The Best Kept Secret for Finding Off-Market Deals

The Best Kept Secret for Finding Off-Market Deals

2 min read
Brandon Turner

Brandon Turner is an active real estate investor, entrepreneur, writer, and podcaster. He is a nationally recognized leader in the real estate education space and has taught millions of people how to find, finance, and manage real estate investments.

Experience
Brandon began buying rental properties and flipping houses at the age of 21. He started with a single family home, where he rented out the bedrooms, but quickly moved on to a duplex, where he lived in half and rented out the other half.

From there, Brandon began buying both single family and multifamily rental properties, as well as fix and flipping single family homes in Washington state. Later, he expanded to larger apartments and mobile home parks across the country.

Today, Brandon is the managing member at Open Door Capital, where he raises money to purchase and turn around large mobile home parks and apartment complexes. He owns nearly 300 units across four states.

In addition to real estate investing experience, Brandon is also a best-selling author, having published four full-length non-fiction books, two e-books, and two personal development daily success journals. He has sold more than 400,000 books worldwide. His top-selling title, The Book on Rental Property Investing, is consistently ranked in the top 50 of all business books in the world on Amazon.com, having also garnered nearly 700 five-star reviews on the Amazon platform.

In addition to books, Brandon also publishes regular audio and video content that reaches millions each year. His videos on YouTube have been watched cumulatively more than 10,000,000 times, and the podcast he hosts weekly, the BiggerPockets Podcast, is the top-ranked real estate podcast in the world, with more than 75,000,000 downloads over 350 unique episodes. The show also has over 10,000 five-star reviews in iTunes and is consistently in the top 10 of all business podcasts on iTunes.

A life-long adventurer, Brandon (along with Heather and daughter Rosie and son Wilder) spends his time surfing, snorkeling, hiking, and swimming in the ocean near his home in Maui, Hawaii.

Press
Brandon’s writing has been featured on Forbes.com, Entrepreneur.com, FoxNews.com, Money Magazine, and numerous other publications across the web and in print media.

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YouTube
Instagram @beardybrandon
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In the BiggerPockets Podcast #332, I asked two successful wholesalers, how they’re finding deals. Here’s what they had to say.

How to Find Off-Market Real Estate Deals

Investors Adam Johnson and Brent Moreno are masters of finding deals. In fact, they’ve achieved a 56 percent response rate when using one particular method to contact property owners. Here they describe the unique four-step process they utilize to keep their wholesaling pipeline full of deals.

Step 1: Pull lists

The first thing is good deals are created—not found. So, we have a multitude of things that we work on. We pull several lists, everything from divorce to probate to pre-foreclosures, HOA liens, tax delinquents, and water lists (every property that’s had water shut off in the last six months—a clear sign that it’s vacant).

This is how we discover distressed properties. Everything else is coming from the courthouse. If it’s not, we’re using tools like REIPro, PropStream, and ListSource to find absentee or out-of-state owners.

Other than that, we have a courthouse runner that goes down there. We’re in Mississippi. Technology is about 10 years behind; our stuff isn’t available online. So, we physically go to the courthouse to get all that information.

So, that’s the way our funnel works. We pull those lists, we throw it into a skip tracer, and it traces everything and removes all potential litigators and everyone from the DNC (do not call) list. We’re using Lead Sherpa.

Step 2: Text message

Then, it’s a text blast. But it’s not a text blast in the sense of I hit the button, so it’s actually legal. It’s legal because I’m hitting the button every single time; it just merges their information into every message. That’s our first step. We hit everybody with that.

With this, we get about a 56 percent response rate. Prior to that, we thought we were doing good with an 18 percent direct mail response rate.

Related: 27 Ways to Find Real Estate Deals

Step 3: Cold call

Some of those, we get a text or call back, and we start dealing with those right away. The callbacks go to our lead manager. She handles all the text messages, too. Our AMs in other markets are handling all their text messages. But all the calls are coming back to our lead manager, who screens them and books the appointments.

If we don’t hear back from the people we texted, they go into our cold call list. Our cold caller then hits everyone we didn’t hear from (from the text messages).

From there, we take all the people who said “do not call” or “not interested” and take them off.

Step 4: Direct mail

But if we still don’t hear from you, we mail you. The letter basically just has a few bullet points. It says, “Hey, I may be interested in purchasing your property at such and such address. I’m not a Realtor looking to list your home. I’m a local investor wanting to purchase it.”

And then the bullet points say no fees, no commissions, no hassles. We buy as-is. If you’re interested, give us a call.

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What do you think of Adam and Brent’s funnel? 

Leave a comment below!