How To Get Your Contract Sold While Growing Your Cash Buyers List
Hello, my little (non-existent) followers. WE SOLD THE CONTRACT IN UNDER 10 HOURS!! Last post I shared that I had a contract signed. That was a Mission Accomplished. Let me tell you How To Get Your Contract Sold While Growing Your Cash Buyers List!
On to phase 2!
Selling The Contract To A Back-End Buyer
Keep in mind as I write this, this is an ongoing event. I am not writing this after the fact. I am writing this as it happens step by step.
So if you look at the date of my last post “Another Contract Signed”, this was SMACK-IN-THE-MIDDLE-OF-THANKSGIVING.
Horrible timing to get a back-end buyer to fork over $53K in a rush! The best I could do is wait till TG was over, so the day after TG I mass-mailed this contract to all of my buyers, thinking, everyone is now relaxing with a full belly, bored and inactive with plenty of time and motivation to go online looking at porn and incoming deals…
Nothing. No response, no interest. I know it is a good deal, so it must be because of TG. And I realized it must be. People go away during TG to be with friends and family. I bet they were still on the road. This is an issue because I can’t just mass-mail all my buyers again… they would unsubscribe from my buyer’s list if I spammed them.
So I contemplated a few days. And the time goes by. On Monday, Dec 4th, 2017, I figured, what the hay! And I waited until about 6 PM to resend the contract with an apology for sending it again. I cleverly made the email sound like I had set n open house for Wednesday (I called the seller and asked if he was available Wednesday and he was.
Well, I tell you. I stirred up the bees nest. I get a call at 10 at night. Someone carefully apologizing for calling this late. Told me he wants it now. He is willing to put a deposit on it, right NOW. I ask him don’t you want o see it?
“this is the first time I see a wholesaler do it right. You have a ton of pictures. The good the bad the ugly the nice, and the pictures are crisp and bright. Your numbers are spot on, and never have I seen before a wholesaler working with the seller where there is complete transparency”. I have bought houses in Meriden in WAY worse condition. If I can not see the house today, lets meet up anyways where I can give you the deposit”
Well, my eyes almost teared and I told him.. [sniffles]. I love you too!.. so much! Well, I almost did ^_^ If you want to know what the page and pics look like, go here:
The Next day…
A funny thing happens. That morning I was woken up by the other call at 7 AM, then 4 more calls 20 minutes later and throughout the day constant calls.
Well, needless to say, I told the seller, we need to be available NOW to have him see the house. Long story short. We all met yesterday. Looked at the house. A few: “I like it’s“, a few “hmm we need to fix this’es” and … ready to sign!
Contract Signed Within 12 Hours!
Yes, this is a new record for me! I am telling you, to Get Your Contract Sold While Growing Your Cash Buyers List is not that hard. What now?
- Cancel the open house for today (today is Wednesday).
- Send all paperwork and earnest deposit check to my attorney,
- And look for the best deal.
Yup… I am done with this deal, NEXT!! The attorneys will take over and call me when the closing is so I can get my check! Simple no? So that was the story. But let’s break this down so it is easier for you little newbies to follow along.
How To Get Your Contract Sold While Harvesting New Cash Buyers
Now let’s translate this into tasks, shall we? Here is what I did. After signing the PSA (Purchase And Sale Agreement),
Advertise Your Contract On Bigger Pockets
I immediately went to BiggerPockets and placed an ad in the market place. You have to be a paid member (I believe) to do this. Is it worth it? I don’t think so. but I am not sure. Who knows how many of my cash buyers found me through BP. No idea what BP is? It is a knowledge base and networking hub for Real Estate Investors.
Advertise Your Contract On ConnectedInvestors.
I found the other website that actually was the source for 6 serious cash buyer offers. This definitely helped me Get My Contract Sold While Harvesting New Cash Buyers
That site is called :
upon this is because I did a backlink trace on one of my competitors that are trying to tumble me for months and months (not going to happen you little shit!).
So I found this as a backlink attempt. I made a profile, and where I placed the arrow in the picture above, as you can see, you can list your contracts. I got several buyers interested and sign up for my buyer’s list and they made offers.
What do you know! So that is definitely an untapped source you can take advantage of!
Place Craigslist ads
Next, place ads all over your market area on Craigslist. You can not put pictures and you cannot talk about the property if you do not have a real estate license. What I do is say that I have a few contacts that I need to get rid of. If you want to know our list of contracts just join our list.
I can not give you legal advice but that is how I do it at least. You have to experiment with the times of day that yields the best results in your market. Get prepared to have your ads flagged. Keep posing them. This is something you need to do regardless of a signed contract. You always have to grow your buyer’s list.
Again it helps if you have a website that is ranking that continuously harvests buyers for you on automatic. Again I recommend the service I use, Investor Carrot.
I am telling you, they really are amazing. They have prepared the whole bunch of Craigslist to add templates you can download and just use for free!
It is in the form of a PDF.
Visit them to learn more about what times of the day is best to place these ads. Remember. The reason I sold this contract in under 10 hours is because of my buyer’s list!
Use the contract not only to get money from the referral fee… but it is hands down the BEST method to get buyers to subscribe to your list! If it is a good deal, buyers WILL want to hear from you.
Mass Mail The Shit-ake Mushroom Out Of That List.
Then the final step for Phase 2. Mass mail that contract to all the buyers. Now follow the MOST important steps to success:
- BE HONEST,
- be fair,
- Try to be conservative.
- KNOW YOUR NUMBERS
- Don’t overestimate the ARV
- Don’t Underestimate the Cost Of Repairs!
Be Honest. Say “I don’t know” if you do not know the answer to a question they ask. Tell them I will ask the seller. Once a buyer feels you are trustworthy, credible, and know your poop! That is a buyer for life!
Be Transparent With The Properties Under Contract
ONLY release AMAZING deals. It is hard to do and against what EVERY guru says but, the so so deals… let them go! Take this deal for an example. Buyers were fighting to get this deal. Once the deal is under deposit, I tell them, that we only do good deals, so when we have a deal next time, do not waste time. You know you see all these wholesalers say “get it now before the deal is gone yada yada yada… often these deals are crap deals? THERE goes their credibility.
But when you message a cash buyer back and tell them, sorry, but our deals never even make it to craigslist because the second we mass mail the deal hour later it is snathed… guess what… after they are pissed off and depressed that the deal is gone… they will NEVER slack again when they see an email from MSOOTKAUG (that’s my real name “My Supreme Overlord Of The Known And Unknown Galaxy”) coming in!
And that is what you want! You want cash buyers to associate you with “A DAMN FRIGGIN GOOD DEAL”.
The next step is to relax and wait for contact from your attorney. Sometimes it is just a minor title issue that they are updating you with, sometimes they need more time to close, sometimes it is just to confirm a closing date. Either way, you did it. YOU are DONE.
On to the next deal. And this is what wholesaling is basically about. A span of 2 blog posts. How easy is this? I have to tell you all one last thing!