Over the years I've been able to network with quite a few real estate investors and early this year one of them gave me a great idea on where to find distressed sellers.
3 traditional ways to get wholesale real estate leads.
- Websites with keywords that capture the we buy houses and I buy houses traffic
- Yellow letters that go after absentee landlords, probate, and high equity owners
- Bandit signs which are fairly controversial and you probably don't meet the local sign ordinance
Wholesaling preparation
The lead source isn't easy to work and it will take a little research and some face to face discussions but it could pay off in the long run because it will deliver leads every year.
Now before you run out and find these people to speak with you need to do a little preparation.
1. I would research the industry and find all of the licensed individuals in your county. You can do a basic google search and the licensing board comes up.
2. You need to understand what you're doing for them because that's the only way you're going to be able to speak with confidence.
3. You'll need a good relationship with a title company that will pull title quickly. Time is of the essence with these leads. If you don't have your stuff together then don't use the lead source until you do.
4. You better have cash in the bank or private money ready to go. If you don't then you might be able to work with a community bank that will extend you a line of credit.
5. Follow up will be key. I'd recommend that you reach out every 60 days and see how things are going. You need to ensure that your name is on their mind when a valid deal comes through the door.
One odd place to find wholesale property leads
Now that I've given you the preparation list, I guess it's time to tell you what this lead source is.
Think about it for a second. They get distressed people that come into their locations and they need to bond friends or family members out. Most people don't have the cash and the Bail Bonds company doesn't really want collateral. They want cash!
So, where do you come in. If the individual has a home, a lot, a piece of land, or rental property then they have something that you can purchase with cash. This provides them cash and the bail bonds will post the bail. Everybody wins.
Keep in mind you're not going to get hundreds of leads each month but it's a niche source for potential leads.
