Clever Ways to Find Real Estate Deals in Highly Competitive Markets

Clever Ways to Find Real Estate Deals in Highly Competitive Markets

2 min read
Sterling White

Sterling White is a multifamily investor, specializing in value-add apartments in Indianapolis and other Midwestern markets. With just under a decade of experience in the real estate industry, Sterling was involved with the management of over $10MM in capital, which is deployed across a $18.9MM real estate portfolio made up of multifamily apartments. Through the company he founded, Sonder Investment Group, he owns just under 400 units.

Experience
Sterling is a seasoned real estate investor, philanthropist, speaker, host, mentor, and former world record attemptee, who was born and raised in Indianapolis. He is the author of the renowned book From Zero to 400 Units and the host of a phenomenal podcast, which hit the No. 1 spot on The Real Estate Experience Podcast‘s list of best shows in the investing category.

Living and breathing real estate since 2009, Sterling currently owns multiple businesses related to real estate, including Sterling White Enterprises, Sonder Investment Group, and other investment partnerships. Throughout the span of a decade, he has contributed to helping others become successful in the real estate industry. In addition, he has been directly involved with both buying and selling over 100 single family homes.

Sterling’s primary specialities include sales, marketing, crowdfunding, buy and hold investing, investment properties, and many more.

He was featured on the BiggerPockets Podcast episode #308 and has been contributing content to BiggerPockets since 2014, with over 200 posts on topics ranging from single family investing and apartment investing to mindset and scaling a business online. He has been featured on multiple other podcasts, too.

When he isn’t immersed in the real world, Sterling likes reading motivational books, including Maverick Mindset by Doug Hall, As a Man Thinketh by James Allen, and Sell or Be Sold by Grant Cardone.

As a thrill-seeker with an evident fear of heights, he somehow managed to jump off of a 65-foot cliff into deep water without flinching. (Okay, maybe a little bit…) Sterling is also an avid kale-eating traveller, but nothing is more important to him than family. His unusual habit is bird-watching, which he discovered he truly enjoyed during an Ornithology class from his college days.

Education
Sterling attended the University of Indianapolis.

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In this post, I want to provide insight on how I’m still finding deals in a fire hot market.

Deal-Finding Case Study

Here’s a case study of an actual purchase my company and I made. It’s an 80-unit apartment that was bought in February 2018. We found it through a simple cold call, as easy as it sounds.

What it took was multiple follow-ups. The owner was originally not interested whatsoever, but we were able to convert them into being interested. The key was staying top-of-mind.

Deal by the Numbers

Here are a few more details about this specific property. We bought this building for $3.35 million—a price that’s a steal in the current market. An additional $200,000 was raised from investors to take care of improvements. In exchange, they got equity in the deal.

Related: 27 Ways to Find Real Estate Deals

Deal-Finding Methods

Let’s go ahead and get into the actual tactics of how to find these deals. When going direct-to-owner, which is by far my favorite, everything is public information. This means that you find a property like 123 Main Street, and then you can see who the actual owner is.

Some owners who are a little bit less sophisticated may have the property in their personal name; others may have it in an LLC. But once you get that owner name from a simple Google search, you can find out all of their contact information. One source you can use is TruePeopleSearch.com or even BeenVerified.com (but this one is paid).

If the property’s in an LLC, there are other directories that you have to go through, but lots can be done through a simple Google search. Love that phenomenal source.

Another route I love to go is the off-market route, because in today’s climate, everyone’s getting multiple calls and offers, taking the highest and best. Going direct allows you to sidestep that.

But the key thing through all of this, just from my personal experience, is the follow-up. This is what I’m sharing with everyone. This is what will separate you from everyone. It normally takes between six to 12 touches just to get in contact with a decision-maker of a specific property, so you have to be creative. Use text, use direct mail, use cold calls.

And then the last but not least is building a team. You’re only one person. If you have a team, you’re able to delegate certain things—such as researching, such as doing the calls. Some of you don’t like making those calls! I know some of you out there are squeamish about making a cold call to a complete stranger. But if you’re not able to do it yourself, just simply find someone.

There are sources out there like Fiverr.com and Upwork.com. So just delegate and get people underneath you so that you can focus on the more high-value activities of building your business.

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How do you feel about cold calling? What other deal-finding methods are you using today? 

Share in a comment below!

We all know the real estate market is currently red hot. But you can still find great deals! You might just need to get out of your comfort zone, try some less-used tactics, or consider hiring help.