Best Way to Locate Properties 16 posts by 13 users

Posted: 08/18/2008 at 05:59AM

I would suggest getting out of the house and meeting people!!! That's where the best deals are found. Join your local REIA and make friends with the SUCCESSFUL investors in your area. A lot of deals are passed between these successful investors. Also, pick a target area and go look at 100 or more houses for sale (inside and out) in that area. Talk to people while you are doing this and hand out your business cards. Most importantly, tell everyone you know that you buy houses.

Good Luck,

Mike

Posted: 08/23/2008 at 12:04PM

Alex,
You can get a list of homeowners in foreclosure by purchasing it from foreclosure provider in your area.

The best ways to find motivated sellers is by using specific lists. If you want junkers you send postcards into a specific carrier route in a specific zip code of lower end properties.

If you want Subject to deals get a list of expired listings from a realtor in your reia group. This is where I purchase 75% of my subject to deals.

If you have a limited budget than by all means driving your area like mike suggested take down the address and mail a postcard or letter to the owner. If you really tapped for money you can knock on the door if you so choose to.

I have students who put out 25-50 signs a week and they receive 25-30 leads a month.

Your best prospects to target are Pre-foreclosure, Expired Listings, Probate, Bankruptcy, Landlords just to mention a few.

It all comes down to your goals and how many properties you're looking to buy.
Like in any business big or small if no one knows what you do you'll never make any money.

Whatever you dicide to do to market yourself and your business make sure you don't market yourself to look like everyone else. If you want a GREAT book on Marketing let me know.

Posted: 08/23/2008 at 12:49PM

Alex,
Yes, Bandit signs. I've tested both ways and the professional ones out pull the ugly handwriten ones 2-1. If you email me I'll give you my sign guy. He only charges $1.50 a sign plus stakes. If you can get them cheaper great.

I understand that there is only so much room on a 18x24 inch sign but make it your own.

Example.. I have a student who put Erica Buys Houses with a number and website and she gets comments from people about seeing her signs every where. She had one seller looking for them because he saw them months back before he was ready to sell but he remembered "Erica."

When investors put "WE BUYHOUSES on their signs they're all lumped together and it's easy to become the big fish in a small pond quickly if you just take the time to market your business completely different than everyone else.

By the way a ladies name is less threatening than a mans. We've tested that as well.

Just a quick not: When you sell on a lease to own a handwritten sign seems to work better than a professional one.

Posted: 08/23/2008 at 06:40PM

I use CRS to search for out of town property owners. I also write down addresses of neglected properties. And google FSBO sites. A phone call is fast,cheap and you never know!

Posted: 08/24/2008 at 08:52AM

What is CRS?

Posted: 09/03/2008 at 06:24AM

I agree about direct mail. I have never actually gotten a deal by meeting people at my local REIA, although I have taken in tons of knowledge. I think direct mail is the way to go. I appreciate the advice someone above gave on the timing of mailings -- said he had gotten better response if they were two weeks apart rather than four to six weeks apart -- great stuff.

Posted: 10/01/2008 at 04:06AM

You must have a much more "altruistic" group of successful REIs at your club meetings than I do. All the really sucessful REIs I know got that way by keeping the best deals for themselves and selling the dogs to newbie REIs for an assigment fee. Sounds like you're lucky enough to rub shoulders with a lot of "Mother Theresas" wearing polo shirts!!

No, we are not altruistic. However, the successful investors are friends. I'm not talking about finding a great deal that I want to do and giving it to another investor. However, I only want to buy so many deals; I can only do so many deals at once; and I only do deals in my target area. I often am called by desperate sellers that have a property that I'm just not interested in, for one of the above reasons. I have sold these to my friends for a small assignment fee and I have given my friends the lead (for free) and just let them do the deal. They have done the same for me.

The successful investors at my REIA do not consider themselves in competition with one another. Except at the occassional auction, I have never even bid against another successful investor at the REIA. In fact, when two of us end up at the same auction, if one of us really wants the deal, the other usually won't bid. Why bid your friend up? That's crazy!

There are plenty of deals out there and I am not in competition with the other investors.

Mike