Tuesday, May 19, 2009

Lessons Learned From My New Cash Buyer

I know others have tried the technique of putting a fake property up on craigslist to get buyers. It is called a "ghost" ad. You essentially put up an ad similar to this:
"Handyman Special!!! 90K"
4bd/2ba in anytown USA. Get it before its gone!!!! email me:
yeahimadoofus@doofusisme.com for details!

Then when you get emails from investors you just tell them that the property went faster than you thought and get their info to put them on your buyers list. That's what I thought would happen. I got three emails wanting to know the address. Sent replies that it was gone before it was broadcast to craigslist because of my "exclusive" buyers list and would they like to be on it. Two didn't reply back but the third said he was a cash buyer, still wanted the address to run comps and to be in second place in case my "buyer" didn't close. I didn't know what to do because I didn't have a property. I totally lied and felt like a doofus. I posted the question at one of my favorite REI forums and waited to see what the people there would tell me to do because after all I had learned the technique there. I received varying replies but not the answer I needed. I replied back to my potential buyer that buyers on my "exclusive" buyers list would only have access to that info. and would he like to be on it. I left it at that but a few days later I still felt bad. I sent him another email this time spilling my guts and telling the truth. I was a newbie wholesaler who wanted to get buyers on my list and was given bad advice. I apologized and asked him if he wanted to still be on my list and asked him what he would look for in a deal. He replied back, gave me some good advice and wanted to be on my list.

Take it from me, it's best to tell the truth.
Thanks for reading!
Sincerely in Christ,
Leesa C.
Eph.2:8,9
L.J. Cramer Properties

2 comments:

  1. Oooh, Leesa, I cringed for you when I read this! I'm so sorry. This was my biggest fear in posting a ghost ad, and one of the reasons I haven't posted one. You handled it very well, bless your heart!

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  2. Hi Leesa, just thought I'd stop in. I see you on Steph's blog frequently. Great to see you getting started in REI and you're already a hero in my book because you're managing a household with 7 children :-) Girl, you can do ANYTHING! Anyway, instead of posting ghost ads on Craigslist, what I've done is ask other wholesalers if I can market their properties. My mentor allows me to market all his properties and suggested I put a $2K mark up on the price. This is helping build our buyers list and is also potential income for us. There's another investor I found on Craigslist who I spoke to on the phone about one of his properties...turned out he was a wholesaler and he also encouraged me to market his properties. So this is an avenue to consider which won't put you in an awkward position like this. Take care!

    Shae
    www.goodfaithinvesting.com

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