Finding Investors
I have been birddogging properties in the Chicago area. I have been finding several great deals but have had trouble finding investors to buy the contracts from me. I have tried calling all the "we buy houses" ads the the newspapers but no luck. It seems that these people are all talk. They always have lame excuses or they just never call back. I do EXTENSIVE research on these properties before I get a contract on them. My good friend is an appraiser and he verifies all my research once I find the property. I can't even get anyone to come look at the houses I find. So what gives? Do people really have to do this ALL themselves or are there investors out there that will do what they say? All I want to do is sell the contracts but after six months of hard work and being left stranded I am ready to give up on this business and the people in it. How can I find an investor to flip these to that is not a flake?
I know in my area there is a lot of demand for birdogs and a good deal gets sold relatively quickly, but I also belong to a real estate investing association and that makes a bird dog's job much easier... Do you belong to an association? If not - I would get into one. If you really find quality deals, you have done the hard work... There ARE investors out there...
Good Luck!
[addsig]
You can always post them on this site.
I am new to the Chicago area and can understand the difficulty in connecting with others. I believe it is against forum rules to post contact information in a message. Anyway, I am planning on getting involved with a local real estate investment group. Good luck and perhaps we will work together in the future.[ Edited by TCDollars on Date 06/11/2004 ]
I sell realestate in NJ .All I do is work with investors . What you need to do Is contact some of the landlords in the area. They are usually the most motivated.
trainerenterprises,
I don't know what types of properties you've been locating, but maybe you are finding the wrong ones. Consider contacting investors and asking what they like to invest in and in what areas. This way you have a better chance of finding what they're looking for instead of finding deals they aren't interested in.
Trainer of Enterprises,
Dear Sir,Chicago is a great city for investors. My Greatgrandfather of the loud mouth arrived there with shoes in hand and a great hate of potatoes. He built one of the first skyscrappers. The Fisher Building down on the loop. Understand it is now becoming residential tower. He did well and to begin with only used other peoples money.
You can if you like check the recordings and read out the buyers of seconds and also groups going intogether on a deal. You might cultivate Title Co persons who will tip you to the local investors. Of course I just ask around the Real Estate Offices or the places at which deals close.
You then sit down with them and find what they (think) they want. Then go structure it up. Start asking for participation. They all like that. Means they think you are standup and think so highly of your deals that you do not wish to dump them but continue in a touch of ownership. Offer to mange. Offer to swing a hammer or watch those that do.
Make them like you and away you go. The real secret shhh dont tell. My attorney would kill me. Make yourself indispensable.
Lucius Fisher Foster. still 5 good 1 bad.
Cheers Lucius 8-)
Don't know if I am your (wo)man but I would at least be interested in talking with you. I am mainly interested in the north,or northwest suburbs. If this is within your scope lets talk.
Brewser
I may be interested. PM me with a list of the deals you have.
You didn't mention any numbers. Are you sure after your cut that your making the numbers work for the third party your looking for? It has to be a win-win situation. Sometimes if things are not going as planned it's good to step back and evaluate. Good luck[ Edited by maxwellpropertyinvestment on Date 06/14/2004 ]
Matt,
1. You can post your deals on the TCI site. They really like people posting deals (the 'scoring' system is bias towards people who post).
2. Look for a Chi investment club.
3. Any reason you do not take the deals yourself? Would partner or participate with an investor? Some investors from out of the Chicago area might then be interested.
John
[addsig]
My numbers are good and the deals are good. My problem is that I am new in the area and I can't find investors that are "for real". I've run into 'investors' that are playing like investors but not really doing it. If anyone is interested in my deals please email me at trainerenterprises @ yahoo dot com
Thanks for all your help,
Matt
hey bro investors are just around the coroner! You know those signs that you see on the street that say "I buy houses Cash" ext. ext.......
That is your answer. Well that is what I use............
I'm in your area and will e-mail you for more information. There is an excellent investors group (CCIA) that meets monthly at the College of DuPage--700+ members strong. Each meeting people stand up and tell of deals they've got available and/or post them up on a huge projector screen for other investors to take down the info. Seems to work out quite well! Let me know if you would like more info. on meeting times, etc.
Keep in mind that not every house is right for every person.
And, the signs you are calling might be wholesalers themselves (who are doing something similar to what you are doing).
You need to find people who are interested in rehabbing, and/or renting (being landlords)...not just trying to wholesale the properties themselves. While your numbers might be good for someone who wants to hold onto the property for rehab or rental, it might not be good for someone looking to flip to another buyer.
John
This is a link to a national group of investors that will buy properties and give bird dog fees to you:
http://www.nationalrealestatebuyers.com/d.cgi/SuccessfulInvestors/business.htm