How I Sold My Latest Wholesale Deal (Find Cash Buyers Now)
In the world of wholesaling houses for fast money…cash buyers are king! And yes, even though I have a HUGE cash buyer database, every once in a while I send out a property that none of my current cash buyers have an interest in.
This was the case with my latest wholesale deal on Keim Dr. in Phoenix, Arizona. This was a 2001 sq. ft. 3 bedroom 2 bath house built in 1958 that needed a medium amount of rehab (mainly updating). I had the property under contract from a motivated seller for $105,000, and was marketing the property for sale for $125,000. I estimated the ARV of the property around $160,000 – $165,000 depending on what rehab was done to it.
Used My M5 Marketing Machine Software To Blast Out The Deal To My Cash Buyer Database…
But we received ZERO calls on the deal. :-(
So about 5 days later we lowered the “As-Is Cash Only” price down to $119,900.
And we received 3-4 calls, but no one ended up wanting the deal. :-(
So the next day we decided to use a “top secret ninja tactic” to find use a qualified cash buyer off the MLS.
How To Reverse Engineer Closed Transactions Off The MLS To Find CA$H Buyers Now
Getting access to the MLS can be difficult (especially if you’re a brand new investor), but once you have access, there are many benefits you can receive besides being able to comp properties. One of the best benefits (in my opinion) is the ability to do research in specific areas of your target market(s) to find cash buyers. This can be done quickly, and for FREE (so you don’t have to pay for a service).
CLEVER INVESTOR WHOLESALING TIP: There are three ways a real estate investor can gain access to the MLS.
- Use Your Investor Friendly Real Estate Agent - Not all agents are created equal. Finding an “investor friendly” real estate agent that understands how an investor thinks about deals should be one of your highest priorities when first starting out learning how to invest in real estate. Explain to them how you can benefit them (buy a lot of properties through them, pass them your retail leads), and explain what you would need in return (access to MLS, market research, daily offers made on distressed MLS properties, offers made on HUD properties).
- Becoming A Licensed Real Estate Agent Yourself - Getting licensed may take a while (and typically costs around $1500 – $2000 after classes and dues), but is well worth it. I find it a HUGE benefit being licensed and being an investor.
- Getting Hired By A Local Broker / Agent As Their “Marketing Coordinator” - This is one of my favorite techniques for anyone that doesn’t want to be licensed themselves. What you need to do is be-friend an investor friendly real estate agent / broker and offer to “work” for them as a marketing coordinator. Any assistant of a real estate agent / broker can gain limited access to the MLS for a small monthly fee (you get your own MLS username and password so the agent doesn’t have to give you theirs). This will allow you to access the MLS to comp properties, and do market research without having to bother the agent every 5 minutes!
Back to reverse engineering the MLS to find cash buyers now…
So here are the steps we took to find cash buyers now near our subject property on Keim Dr:
Step #1 - We pulled up all the “closed” transactions near our subject property that closed within the last 3 months that had the financing type as “cash”.
Step #2 - We checked the tax records to find the “taxable mailing address” for the cash buyers.
Step #3 - If the “taxable mailing address” was the same as the property address we ignored the listing. This means the cash buyer is not an investor…but simply a homeowner that paid cash for their own personal residence. If the “taxable mailing address” is different then the subject property they purchased, we pulled the “taxable mailing address” and “buyers name” and placed the data into an excel spreadsheet.
Step #4 - We then sent a postcard to the investor (using www.click2mail.com) saying “we noticed you recently purchased a property at 1234 Main Street, we have another smoking hot deal near your property at 2402 W. Keim Dr that you may be interested in. Call us immediately if you’re interested in adding this “money-maker” into your portfolio”.
The Results…
In all, we found about 70 recent cash buyers that we ended up mailing a postcard to. Within a couple of days, we got a call from a California investor that received our postcard that wanted the property. He offered us $115,000 and we ended up assigning our interest in the deal over to him. The deal is set to close in a couple of days and I will make a cool $10,000!
We also received over 10 more calls on the property, have a back-up offer, and added 11 new “fully qualified” cash buyers to our database.
Well, I hope anyone reading this uses my reverse engineering tactic to find cash buyers now in their local area. It’s easy, cheap, and a great way to sell your real estate wholesale deals and build a cash buyer database.
If you’re interested in getting my postcard that I use to send to cash buyers leave a comment that says “Cody you’re awesome and I want your cash buyer postcard” and I will email it to you!
Your ” find cash buyers now” finding friend in the biz,
Related posts:
Tags: Cody Sperber, Find Cash Buyers Now, Real Estate Investing, Real Estate Wholesaling, Using MLS To Find Cash Buyers
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Comments (47)
Jason
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Cody, you’re awesome and I want your cash buyer postcard.
