The Science of Flipping - Buyers For Your Wholesale Deals

Episode Date: March 2, 2021

Buyers For Your Wholesale Deals

Yo, yo, welcome back to the Science of Flipping podcast. I am your host, Justin Colby. This is your first time here. This is all things real estate investing, the best processes, tools, systems, strategies for you to be a successful and profitable real estate investor. Now, as you heard on my last episode,

I was telling you about how I would go into any market right now and go get my first wholesale deal. I want to bring that even further into this episode, talking about the importance of your buyers. I briefly told you where I'd be finding some buyers. That is not the only place I would find buyers, but here is the key. If you want to be a wholesaler, maybe you are a wholesaler, and maybe you're not selling every property that you can, it's because you really need to focus on your buyers list. As I mentioned in my previous episode, and by the way, if you haven't listened to the previous episode,

you really should. As I've mentioned in my previous episode, getting your first deal, your first wholesale deal, knowing your buyers is really, really important. Having a, you know, open relationship with your buyers where you guys are actively communicating, right? You're actively texting each other or calling each other when deals happen, will continue to help you grow your business, regardless of where you're at in your business. I've been doing this now for 14 years. Truthfully, I can't even believe it. It even sounds funny when I say it, but I am always working with our buyers. And the reason being is there's always new buyers coming out and there's always more buyers getting more money and more opportunity to buy more. So I always want to put

a precedence on our buyers list. Now, let's take a step back real quick. Let me continue to teach you where to find great buyers. As I mentioned in the previous episode, if you didn't catch it, you need to catch it. And by the way, if you have not subscribed to the podcast yet, make sure you subscribe to this podcast. It's all things real estate investing, from wholesaling to rehabbing to contractors to hiring to scaling to finding deals, you name it. Make sure you're subscribing and getting notifications when I do a podcast a day, by the way. I do a podcast a day, and I couldn't be more honored to bring on Devin Burr. We call him Mr. Burr because he's an

incredible coach for the Science of Flipping family. And so he also does a podcast once a week. You need to check that out because he went from, you know, nothing, never being in the space just over a year ago to wholesaling, flipping over 22 properties in his first year and getting six rental properties in his first year. So couldn't be more excited about having Devin Burr here. He does one episode a week for the science of flipping, talking about how to build wealth through rentals. So make sure to check those out as well.

So back to the buyers list. Facebook has really become, especially through this COVID thing, Facebook really has become such a pivotable, pivotal place for us to continue to grow our business. COVID thing, Facebook really has become such a, you know, pivotable, pivotal, you know, place for us to continue to grow our business while there's not quite as much networking physically going on. Now that is opening up a little bit. But I would tell you in these Facebook groups, even like my Facebook group called the Science of Flipping Academy, if you want to join

that, please do. It's a free group, the Science of Flipping Academy. If you want to join that, please do. It's a free group. The Science of Flipping Academy. Request to join. You will see people put up their deals. And then you will see people replying saying, hey, please send me that deal. Right? They may put it in their email. Sometimes they even put in their phone number.

But they will say, hey, I want to see that deal. Those are buyers, right? And so you want to engage with those buyers. This is what most people don't do, is they don't engage. They just literally take the email and put it on a list. And that's it. Well, if someone does that, and then I actually reach out to that buyer, communicate with the buyer, figure out what they like to buy, where they buy, when they buy, why they buy, their business model. And I send someone an email and someone else sends them an email, they're likely going to go with me. People like to do business with people they like.

And that is so true here in real estate investing. And so I want you guys to be actively trying to add at least five buyers a day, every single day, even 14 years later. That is a goal my team has to our buyers list, right? Now, here's the next greatest tip I can give you, which is I am leveraging realtors really heavily and have been for years on my buyer's list. Realtors are the ones that actually have those doctors or dentists or the one-off flippers that literally flip one home a year that do no marketing and the realtor typically finds them that home. I want those realtors on

my buyer's list. Now, you can go out and buy realtor lists, but I also like to work with brokerages and title companies who can actually put me in position to build out my realtor list. If you have access to the MLS, some MLSs actually give you access to download a list of realtors. Mine does not in Maricopa County. I cannot do that. It would be a very arduous routine to go in and try to get the list out of the MLS. It'd be like one by one. And so the other thing you can do is use Zillow, right? If you have a property that you are looking to co-wholesale or even your own property, go into that area and see what homes are active on Zillow and just go find the realtor and reach out to them. And I would be I would have a very strong point. I would make it a goal every day to add five buyers, both investors and realtors to your list. Now, as I mentioned before, there's always the RIA groups. In some parts of the country, all those type of social gatherings are shut down.

Other places, they're opening back up again. Meetup.com has been an incredible platform for me in my business to network with other real estate investors. I run my own meetup group. Like I said, that really has been shut down for the better part of 12 months now. But with that said, I would tell you, you know, going into meetup.com and going into those groups and communicating in those groups, asking for those people to, you know, who, who's still out there buying, what are they buying, where are they buying, et cetera. I would be doing that on a consistent basis as well. This is an action item. This is definitely a revenue generating activity because if you have the better buyers list and it does not matter how big, I said that on my last episode, it doesn't matter how big your buyers list is.

It matters how active they are. Okay. If you have the most active buyers list, you are going to win. You will be able to sell not only your deals, you will be able to sell other people's deals. And as you heard my first, if I was dropped off in any market anywhere, the first way I would go get a deal is to sell someone else's deal. Okay. I would have them go find the deal because they did cold calling or direct mail, or they did texting or door knocking, and I would sell it to my list. That's how I would get my deal done. Okay. So with that said, really put a precedence on your buyers. Hopefully you can rewind this a couple of times, listen to where I'm telling you to get those people. What to say to them is simple. It's a basic questionnaire of, hey, I get deals

constantly, whether it's through my own marketing channels or other investors who asked me to sell their deals. So I'm, you know, networking with other buyers and curious to see what your business model is like. I don't tend to like to work with buyers who just tell me I'll buy anything, just send me everything. I really want to know, right? Like if I sent them a tire shop, are they really buying a tire shop? Probably not. Right. So if I sent them a lot, a raw piece of land with no infrastructure underground, would they really buy it? Right. Or would they buy something that basically needed to be demolished and scraped and then they would have to build vertical? I need to know these

things because if I send them that and they're never going to buy that, then it's a waste of my time and my team's time to send them something like that. So I want to make sure I have a real good understanding of what they're buying, where they're buying it, why they're buying it, how many they're buying and all those types of questions. So if you really put a hyper focus on that, you're going to win. Again, as I've mentioned on previous episodes, if you have not yet gone over to youtube.com and subscribe to my YouTube channel, youtube.com forward slash Justin Colby, make sure to do so. I also drop a video a day over on my YouTube channel. My podcast is heavily centered. Well, it is all centered on real estate investing for every topic there possibly is. My YouTube channel is heavily real estate investing, but also entrepreneurship and business.

So I have videos and trainings, not just about real estate investing, but also about business and how to leverage and how to scale and what's happening right now, what you should be looking at, where you should be investing, how you can diversify your portfolio, et cetera. So if you have not yet, go to youtube.com forward slash Justin Colby, subscribe to my YouTube channel. I promise you'll love those videos there as well. I appreciate you all. And hopefully this helped talk to you guys on the next episode.

Peace.