Hi All, I started to pursue my dreams of real estate investing about a year and a half ago. I got my real estate salesperson license in 2013 and then secured a home equity loan to begin fixing and flipping properties in my area. I was off to a great start, finding good deals on the mls(1 hud,1 va and 1 homesearch auction)and fixing them quick(I’m a remodeling contractor by trade) and selling them all within 100 days of owning for a nice profit. I have been looking for my next deal on the mls for the last 3 months and finding nothing! I have picked up 2 investors(family/related) offing me good rates to invest their money in my fix and flip business and have plans of stepping my game up with this new buying power, however I am striking out at finding anything. I want to get into finding non mls deals to flip and possibly get into wholesaling too. I have plenty of money to live on in the meantime and could focus all of my time on digging up non mls deals, I just don’t know where to start. I live in ohio, can I go to the courthouse and find lis pendens to pursue as leads? Are overpriced REO’s subject to lowball offers after so many days on market and is this a winning strategy? Are there any deals at the sheriff sales to be had? I have been reading on this forum for the past year and want to thank everyone for all their very useful info posted here and hoping someone could help point me in the right direction.
Thanks
It’s interesting to me that you got two or three “fast” deals off the MLS, and then things seemed to dry up.
That’s the way it is. That’s also why you need several hooks in the water all the time.
Build relationships with the agents that deal with REOs.
Same with the MLS. You build relationships with the agents that seem to have lots of pocket listings.
Otherwise, direct mail to all the usual suspects, display ads in throw-aways, bandit signs, business cards, web pages with highy-tailored SEO formats, and the list goes on.
Eventually, your name/company resonates with more and more sources for deals, including referrals, bird dogs, neighbors of deals you’re working on, agents, and you’re on your way.
Hook up with a mentor in your area. I know, easier said than done but they are out there. Go to a RE meeting and ask, how many people here have done 600 deals? Two guys will raise their hands. There are your mentors. See if they will work with you. Highly experienced investors have access to lots of cheap deals, trust me
Thanks for the prompt responses javipa and pickettj1970 and the advice.