|Working Your Buyers For Big Bucks!
Buyers are the key component in you realizing a that big payday when it comes to
wholesaling. You MUST be able to relate to and establish a very strong relationship with your
buyers in order to consistently wholesale deals.
A critical element with your buyers is necessary when it comes to wholesaling and
that is this...."how do you get your buyers in the property when you don't own the
Put yourself in someone else's shoes when it comes to buying an investment property. You
should be conducting inspections and repair estimates on:
- Painting needed
- Pluming, heating, AC status
- Termite inspection
See, in order for you to wholesale a property your buyer most of the time will
want to inspect the inside of the house. Now you not actually owning the house can become an
- If you have a property under contract and your wholesaling it then do you have the
owner's permission and access to the property at your discression?
- If the property is a MLS listed property, what type of arrangements have you made to
gain access in the property such as a lockbox?
When it comes down to wholesaling there are a few rules of thumb with probably
an exception to each rule. First off is that I wholesale well over 90% of my deals from
INDEPENDENT sellers. Independent sellers just have a lot more flexibility when it comes to
gaining access to the property to show your buyer the inside so they can verify its a great
In my contracts I simply state, "Buyer shall provide seller key to access
property at his convenience". If that is a problem with the buyer then I'm probably not
dealing with a truly motivated seller to begin with and I don't change my methods.
Let me play devil's advocate here and when it comes to wholesaling MLS
properties it can become a bit more complicated. If you've got a great deal that involves
Realtor listed property, then how are you going to get your buyer into the property? Slim
to no chance that you can put that previous access clause in there and get it to pass. There
are just too many liabilities on the part of the Realtor.
Now, if you're being up front with a Realtor (as you should) and just quite
frankly state that you can move the property with a group of investors you work with then
its feasible. You just will need a Realtor that will schedule appointment(s) at the property
to let your buyers look at it.
If you're not the listing Realtor then lockbox combinations and access should
not be given to you on a legal and ethical basis. I mean if it were your property, would you
want someone else having access without your knowledge? What if a backdoor was left opened
and the place vandalized?
Hopefully you are starting to get the picture on a Realtor listed property
that wholesaling these at times can be a little more difficult, but not impossible. Also you
need to realize that if its a truly great deal to begin with you won't have to "show"
more than once or twice to quality buyers as they will see the true value and service you
provide as a wholesaler.
Just know that in wholesaling you need to think ahead of how you will deal with
the situation of getting your buyer in the house. When you can implement some of these tips
I've shared with you here then you're one step closer to getting that check with your name
Good hunting as luck has absolutely nothing to do with it!
Scott Rister is an author and "real world" investor just like yourself.
Scott started investing in real estate over seven years ago for the sole reason so many do which
is to supplement income and eventually replace the corporate job. After learning first hand what
"down-sizing" in the corporate world means, Scott focused more intently on shifting from
emphasis from buying techniques to finding truly motivated sellers. In less than a year Scott has been
involved with over 60 real estate transactions that ended up with a check with his name on it. You can
learn more about his program at
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