LOL
Great blog. Wouldn’t mind trying it and verifying it works! Good times.
Jason
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kimberly
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Cody Your Awesome and I want your postcard!
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joseph
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Cody you’re awesome and I want your cash buyer postcard.
Reply
$tallworth
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Cody, you’re awesome and I want your cash buyer post card.
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Juan
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“Cody you’re awesome and I want your cash buyer postcard” and I will email it to you!
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neva
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Cody, you’re awesome and I want your cash buyer postcard.
Nice blog by the way
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Shivon
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Cody, learned a lot from this article and look forward to reading more and I want your cash buyer postcard.
Thanks
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Suzie Winston
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Cody, you’re awesome and I would love your cash buyer postcard
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Towanna
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Cody, you’re awesome and I would love your cash buyer postcard
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Tee Briggs
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Cody you’re awesome and I want your cash buyer postcard”. Your free starter video course has given me more information to equipt me on this journey than all the ones I had spent money to buy and I would have loved to meet you in person or relate with you more closer. I reside in Avondale, Arizona and trying to enter the real estate business without money, since I donot have any as I had being out of job for a long time now.
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Young Money
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Great Info Thanks for sharing by the way… “Cody you’re awesome and I want your cash buyer postcard”
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Anita
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Cody your’e awesome and I want your postcard
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Jerry
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Cody you’re awesome and I want your cash buyer postcard
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ken
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cody you’re awsome and i would love your cash buyer postcard
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bobby
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cody you are aweome and i would love your cash buyer postcard
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Erwin
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Cody you’re awesome and I want you’re cash buyer postcard
Awesome blog!
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anna
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Cody you’re awesome and I want your cash buyer postcard
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Robert
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“Cody you’re awesome and I want your cash buyer postcard” Please send!
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Samantha
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“Cody you’re awesome and I want your cash buyer postcard” and I will email it to you!
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megan
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Cody you’re awesome and I want your cash buyer postcard
Reply
Marcus
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Cody you’re awesome and I want your cash buyer postcard.
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Tom
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“Cody you’re awesome and I want your cash buyer postcard”
Reply
Jacquelyn
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Great site Cody, very informative. AND your’re awesome and I would love your cash buyer postcard
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Jim
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Cody you’re awesome and I want your cash buyer postcard
Thanks
Reply
Shawn
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Cody you’re awesome and I want your cash buyer postcard.
Great site, and awesome info!!!
Thanks
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Cody
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You got it. Thanks for the kind words!
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Singh
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Cody you’re awesome and I want your cash buyer postcard
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Cody
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On it’s way!!!!
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Rob
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Dude, seriously…I didn’t know I could get MLS access myself as a non licensed associate
now THAT is super ninja!
Of course, you’re awesome and if you could shoot me your cash buyer postcard I would greatly appreciate it as well.
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Cody
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Rob…glad you liked the tip. Josiah my intern should be sending you over my postcard shortly!!! Good luck and let me know how it works for you.
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Condos For Sale In Sunny Isles
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The free starter video course that you had started was awesome all of them are really very informative, and last not the least “Cody you’re awesome and I want your cash buyer postcard”
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Cody
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SWEET…those videos are pretty good if I do say so myself (and I just did)!
Postcard is on its way.
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Tony L
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Great idea Cody. You truly have a strong understanding of this business. I look forward to making 10k in the next 30 days!
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Andrew Texidor
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Cody you’re awesome and I want your cash buyer postcard
Hey whilst you are at it, I’d really love a copy of your postcard to motivated sellers you are using. Keep rockin!
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Cody
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On it’s way!!!!
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Justin
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Cody you’re awesome and I want your cash buyer postcard
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trent
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Cody you’re awesome and I would like to receive your cash buyer postcard. I just started on the fast track a few days ago and I commend you because you really have a firm grasp on this industry, I have learned so much in just a few days. thanks
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Cody
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Wow…thanks. If you have the Fast Tack Profit System then you already have access to my Cash Buyer postcard. It should be in the Direct Mail training (Module 2)!
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oliver
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Cody you’re awesome and I would like to receive your cash buyer postcard. I’d really love a copy of your postcard to motivated sellers also, thanks in advance
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Cody
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The cash buyer postcard is on the way. If you want my other marketing materials…you should check out my Fast Track Profit System (http://www.PrivateVIPTour.com)
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Jeff
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Cody you’re awesome and I want your cash buyer postcard.
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Cody
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On its way!
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Skye
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Cody you are awesome can you please send over your postcard
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Cody
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On its way!
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Robert
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Cody you’re awesome and I want your cash buyer postcard!
Reply
lamont Hopewell
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Cody your awesome and i want your postcard!! Great post!1
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Mike
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Cody you are awesome and I want your cash buyers postcard!
Reply