I’m having difficulty locating properties to get under contract to wholesale. More accurately when I contact the listing agent I’m told the property is already sold or under contract already. I’m assuming this is quite common and is just a factor of this business. What I would like to know is how can I find the properties and get contracted before someone else beats me to it.
Just from what I have read, if you’re looking to wholesale, you shouldn’t be finding your properties through real estate agents…these are already “damaged goods” so-to-speak.
I haven’t done a deal myself, but I am fairly certain the veterans will support this and likely will advise you to get out and market for sellers…drive neighborhoods, call landlords, advertise on Craigslist, etc…there’s a lot of ways.
Someone posted this on here already somewhere, but I watched these videos and is definitely worth reposting:
Free Investing Courses:
Wholesaling using mailing system
If you’re talking about REO properties- there’s a ton of competition for them right now (at least where I’m at).
I focus on the ones that have been sitting on the market awhile as opposed to the newly listed ones. The banks are usually much more willing to negotiate on properties that have high DOM, and there is also less competition for them…
Yes, they were REO properties. I guess if they’re on the market for a long time then banks would be more open to discount them. How long should they be listed before offering on them? 60 days, 90 days, etc? Are there any good websites with the information that could be recommended? Thanks.
Thanks for the video link, cdspeights.
The MLS is the best place to get the info. If you don’t have access, Realtor.com or ZipRealty.com will give you much of the info that you need.
You can offer on them at any time, I’m just saying that there will be a lot more competition for the ones that just hit the market at great prices. Where I’m at (Tampa), when great deals hit the MLS, there are usually 20-ish offers right off the bat, so I don’t even bother.
I agree with steph! It is real competitive in the REO market right now. Almost everything is getting bid up over list price. You just kind of have to look at the ones that have been sitting around for one reason or another, or deals that come back on the market.
Or just wholesale other deals that someone else got under contract.
I don’t agree with the first poster. You can find good deals with the bank as well as with FSBO.
Are you looking to do solely REO properties? Based on your last question, it sounds like you may be looking for advice on other marketing methods as well?
Although REO’s can be a great way for you to go, it always helps to have more than one strategy running at once. Therefore, I would suggest having multiple campaigns, which are aimed at different types of sellers.
Have you tried sending out postcards to absentee landlords, hanging up signs, advertising in Clist or local classifieds, contacting real estate attorneys, looking up probates? As you can see, there are a ton of options out there. I always have at least 3 main forms of marketing going at once. My favorites are direct mail (absentees), signs, and classifieds. You’ll have to find what works for you.
Contact the ones where the owners don’t even know they are for sale!! Farming and mailing postcards!!
So where are you working currently? It differs state to state. You need leads. Get a local service provider who can solve this problem. Hire a bird dog agent.