Finding Cash Buyers - Posted by Lew

Posted by Kenny(FL) on January 05, 1999 at 24:30:18:

Here you go:

Kenny(FL) =:)

Finding Cash Buyers - Posted by Lew

Posted by Lew on December 30, 1998 at 10:47:13:

Friends other than using the local news-paper what are other ways to locate cash buyers who can act quickly for flip type deals?? I’ve tried advertising with newspaper ad’s before and normally this just leads to curiosity seekers. Any input would be appreciated.

Happy New-Year!!!

Re: Finding Cash Buyers - Posted by Tom in FL

Posted by Tom in FL on January 04, 1999 at 23:32:47:

In addition to what Rob said below about looking for the corporate buyers etc… I always look for private individuals who own the house a short time and sell very well. For instance, when running comps, I see a house on the list that sold for $44000, and four months later for $76000… I really don’t care if that owner is a corp or not, especially if he does it every few months. Also, there are paterns that can be detected. I’ve seen many instances where HUD sells to Joe Schmoe, and Joe Schmoe quit claims to XYZ Corp, same day and same price… Could we assume that Joe Schmoe IS XYZ Corp? You bet. I always look to see who these guys get their money from as well.

Re: Finding Cash Buyers - Posted by Rob FL

Posted by Rob FL on December 30, 1998 at 18:25:54:

I am in the process of starting up my flip and rehab business right now. Here is a secret that I have found.

Find some houses that have been rehabbed in the past. You can do this by simply searching the public records at the county recorder’s office. Find houses that were recently sold to investors by banks, HUD, VA, FNMA, etc. If the buyer is not an individual (ie a corporation or partnership), then you just hit your bullseye. More than likely this company bought the property to flip it or rehab it as an investment. The deeds should give the mailing address of the new buyer. You could send them out a letter and tell them about your flipping/birddogging business. Or give them a phone call if they are in the book. Unfortunately, most of these companies won’t have a listing in the phone book, so you could do the following. You could do a little more research, and check with the secretary of state and find out who the officers of these companies are and look them up in the phone book and call them at home.

This is a lot of research, but luckily you only have to do it one time to get a list of names, addresses, and phone numbers.

I will admit I have it a little easier than most in that my county’s records and the secretary of state’s records are online on the internet so I can do the research here at home on the old computer.

Also another idea. Need a hard money lender. Check in the recorder’s office again. If you find an individual who holds a mortgage on a property, and that individual 1) is not the previous seller and 2) is not related to the owner (not the same last name), then there is a good chance that you have found a private hard money lender. I have done this in the past and located several individuals whose sole business is making hard money loans to rehabbers and investors.

Best wishes for a prosperous New Year.

Re: Finding Cash Buyers - Posted by Tim (OH)

Posted by Tim (OH) on December 30, 1998 at 14:07:00:

I agree with Redline, if you’re going to sell retail you are taking on the responsibilty of not only knowing the real estate business , but the marketing business also (unless you intend to pay a broker). This is not a BAD THING but, you need to understand that it was you’re getting into.

Re: Finding Cash Buyers - Posted by Redline

Posted by Redline on December 30, 1998 at 13:22:40:

Aside from reading and advertising in newspapers, you could network. In person and on the internet. Let realtors, RE attorneys and everyone else know you are an investor and may have some properties to sell. Stop by construction sites and talk to contractors. Get yourself out and around.

Good luck,

Re: Finding Cash Buyers - Posted by Tom in FL

Posted by Tom in FL on January 04, 1999 at 23:26:06:

what is the URL for the secretary of state? I’m interested in the corporate records