When wholesaling real estate, you must know who you’re targeting. While it is obvious that you must always be targeting sellers and buyers, what most guru’s do not stress is what type of buyers or specific sellers. If you think that you can put up a few advertisements alongside the road and in the grocery store and get a 20K deal, you’re wasting your time. Having a schedule for sending mail pieces and posting advertisements is critical to your success. You should have a laser-like focus on finding motivated sellers. The following are just two specific groups of sellers you should market too; in fact, these are the only ones you should market to for great deals.
Non-owner occupied landlords. A non-owner occupied house is just that, a house that is owned by someone that does not live in the home. One fast way to know who owns the property is through tax records. Cook County, for those of us in Chicago, has almost every bit of information you need available at the country assessor, treasurer, and recorder of deeds website. The internet is a wholesalers best friend.
If your going to wholesale real estate long-term and you want to make it a business I suggest you don’t want to do all the research yourself, just get a direct mail provider or a list provider to do the work for you. Providers such as MelissaData.com or SalesTeamLive.com will provide you with such information. There is a cost to these services but not much. Do a search in your area for non-owner occupied property where the landlord has owned it for at least 15 years. There is a good chance they may be ready to do away with the property and give you a wholesale deal you can give to your real estate buyers.
Inherited and Probate Seller. Probate is when someone passes away and does not leave a will and the estate goes through a court process where a judge determines the rightful heirs. The people who received a property through a will skip the probate process and immediately inherit the home. Probate and inherited homes are great way to find wholesale deals, especially if the heirs are out of state.
The best way to find these types of owners is through a list provider that has probate information. Do a Google search for your state our area and you will surely find a list provider, if not, create it and charge others to have access. Many times someone inherits a home or goes through the probate process and receives your letter, they are happy that they can get rid of a property. Most heirs to a property don’t have an emotional attachment to the property and are willing to negotiate a deal to get cash in return.
Wholesaling real estate begins and ends with your marketing campaigns. As a professional wholesale you will come across various property owners and you will start to get a feel for the type of seller they are and what category to place them in. Always treat wholesale leads carefully because you never know if the seller knows others in similar positions.
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