Ok, i’m pretty new to real estate investing and I wanted some help. :anon How can I Instantly find the best deals in my local market place? Do I go on a website, who do I ask?? I have a newspaper but the newspaper is filled with ads or FSBO with realtors selling these houses :banghead and this is really frustrating. I mean, how difficult is it to locate a property in my market that isn’t listed by a broker or realtor? I feel bad because they make their living off a commission however they ask a lot more for the propert. How can I find homeowners in distress like everyone talks about?
Finding deals is the hardest part of this businss and there is no magic pill that is gonna instantly bring you the best deals, you have to get out there and locate them. Do some research on marketing to find these distressed sellers and let the world know what you do.
Thanks Brian, however what is the easiest way to find distressed sellers? I’ve tried the driving for dollars, craigslist and bandit signs, do you know of another way. If I find a distressed seller, i’ve read somewhere that it takes at least 100 no’s to get 1 yes. Is there also a way to find distressed sellers through realtors or should i look for foreclosures? Any help is appreciated again.
stick with bandit signs they are effective. Also get business cards made and pass them out to everyone, have flyers made and pass those out to everyone and post them everywhere, you can also send out mail to people(there are efficient ways of doing this that I do not know.) Be persistent. There is no magic bullit so to speak. Market you business as much as you can and deals will come.
Has anyone had any luck utilizing the internet for leads and if so how? I will try bandit signs, do you know where to get them cheap at?
Auction houses are a good way to find homes in foreclosure. However, you should be careful because they are legally allowed to drive up their own prices.
I have done an endless number of deals with Realtor in my market, though I am a Realtor myself I always give them the commission because that’s how you keep them calling.
Have you proven that there are no good listed deals in some way?
Or is it just your philosophy that Realtors don’t have good deals.
The reason I say this is that a vast majority of REO’s get listed with Realtors so you’d be kinfs foolish not to at least loo into it.
First off you should read the marketing, wholesaling, and other discussing forums/articles on this site to get better educated in real estate before you start. If you want to be a wholesaler then the best use of your time is to learn marketing.
For example, I sent out 300 Probate letters on Sunday and the week before I sent out about 1,000 postcards to Absentee Owners. A few days before that I sent postcards to Expired Listings, etc.
You also want to make your marketing automated. I created the specific message to each group but I had a mailing house print and send out. Also, get a website site and learn SEO. It is great waking up in the morning with Seller’s info in my inbox.
REI in PA, do you have any examples of websites that you have that are working for you personally? I know how to put websites up, but how are you marketing them towards “don’t wanters”?
Eric, Yes I have talked to a couple of Real Estate Agents, I even know a Broker personally. I understand that you guys/gals work off commissions, but how would we work with you if we are trying to wholesale a property or work directly with the owner to understand our terms for buying the house at such a discounted price? That has really baffled me.
Mark I’m glad you took some action and tried calling FSBO’s and craigslist ads, believe me most people don’t even do that. Try one more group in all those ads, for rent. These are landlords aka investors. they are either new to the landlord business or just buy and hold. Either way they are motivated quickly if you have a good deal for them. Remember you are trying to gain a new skill and speaking to these sellers will help you gain expertise in RE and be able to negotiate the deals better when you are dealing with the truly motivated seller. Good Luck.
REI in PA -
You mentioned sending out probate and expired listing letters-how and where do you obtain these prospects? Do you have a realtor that works with you in getting the expired listing?
Thanks in advance!
I am already working full time and was thinking about doing bird-dogging on the weekends, just to make a little money on the side.
Any times tips on becoming a bird dog and the amount of work that pertains to doing it? Thanks, T. :deal
Save your money on bandit signs. Honestly go out and buy a list by ZIP code of people that are 60-90 days late on there mortgage. These people are the ones that would be calling your bandit sign anyway. They are still 90-120 days away from a NOD or NED. Seriously do yourself a favor I get 500 leads for $200 bucks.
Here’s the difference, if you are able to buy the leads of those 60 to 90 days, so can the competition. People who are late on their mortgages are very high strung to begin with, A lot of my calls from Bandit Signs have been people who are late on their mortgages, but I believe having the message out for them to act when they are ready rather then bombarding them with postcards and letters from countless other investors help make it easier to for them to reach out for help rather then feel they are being taken advantage or being prayed upon. Just my 2 cents.
The guys here are right. It’s really a numbers game. You can get lists of pre foreclosures etc.
Realtors can put you also on an automatic notice if a property comes up that meets your criteria for example all houses in a certain zip that are listed at $40 per square foot etc.
Your local REI club always has wholesalers that already have these properties under contract and can flip them to you.
NOw if you are interested in doing the flipping, to get started- pick out a bread and butter type area that is 5-10 miles from where you live.
Drive those neighborhoods in a systematic fashion and start mailign to these homeowners.
What’s cool about this technique is that you will end up with deals no one knows about.
But you have to have the discipline to stick with it and follow through on your mailings.
ONly then will it happen for you
The two core pillars of wholesaling are MARKETING and NEGOTIATING. If you can master those two, you will be able to make money wholesaling. ‘’
What state are you in? and what area of the state are you in?
direct mail …all day.
probably the most costly and complicated to setup and manage properly but DEFINATELY the most profitable in the long run.
there are a lot of sellers out there right now but not a lot of equity in properties.
be prepared to roll up your sleeves and process some short sales.