I am a novice real estate investor trying to get started. I have been working with a partner that has taught me about the Tax Foreclosure Auction niche, and buying property from counties.
With his guidance I have been able to find several properties that can be purchased for 1/3 to 1/2 of the market value. Unfortunately, due to lack of financing, I have already missed out on a couple of extraordinary deals.
How do I find a lender or partner who would be willing to work with me on these deals? I know that I can make us both some money with my knowledge and leg work in this area. Like my headline says, I just need a hand up.
Any assistance and/or insight would be appreciated. :help
As a real estate investor just getting your feet wet you’re beginning to discover that there’s more to success than positive thinking and a little real estate learning. You also need to have an effective marketing plan. You may not have a marketing background and your real estate mentor may have overlooked teaching you how to build a buyer’s list. Here’s a simple process you can follow to fill your Rolodex with buyers hungry for your deals:
Run an ad on Craig’s List and in your local newspaper – Real estate investors are always looking for a great deal.
Become active in your local REIA and introduce yourself to other investors. If you’ve got a good deal someone is bound to bite. Don’t be a wallflower. You have to be vocal and get the word out. If nobody knows you have a deal you can’t fund it.
Direct mail is another option for you – Spend a little money and buy a list of absentee property owners that have purchased property recently. If they’re absentee there’s a pretty good chance they’re real estate investors. Put together a letter or postcard explaining the sorts of deals you have. Write an effective letter and follow up with a phone call. This can quickly build a bigger list than you have deals.
These are just a few of the ways you can get the word out that you have a deal. Don’t be afraid to open your mouth. Let everyone you come in contact know you’re an investor. Taking the time to learn real estate investing and taking an active role in building a large buyers list will pay huge dividends. Work hard and work smart; you’ll get where you’re going.