Believe it or not, there are lots of buyers out there, and these are buyers that were stockpiling the cash during the “boom” years.
In fact, we’re seeing more cash buyers right now than we did when the market was at it’s peak. People that had been waiting are finally ready to take the plunge into a second home or they’ve decided that now is the time to get into the investment game – now that the speculation is over!
The best part about these buyers is that they are not investors like we’re accustomed to. They aren’t full time in the business, but recognize that there are lots of deals to be had right now. So… although they do want a good deal, they are also a little more emotionally attached to the properties than a full time investor is.
Okay, so how do you go about FINDING these buyers?
Here’s one strategy that you can implement RIGHT NOW and every time you have a wholesale deal that you need to get rid of QUICK. It will cost you a few dollars, but well worth the investment.
You want to find absentee owners that have purchased a property in your farm area, or within a 5-10 mile radius of where you have deals. The size of the radius will depend on the size of the area.
You can find these people by going through your local public records in many areas. If not, you can subscribe to a service and buy individual records.
You’re looking for anyone that purchased a property in the last 6 months and DOESN’T live there. Even if they live 10 miles away, you’re good. We’re looking for BUYERS here, not sellers, so proximity to the property is not so much an issue.
You’ll also want to include parameters for like properties. For instance, if your property is a 3/2 single family home, then you’ll want to look for people that have purchased a single family home. If you have a condo or townhome, you will want to include buyers that purchased a condo or townhome.
This is not to say that you can’t find buyers that will cross over, but we’re trying to get the lowest hanging fruit here.
Now, once you’ve got your list together, you want to send out a mailing campaign. You can do either a postcard campaign or letter campaign. I would lean towards a postcard campaign because it’s simple and can get their attention quickly and easily. Your message should be simple and you should drive them directly to a website where they can enter their name and information in order to get the property details as well as some important information you may have about the area that “they just bought property in”.
You are now building a list of people that recently purchased and may be likely to purchase again in the near future.