How Do I Find Deals?
There are many ways to find deals.
One strategy is to look at the MLS listings every Sunday. There are literally thousands of listings to go through. The challenge is that you have to go through one at a time. One by one, and these are listings that are represented by Real Estate Agents. Typically the seller is not someone who is motivated, and you are after all looking for a deal. There are courses that teach making multiple offers to realtors. They say make 100 offers and you should result in 1 deal. You can do this, but the time is what kills you. If you have lot’s of time to kill, this can work, but the time versus result typically does not payout.
Another is to contact For Sale By Owners and try to make offers. Think about this, the FSBO is trying to sell their property because they don’t want to pay commissions to a Realtor. Do you think they are going to sell to you at a discount?
Other guru’s hang their hat on “driving for dollars.” They will tell you to drive around and look for houses that are in disrepair, then try to track down the owner, and then try to make an offer to buy the house. This takes a long time and is a waste of your most valuable resource. It’s one thing if you are driving a neighborhood and trying to get a read on it, and come across a home you want to track down, but this method will not result in enough deals in relation to the time spent.
Get a realtor. This can work…granted you have the right realtor. If you choose to work with a realtor, look for one who is relatively newer, as they are usually looking to build a client base, and are motivated to find deals for you. Ideally a realtor who works with investors is better than one who specializes in owner occupants, as your needs as an investor are different. Don’t confuse age with experience. There are many newer, younger excellent agents, and also older, mediocre agents.
What is the best way? Wouldn’t like a way that you did not have to go banging on doors?
The best way to get leads it to MARKET for them. That means your creative use of media to get people who need help to call you. Imagine having someone basically prequalified to talk to? If they call you, chances are they are looking for what you have to offer, which is a solution to their problem.
The key to good marketing is to create compelling copy and ads that get people to want to call you because they feel like you have a great service to offer them. If you speak to the successful investors, you will find that they are always marketing and networking.
Remember, successful investors never stop marketing. They are finding ways to get the word out, and they never stop. Market, Market, Market!
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