I have been beating my head against the wall about trying to find reliable buyers. I drove my target area and haven't been able to find any "we buy homes" signs. Finding houses shouldn't be a problem but I want to line up my buyers first. What is the best method to find buyers?

cool youre in los angeles too.

try this.

no bank qualification
no down payment
no credit
ill buy you a house, if you can make the payments
3 months plus 5% for closing costs
call now!

let me know how many people are interested and ill structure the deal for you and give you a commission or we can partner up

there's an investor's meeting here in agoura hills at 6:30pm

im not affiliated with this company
http://www.reinclub.com for details

alvin

that sounds great and I will try and make it to that meeting. I am really interested in wholesaling right now as I don't really have any capital to pay on mortgages. My business is just starting so I have some building to do. I am looking to find buyers to put together my list so when I find deals I have some people lined up.

i think tonights meeting is how to build corporate credit and wholesaling

if you go i can tell you how to assign contracts within a land trust. you can avoid double closing/simultaneous closing.

also if you go look for a balding filipino guy hehe

I saw that. I wasn't able to make it there. I actually worked across the street from that center. I will try and make it to the event tommorow. will you be there? I am really interested in getting some info If we can network. Maybe you can PM me or if we can exchange e-mails that would be great! thanks again for all the info.

tylawdaboss have you ever had success dealing with investors like that. I have tried to work with several of them but have found that they just cannot be trusted, always trying to go behind your back and cut you out of the transaction, or wanting to negotiate your commission down to almost nothing when they are doing the buying and the seller is paying the commission, so that the "we buy houses" group can get a even lower price.

There may be honest investors out there, but I think there are a few gray market ones as well. Last time I had that kind of problem I was so upset that the "we buy houses" group was trying to work behind my back, even though I had already submitted a offer for the property for them, that I made a offer for the property for myself and purchased it, and flipped it. I figured I was not going to get anything for my work the other way so why not.

The Real Estate Business is a Ruff and Tumble industry.

Yeah we buy our own.If I sell to an investor I am wholesaling it to them for a fee.Most investors are WANNABES,there are only a few serious investors in every market.Everyone else has read a book and has bad credit,or they have good credit and just can't pull the trigger(fear).

thanks for the insight. I am here in Los Angeles and the market for buying and flipping home is already a hard one as it is. but your right you do have to find good people. I want to fix and flip but I don't have the capital. Whats an easy way to get loans for a newly formed corporation?

it is more likely that a lending institution will lend money to you personally than to a newly formed corp.

be careful investors are not the easiest to work with.

in my niche of seller financing, im looking for tenant/buyers who can't qualify today for conventional financing. i mean if they can afford to make the monthly payments and come in with 5% for closing costs, i can get them into a house with no bank qualification, no down payments, no credit check.

im making my pool of tenant/buyers by networking with mortgage professionals and agents for their turn downs or dead loan files. these are considered lost commissions and im willing to pay the agent their commission or give the refinance on the back end for the loan professionals. you need to say the magic word "commission" when working with agents/loan officers.

other ways im finding buyers are through financial planners and CPAs.

since it seems like youre more interested in wholesaling and finding rehab buyers and/or retail buyers, you just need to get a really good deal for them with a 60-65% LTV. you'll find alot of competition in this type of market when looking for deals with built in equity.

im looking for deals that have zero equity, overencumbered and properties with negative cashflow. there's virtually no competition in this area of investing because investors are looking for substantial amount of equity to make it a good deal. these properties don't really need to be in foreclosure or in the short sale area. i prefer clean homes that are current and in nice neighborhoods. ill make a full price offer to the seller just so we can freeze their equity and freeze their interest rate, make the seller the bank and make a profit margin on top of the full asking price.

i sent you an email. ill tell you about the other side of creative investing.

Hey Alvin,

Would you send me a PM or email, please? I'd like to chat with you about this particular niche. I have a couple no-equity situations I'd like your opinion on.

Thanks!

do some research on unsecured business line of credit. go here http://www.creditboards.com/forum

i went to a few banks last week to ask about these and most will ask you for 2 years of cashflow, good credit, collateral and experience. very conventional and not very creative.

there was that speaker in that meeting i went to last week and he said he has 15 lenders that will lend through a unsecured business line of credit for his $900 program

i can get this answer for free by visiting banks and just asking questions. at the moment, most smaller banks arent willing to do this not unless youre seasoned and up to par with credit, cashflow, collateral, etc

if you have the creative ideas and willing to do the work, youll need to find a cash partner/angel investor and split the profits.

when i took my loan classes at a mortgage company, they taught me equity management. the concept of leveraging dead equity, keeping it liquid, safe, earning a rate of return and giving it tax benefits.

pretty much they wanted me to solicit homeowners with equity to make money on the refinance. i took this direction to learn it with an investor's mindset and make the sellers my cash partner and give them the opportunity to become the bank.

dead equity is making a 0% rate of return since its just sitting in your home losing out on investment opportunities. equity is also prone to the down market, natural disasters and potential foreclosure through job loss or health issues.

so id teach them this method to open up another niche just in case i do need a money partner for a flip or deposit.

Have you tried blogging? It is a free, and effective way of reaching your defined market with your insights and abilities.

Mike,
i sent you a PM.

give me a call.

put me down as one of your full price buyers. when you meet your sellers, tell them i can submit a full price offer with terms. just as long as their willing to stay on the loan for a few years while we take over payments and either sell or refinance the property in the future. they will receive any equity they may have and have their loan retired.

no need to get a new loan, since the seller's already qualified for the loan based on their good credit, employment, and low interest rate. if they need the equity, ill give them the option to refi cash out their equity before dealing with us and we'll still make a full price offer and take over their new loan. if you're dealing with an MLS listing, tell the agent ill pay them a commission just as long as the sellers are open minded to carry the note.

if they want a traditional outright purchase, then list it if you're an agent or just walk away and move onto the next potential deal.

in the creative financing world, this is acquiring subject 2 and selling on a lease option, wrap, contract for deed, equity share, etc. typically done in the 1980's when the market was down and interest rates were as high as 18%. hmmmm aren't we in the same cycle right now but with interest rates at 10-11%.

there are sellers out there who are willing to do this type of owner financing and their interest rates are at 6-8%. why not freeze that low interest rate, take over payments, make a spread on top of PITI, and work with the tenant to fix their credit and refinance the home in their name after a few years. loan officer will get their commission through the refinance and if there's an agent involved, we'll pay 1% of the commission upfront and the rest when the house is sold or refinanced.

Really, start blogging if you want buyers. you will find it a much better way to reach people who are actually interested than what you are currently doing.

This post might provide some insight for finding buyers

http://www.themillionairesblog.com/2007/01/buyers-lesson-part-1.html

there are some other advanced level strategies but I hope this helps

Eric Medemar