How to Find Cash Buyers for REO Houses- Part 2 of 5

How to Find Cash Buyers for Your REO Wholesale Houses

By: Jamel Gibbs
Copyright © REI Education Academy LLC

In the first article in this series we discussed the importance of building your team and also the tools you will need in order to move forward in wholesaling bank owned houses.  We also discussed the importance of finding your cash buyers first when you are wholesaling REO houses.

In this article, the second installment of our “How to Wholesale REO Houses” series I will show you how to find cash buyers and also what you need from these cash buyers in order to be effective when you are finding reo houses that meet their criteria.

Keep in mind that this is one of the most important steps in the process.  The reason for this is because the cash buyers are the lifeblood of your REO wholesaling business.  They will allow you the opportunity to make this process work with none of your own money or credit, as you will see throughout this article series.

You also want to remember that your target cash buyers will be rehabbers and landlords.  Rehabbers will be looking to buy, fix and sell properties and landlords will be looking to buy, fix and rent the properties.  In the current market there are more landlord buyers than any other kind of real estate buyer available.

There are many different ways to find cash buyers, but I will provide you with 2 different ways that you can implement with very little expense on your part.

Here’s how you find these cash buyers:

  1. Post Craigslist Ads- these won’t cost you a dime.  All you have to do is post an ad on craigslist that will explain what you are looking to do and how you can help out the potential cash buyers to find great deals.  You can get the same letter that I use in my business by visiting the link below.  Keep in mind that you will receive that letter during the second installment of the video series provided.
  2. Hang bandit signs- this is by far the fastest and easiest way to find a ton of cash buyers fast.  All you have to do is get some blank 18×24 yellow corrugated plastic signs and hand write the following message on them:

Handyman Special

3 Bed / 2 Ba CHEAP!

987-654-3210

You can get a free Google voice number to add to the sign and call it a day.  If you hang 50 to 100 signs your phone will ring off the hook.

Once the cash buyers start to contact you, you will want to find out the following information from them:

  1. What type of properties are you currently buying?
  2. What areas have you recently purchased properties in?
  3. What price range do you currently purchase properties in?
  4. How fast can you close?

Once you have the answers to these questions you will be ready to move onto the next step, which is to start finding properties.  In the next article I will show you how to start finding REO properties without spending a dime.

In the meantime, you should start searching for cash buyers and implementing the strategies discussed in this article series.

IF YOU HAVEN’T ALREADY,CLICK HERE FOR SPECIAL PRESENTATION ON HOW TO WHOLESALE REO HOUSES NOW

 

Leave A Reply (18 comments so far)


  1. Chris "the Ultimate Wholesaler" Nze
    2 months ago

    Awesome content! These Signs Work Wonders!


  2. Plumata
    3 months ago

    Thanks for the info Jamel.
    Starting to invest in the Atlanta. Market.


  3. Willie Turner
    3 months ago

    Mr. J. Gibbs , This is such informative information for the new investor and a blessing, I just want to thank you for your Kindness and great heart. I praise God for You and may He continue to bless you, for the blessing you are imparting to the investors. Thank You Kindly


  4. Anthony smith
    12 months ago

    JAMEL IM NEW AT THIS BUT LOOKING FORWARD IN LEARNING AND EARNING SO I WANT TO THANK YOU A HEAD OF TIME FOR ALL AND ANY HELP YOU CAN GIVE ME.


  5. Dorothea Dykes
    1 year ago

    Hi Jamel,

    I’m eagerly awaiting the video on how to cash in on REOs using your 5 easy steps and I’ll be getting the phone number from Google as well to start taking those calls from Ads I put on Craig’s List and Bandit Signs (Cool Message on Bandit Signs). The signs will have to go up a little later but the Ads will start right away. I’m looking forward to getting the Video! Thanks again.


  6. Dorothea Dykes
    1 year ago

    Jamel,

    I am so excited to be a member of your education-business opportunity. Thanks so much. I will be following all your postings, emails, and instruction lessons as they are sent to me as closely as possible. Thanks for letting me seize this opportunity today!


  7. Annie
    2 years ago

    Thank Gamel I am brhind my internet went down and it toke my provide a little longer to get it to work so I am trying to play catch up. So I need to put out bundit sign out and go on craiglist to get cash buyer. Thank you I will start. annie oh do I need a website


  8. Mary Stead
    2 years ago

    Excellent info; thank you


  9. pennylynn
    2 years ago

    ALOHA!

    Thanks Jamal for taking the time to help educate us out here in Hawaii. Your expertise and advice is greatly appreciated! I have started to build my buyers list by joining our local Real Estate Investors Association/Chamber of Commerce/SBA, etc. Networking with everyone I come in contact with is my lifeline to real estate buyers and sellers. THANKS AGAIN.


  10. Leon
    2 years ago

    Good info


  11. Serge McCray
    2 years ago

    I currently manage a large portfolio of REO distressed properties for a asset management company that I am looking to sell to a qualified cash buyer. All assets will be delivered on a quick claim deed and sold as is. Please provide me some creative ideas to unload these assets other then Craigslist.


  12. Mary Stead
    2 years ago

    Great info. I have put numerous ads in Craigslist with no response.


  13. Mike Carpenter
    2 years ago

    Your info about selling reo’s is great.


  14. frank koss
    2 years ago

    good stuff jamel…..you are a down to earth guy…..unlike all the other “RE guru’s”…..


  15. Joanna
    2 years ago

    Jamel, you are the best!


  16. Angela Bailey
    2 years ago

    Jamel,

    I live in Canada so I will have to use the Craig’s list ad. When cash buyers phone will they not want to know specific areas where these houses are located? Are there areas that are doing really well right now or does this matter?