I know there are different ways to find deals but I’m interested in having a conversation about different ways investors find deals. Also why that method is your preferred method and the success rate.
Hi - I own a few rental properties and I find many deals just by driving around the neighborhoods and writing down addresses of any of the following:
For Rent Signs
Any Yellow/Red City Stickers visible on door/window/fence
Yards/Fence/Roof in disrepair
I send them a letter to address on file with tax office (free public info) letting them know I am interested to take the property off their hands.
The best advice I could give you would be to be different. You want to be the first and only person that seller speaks to. Whether you are door knocking, cold calling, using online ads, it makes no difference. Stand out in your market. If everyone is mailing, call. If everyone is calling, mail etc.
Some ways we find deals are driving for dollars. These lists are one of the best because of the motivation. You can tell the home needs work and there is obviously some distress there.
Continue to look for ways to find people to have motivation.
Try door knocking in the neighborhood to check which homeowners wanted to sell their house and get a fair deal. It’s kind of intense labor but it the rewards are satisfying. If you don’t want to try door knocking, you could try advertising if you have the budget. Social media sites such as Facebook offers an advertising feature that will make your ads effective and efficient. This is only my opinion. :biggrin :biggrin
I echo Nexus’ advice. Being different is hugely important.
Our team has had the most success with cold calling. Our cost per deal is still pretty high compared to others - right now it’s at about $5500/deal. We’ve tried direct mail but in our market we felt it was saturated and cold calling had a lower barrier to entry. Hope this helps!
You could go many ways and none are wrong. I think you shouldn’t spread yourself to thin and pick 1 to 2 channels that you understand and keep testing and tracking campaigns until you are a master at that channel.
great information, please update me also about some interesting deals
I would say it all depends on your budget. In my market at least, I have found that PPC ads (google/facebook) has had the highest success rate but also the highest cost per lead.
The cheaper methods can still be effective (direct mail, door-knocking), just require more time and patience.
im looking to find some deals myself. im a wholesaler currently looking to build my buyers list.
totally agree with you