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The Biggest Mistake New Investors Make

What’s the biggest mistake almost all buyers make? Starting a cash buyer list on day one.

One of the biggest mistakes that almost every new investor makes when it comes to building a cash buyer list is trying to compile one right away.

Most new investors think they need a cash buyer list on day one before they go out marketing for properties. Every week, someone calls me and says, “I know that you buy a ton of homes in the area; can I get a list of your criteria?”

Here is the secret: If you find a real investor who buys more than 100 homes a year in the area like we do in Boston, then that investor does not have criteria. A real investor will buy anything that makes money.

On day one, the last thing you want to worry about is building a cash buyer list. Instead, go out, find a great deal, and then market that deal to the biggest investors in your market.
A real investor will buy anything that makes money.
Our current market makes it incredibly easy to wholesale a deal, so don’t worry about criteria. Figure out what kind of property you want to market first, then get a deal under contract and find the cash buyer. In today’s market, if you can’t wholesale a deal within 48 hours of getting it under contract, then it’s not a deal.

There are a couple of things you can do to wholesale that deal and find those big investors:

1. Go to the local auction. There you will find some of the biggest players in our market. All of those investors are willing to put up nonrefundable money for properties they haven’t gotten a chance to get into.

2. Google “Sell Your House Fast” in the city that you have the contract in. Whichever investor is paying for Google AdWords is a seriously motivated cash buyer. You just need a few of them to wholesale a deal.

You can also go to a website like BiggerPockets or post the home in a Facebook group for the town or area the property is in.

If you do these four things and you don’t get multiple bids in 48 hours, then you need to back out because it’s not a deal.

If you have any other questions, give me a call or send me an email. I would be happy to help you!