Rich Dad Education – Real Estate Blog

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Building a Buyer Database is the Key to Successful Wholesaling

Rich Dad Education Real Estate

The key to being a successful wholesaler is having a large database of buyers. You may have a great property or deal under contract but if you only have 5 buyers in your database the property may not fit their portfolio at this point in time.  If you have 500 buyers in your database there is a good possibility that quite a few of them will be interested in your property.

How do you build that database? Through networking and marketing. You should attend your local REIA (Real Estate Investments Association) meetings with a stack of business cards. If the meeting starts at 6, be there at 5:30.  Introduce yourself to others at the meeting, gather information on that investor, exchange business cards and add them to your database. If you join the larger Real Estate Investment groups, which are usually around $199/couple for an annual membership, you get access to their database which can really accelerate the database building process.

Go to the foreclosure auctions and do the same type of networking. These are typically cash buyers.  Rich Dad Education Elite Training events, Realtor meetings, city council meetings, and meet up groups are also great ways to meet other investors that are buying. Before long, you will have a good database of potential buyers.

You also need to do your marketing. Craig’s List, Postlets, Flyers, Newspapers, Bandit Signs and Car Magnets are great ways to advertise to get other investors to contact you as well as sellers.  You should also contact everyone that is advertising that they buy houses.  Your ad doesn’t have to be complex; it can be as simple as:

“WE BUY HOMES”
CA$H PAID/QUICK CLOSE
Call Joy 555-1212

This way you will meet other investors and find properties too! Have a list of questions ready to ask other investors when you meet them.  You want to find out what kinds of properties they are interested in buying, where they are buying properties and how much of a discount they need to be interested in purchasing the property. Also find out how they buy their homes…do they pay cash?

Becoming a successful Wholesaler requires you to be a great networker.  To find out more on how to successfully wholesale a property, you can attend our Rich Dad Education Elite Wholesale Training Course. 

Scott Wilson
Rich Dad Education Elite Training Mentor

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4 responses to “Building a Buyer Database is the Key to Successful Wholesaling

  1. Godfrey Kiyemba April 25, 2013 at 5:01 am

    Thank you soo much Mr Scott Wilson for this valuable Educational material.
    I request,What are some of the behaviours of successiful Real Estate Investors?
    Thank you,
    Godfrey,
    Entebbe.

  2. Cindy Harris April 27, 2013 at 11:22 pm

    Godfrey, you are already exhibiting something that is extremely important to be successful in life and in real estate. You are teachable and want to learn. Here are some other behaviors you may want to consider:

    1. A beginning investor, often a student wanting to be educated, will take classes and read books to help him/her learn how to invest. But the most important thing that the student can do is to put into practice what he/she has learned. The learning curve takes off when you do what you were taught.
    2. A successful investor is a people person. When you invest in real estate you are working with people. Not everyone has that skill but it can be learned. Building rapport with people will help you to be successful in your real estate investing.
    3. A successful investor networks with everyone- other real estate investors, bankers, attorneys, family, friends, co-workers, etc. Networking is a form of marketing. When you are networking you are letting everyone know what you do. As the investor networks he/she widens his/her ability to find potential deals, find money to use for investing, and build a database of professionals and potential buyers.
    4. A successful investor will make offers. If you are not making offers- you are not making any money!

    These are just a few of the behaviors of successful real estate investors. You may want to read my blog on taking action.

    Cindy Harris
    Rich Dad Education Elite Training Mentor

  3. Godfrey Kiyemba May 1, 2013 at 4:02 pm

    Thank you so much cindy, i really appriciate

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