works and banks are speeding up the foreclosure process, in some pockets investors are finding the bidding wars frustrating. So where else can potential deals be found?
Some of the many niches and sources of potential deals for wholesaling properties include:
- Foreclosure auctions
- Tax lien auctions
- Probate properties
- Estate sales
- Non-performing mortgage notes
- Short sales
- MLS listings
- Bank owned REOs
Still after toying with many of these options for wholesaling properties and drumming up potential inventory many investors want more, crave easier sellers to work with and wish they could find more off-market homes with less competition.
So what about tapping other investors?
There are 3 types of investors that can be incredible sources of deals for those wholesaling properties…
1. Struggling Ex-Investors
While times are good for the real estate market and wholesaling houses now, there are many investors that neglected their education and sound investment principals and are still struggling. Some are underwater, some still struggling with negative cash flow, many with properties they can’t afford to finish improving and others that have just decided to go a different direction in life and would love someone to buy them out. Of course most of this group aren’t big on admitting defeat, but if you look, you’ll find them and find some pretty great deals and easy sellers to work with.
2. Those That Bought More Than They Can Handle
With a big uptick in appetite for distressed properties and more players big and small jumping into the game many have recently taken on more than they want to handle. Maybe they got a bargain on a bulk sale or misjudged rehab expenses. Whatever the reason, many are willing to let their recent acquisitions go, some at losses. Find them and help them out.
3. Referral Agents
With blossoming interest in cashing in on the real estate market and distressed properties there are thousands of aspiring and amateur investors out there that want to get in but lack the knowledge, time or freedom to pursue it as much as they’d like. However, the odds are many have access to deals. Why not work out a referral structure so that you can handle the back end while they feed you inventory?
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