Help I feel like I am stuck!

22 Replies

I am a new investor, well I want to be an investor and I would like to do fix and flips. I need help finding deals in the FL treasure coast area. I have funding that's not the problem I just cant seem to find anything in the area. I have MLS access and I look at REO's and auctions regularly but I have to admit i am stuck. I feel like I need a realtor in the area but can't seem to find one willing to work with me, I usually get the I can't to busy excuse. Are there any real estate investors in my area that would be willing to mentor me or help with my problem. I know its kind of vague but I feel completely stuck!

Port St Lucie , Stewart,  Jupiter, Vero Beach, Fort Peirce, Jensen Beach

@Matthew Michels go drive for dollars. You'd be surprised how effective this is! Very first driving for dollars adventure, and my partner and I came out with a duplex portfolio we split.

@Matthew Michels

The challenge is not to find deals, because true deals are made, not found. The MLS is saturated with people looking to FIND a deal......

So, do the opposite of everyone else. You need to market directly to the homeowner. Get your phone to ring or get face to face across the kitchen table. Find out what they need and solve their problem. If you do that, you will MAKE deals in any market. A good friend of mine knocks on doors in neighborhoods he wants to buy in. 8 out of 10 homeowners invite him in. This is the first step to making an offer. 

You just need to stay consistent.

Happy Investing

Derek Dombeck

@Allan Rosso I have read about people driving for dollars before but I feel like without the right resources you just end up going on a little tour of the area.

@Derek Dombeck

I am a big guy and walking up to knock on peoples door might be a bit intimidating. How would that conversation go with a person that lets you into their house? Could you give me the info of your friend so that I could ask them about how the conversation goes?

@Matthew Michels your problem is a common one right now assuming you’re in a sellers market like most of the country.

What you need to do is something along the lines Of direct mail. Mail letters directly to the home owners.

Asking for someone to directly invest time into you to mentor you is likely not going to work well unless you provide some sort of value to them. Go to local meet ups and find what the common problems are for local flippers. Then help them with this problem. You’ll learn a ton.

What @ finding bird dogs and wholesaler to work with? If you don't have time or don't want to spend energy driving for dollars, it's better to work with wholesalers. Also, attend local REI meetups so you can find partners who may be willing to do the leg work.

@Matthew Michels I can imagine there might be a lot of competition for some of these houses that need to be flipped. Have you thought about direct mail? Have you thought about working with wholesalers in your area? Have you thought about using a different approach to network and meet the people that might bring you deals? Do you have an online presence? Are you on any mailing lists? As a beginner, you should try and widen your nest as much as possible, as you don't know where the opportunities will come from. Yes, it takes time and resources ... but folks will tell you that the first deal is the most important. Do what it takes to get that first deal under your belt.

@Matthew Michels 1. go to as many Meetups as possible. search your area on meetup.com for REI meetings and link with agents and wholesalers 2. go to BP meetups 3. go on linkedin and search for wholesalers and agents in your area.

Keep networking and your deal flow will increase.

Best,

sjw

@Matthew Michels

Size does not matter! Lol. Sorry, I could not resist.

Seriously, the main points are simple. If there's a for sale sign in the yard, they are soliciting for you to approach them. By the way, it's ok if it's a realtor sign. Go up to the door, knock, and BACK UP 20 FEET. People feel much more comfortable if they can look out and you are not right up its not their face. When they open the door, say, My name is Matthew. I see you are selling your house. I love your neighborhood and I'm looking for a house here. Can you tell me about yours? Almost every time, they will start to tell you about it and after a little bit they will ask if you would like to see it. At that point, they invite you in and you have a conversation about what their needs are. It's important to listen to them much more than talking about yourself. 

If there's not a for sale sign in the yard, you do the same thing, except when they open the door, you say, HI my name is Matthew. I know this is going to sound crazy, but I love your neighborhood and I'm looking for a house here. Do you know anyone who might want to sell theirs? 

They will either say no, or they will start pointing up and down the street like a traffic cop telling you about everything that happens in the neighborhood. Or they may invite you in to talk about their house. This is a great way to approach people who may be tax delinquent or behind on payments without them knowing that you targeted them. If they aren't interested in selling, knock on the next door down or where the mentioned a neighbor may be thinking about selling.

Repeat, Repeat, Repeat.

Tip..... if someone has a sign in the yard for a car,or boat, or yard sale, etc., start a conversation about that sign first.

Hope that helps.

Derek Dombeck

Originally posted by @Derek Dombeck :

@Matthew Michels

Size does not matter! Lol. Sorry, I could not resist.

Seriously, the main points are simple. If there's a for sale sign in the yard, they are soliciting for you to approach them. By the way, it's ok if it's a realtor sign. Go up to the door, knock, and BACK UP 20 FEET. People feel much more comfortable if they can look out and you are not right up its not their face. When they open the door, say, My name is Matthew. I see you are selling your house. I love your neighborhood and I'm looking for a house here. Can you tell me about yours? Almost every time, they will start to tell you about it and after a little bit they will ask if you would like to see it. At that point, they invite you in and you have a conversation about what their needs are. It's important to listen to them much more than talking about yourself. 

