How to Find Deals

[undergroundking]

Congratulation on finding a motivated seller. How about assigning rent to owns and subject 2 deals?

Just explain the benefits to the seller and how it can stop the bleed to whatever problems they were having. Get it under contract and have the seller give you time to find a T/B. When you find your potential T/B, assign the buyer to the seller for 50/50 of the down payment.

Collect your money and move to the next deal. There are a lot of buyers who have the CASH but unable to get a loan to purchase a home due to impossible to meet guidelines from the bank.

With this method, you can even make money with deals under contract at up to 95% of the value. Very little money and no credit is needed. You just need to know how to do it. Image how many deals you could get making offers in the high 80s or 90s of the value?

Just my two red cents and hope that it gets your creative juices flowing.
Take care.

 

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[hatterasguy]

Now this is how you find a deal:
Venture's New Grail - Forbes.com

Bottom of page 1:
Landry (now number 29 on the Midas List) had deal hunters like Meeks looking for fast-growing, young tech companies. The diggers called those firms' founders and tried to glean bits of data about the firm's industry and finances. These days 30 associates call about 5,000 companies a year. That information along with extensive databases gets poured into a collection that now includes statistics on 350,000 privately held companies.
Companies are categorized as unsuitable targets, interesting but too young, or potential investments. Associates are compensated, in part, based on the number of companies they convince to meet with ta. When a company is denoted as a possible investment, TA sends out two partners to scrutinize the firm's operations. TA visits approximately 1,200 firms per year and invests in 10 to 12.

This is exactly what it takes to find good deals. You need a system, you need to know your market inside and out backwards and forwards, and you need to churn through a healthy volume.

Depending on what you are doing you need to look at a lot of real estate, and not junk you need to look at solid possible's, a lot of them.

 

[White8]

1) Expired listing marketing - sending out about 10 letters a week to expired listings (staying very area specific, so there are only about 10-15 that expire each week)

Where do you find the expired listings?

 

[White8]

It sounds like I need a realtor with full MLS access rather than loopnet and others...

 

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[CVentures1B12]

Definitely need a realtor, if you want access to the MLS. Many investors that I know never EVER use a realtor and don't like to suggest to anyone to use one. I disagree with them, the thing is that you just have to know HOW to use them and which ones to look for. My realtor is a good friend of mine and helps me out in many ways. He has seen my plan and knows that it will be a great benefit to his business to align and help me right now. He knows that I will list my houses with him if I do list them and he keeps bringing me deals. It is all about trust.

 

[hatterasguy]

When I was an agent I never found anything good on the MLS, when a good investment did pop up it was already sold and just put on to pump up someones stats.


All the building lots were overpriced, all the multi family rental properties were over priced. I don't care about SFH's unless they have a building lot attached, or I can live in it.

 

[hatterasguy]

Well what I look for right now is a bit different. I'm looking for building lots in a developed mature area, we just don't have a lot of land left. Deals are still around, and far easyer to find, but there are also a lot of deep pockets still looking for them. I will say that some do find there way onto the MLS, these days, but they don't sell for anywhere near what they are asking. Its the back story that's important, motivated owner etc.

Also some of the lots we find can't be brought to "public" attention until we work some magic on them. I have seen one and my uncle has seen many deals ruined because they owner got impatient, went to an inexperianced agent, and they listed a lot with a problem that could have been fixed before, but now thats its "public" made it un usable. Throwing some of these on the MLS will make them worthless if the proper prep work is not done.

When I start buying apartment buildings I'm sure that will change. OTOH I might just build them myself and skip the seraching part, lol!

 

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[hatterasguy]

I'm learning very quickly land is a very different game than houses, coming from residential sales this is a change.