Wholesaling Homes: 5 New Strategies for Finding Deals in a Hot Market
Where can investors find more potential opportunities for wholesaling homes in today’s hot market?
Finding home buyers to flip houses to doesn’t seem to be much of an issue anymore. It’s inventory that appears to be the biggest challenge for most investors that are focused on wholesaling homes. Properties are flying off the shelves like emergency supplies in a hurricane and the competition is heating up too as more investors and Realtors jump into the market.
So what new wholesaling strategy can you embrace to beat out competitors and lock down more inventory to flip?
Real estate gurus have done a great job at driving home the advantages of leverage when it comes to buying, borrowing and investing but not so much when it comes to marketing or prospecting. When it comes to getting the message in front of prospective sellers there are two flavors of leverage to taste and experiment with. The first is leveraging strategic partners to collaborate through live events, PR, exchanging blogs, internet ads, direct mail and more. The second is leveraging the competition. Look at the recent moves made with Google Now leveraging Apple to grab market share and Facebook’s ‘phone’ on Android that eliminated a ton of potential expense and drives up profit margins, capitalizing on someone else’ user base. The same can be done when wholesaling homes by leveraging platforms for mobile marketing, social media, online forums and more.
2. Location, Location, Location
There is no excuse for you to feel sorry for yourself and complain about your local market. There are real estate deals to be found all over the country. But if you find spreads getting tight or volume limited then look further afield. There are plenty of markets where foreclosures are still surging and shadow inventory is stacking up in the pipeline. Go there and find bigger discounts and more deals to boost your business.
3. Wholesaling Mortgage Notes
Building on the above; wholesalers can get even further ahead of the competition by navigating around REOs and short sales and get into wholesaling mortgage notes or simply taking properties down as notes and foreclosing on them.
4. Expired Listings
Expired home listings can be a great source of deals. These are sellers that didn’t or couldn’t sell, yet still want to and are likely more motivated than ever now. If you don’t have a real estate license or access to MLS data find someone that does or get the data from alternative sources in other forms like title companies that have deals fall through.
5. Knock on Doors
Internet advertising is great, direct mail is still a great staple and picking up the phone to cold call can still yield great returns but who is still knocking on doors to drum up business? Not many. This makes it an excellent way to stand out, drive in deals right now and control your own income.
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