If there's not a for sale sign in the yard, you do the same thing, except when they open the door, you say, HI my name is Matthew. I know this is going to sound crazy, but I love your neighborhood and I'm looking for a house here. Do you know anyone who might want to sell theirs? 

They will either say no, or they will start pointing up and down the street like a traffic cop telling you about everything that happens in the neighborhood. Or they may invite you in to talk about their house. This is a great way to approach people who may be tax delinquent or behind on payments without them knowing that you targeted them. If they aren't interested in selling, knock on the next door down or where the mentioned a neighbor may be thinking about selling.

Repeat, Repeat, Repeat.

Tip..... if someone has a sign in the yard for a car,or boat, or yard sale, etc., start a conversation about that sign first.

Hope that helps.

Derek Dombeck

Whaou, that's what I call valuable advice

@Caleb Heimsoth

Seems like every local meet up is just some stupid sales pitch and most if not all attendees are just blind cattle that pay money to every guru who promises them riches! This is south FL, and I feel like the general rule is that if someone isn't trying to scam you right now they will later (sad but true).  

@Alpesh Parmar @Henri Meli @Shawn Ward

Whole sellers in my area are in short supply and the ones that say are local are selling properties on the other side of the state if not out of state. 

I stated in an earlier post that most if not all REI I have attended have been just a disguised sales pitch for some program. I do admit i have not gone to any around my new home but I went to 4 in Dade and Broward county that were a complete waste of time. I know that this is a long term game and not a get rich quick but a lot of people I have met so far are just selling, get rich quick and out.

Matthew, 

I feel  your frustration and remember being in  your shoes.  Most realtors don't want to spend time with new investors.

First deals are mostly about the learning experience and getting things rolling.  Until you get a system down, expect to look at 500 houses online, drive by 150, walk the perimeter of 50, look inside 25, offer 20 and get 1.  This time isn't wasted.  You'll meet some pros during this adventure, grow your network and hopefully find that great realtor partner.   Most important thing is to have your $ lined up before you involve others and buy it right. 

Good Luck! 

@Matthew Michels sorry to hear....as you say...long game is the key. Keep pushing...you'll get some traction soon. 

Try going to a few REI meetings in the area. Talk it up with people, find some wholesalers, and get on some mailing lists. Most wholesale "deals" are not deals at all, but you may run across a few here and there.
Originally posted by @Jason DiClemente :
Try going to a few REI meetings in the area. Talk it up with people, find some wholesalers, and get on some mailing lists. Most wholesale "deals" are not deals at all, but you may run across a few here and there.

 I agree with this. Definitely get in touch with some (good) wholesalers)

@Matthew Michels In order to find motivated sellers, you'll have to try out a few different methods to see what works. Do things that match with your personality. When I was wholesaling, I tried REOs but soon found it didn't match my personality. I was a people person and didn't like being in the office all the time. So I hit the streets and started meeting and talking to people. Then the leads came in and I was off doing deals. If you can try a few methods that work with the type of person you are, one of them will eventually start reeling in opportunities. The hard part is finding the route that works for you. Hope that helps. If you're interested in reading more about how to find your niche finding leads and marketing for deals, I cover this specific topic in one of my books. Good luck! 

@Rachel H. I would love to know what your book is, I am constantly reading books and that maybe my problem. I have read about 16 now that are real estate investing books or business books that I may have started to over analyze what I am trying to do. I put my plan down on paper but when it comes to execute this plan I seem to hit mountain after mountain. Did you have similar problems starting out?

Originally posted by @Matthew Michels :

@Rachel H. I would love to know what your book is, I am constantly reading books and that maybe my problem. I have read about 16 now that are real estate investing books or business books that I may have started to over analyze what I am trying to do. I put my plan down on paper but when it comes to execute this plan I seem to hit mountain after mountain. Did you have similar problems starting out?

 Sure thing @Matthew Michels. Unfortunately, a lot of real estate investing books tell you what to do based on what has worked for that person. Not everyone is the same. I hit my head against the wall a lot of times pursuing techniques people told me to do. Didn't work. Had to find my own methods that worked and some of them were not even mentioned in some of the books! Feel free to PM me if you'd like to learn more about my book. Hope that helps!! 

I have read @Rachel H. 's book!  At least part of it (didn't make it through the whole thing, then had to return it a friend).  Rachel, you are MobileHomeGurl, correct?!  

I can attest that Rachel's content is real good stuff.  Tangible information you can use.  Highly recommend for MH education.  

With her teachings, coupled by other education I've received on the subject, I've been able to invest in several MHs, and finally about 18 months ago a small MHP!   Thanks!

@Dave Rav Thanks so much for the kind words, nice to see you on here! Yes, I am. I'm really happy my teachings have helped you on your mobile home investing journey. Congrats on the MHP! :) 

I am a real estate investor. Would give all investors a little note. Go get your RE License. Since I have my one I control it all.

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