Finding your first deal

9 Replies

Hey everyone,

I'm really trying to figure out how to land this first deal.  My goal is for a flip and hold property for good cash flow (duh), but am having trouble finding the off-market deals.  What strategies should I focus on to get this ball rolling?  Looking for steps on anything that's worked really well on how they approach off-market properties. 

Thanks everyone!

@Joe Villeneuve Hey Joe - I'm looking in the Philadelphia/S. Jersey area. How I'm looking is kind of what I am asking help for, but for now just looking through MLS. I know it's not ideal so I'm looking for tips on another way to get these off-market properties without going through an expensive listsource type buy. I'm mostly looking for distressed SFR, duplex, triplex, 4-plex multi-families to flip and hold. Thanks!

So, you're looking for a needle in a haystack

...and all you know about the needle is it might be the same color as the haystack...or at least that what you've been told.  There may not even be a needle in the haystack yo're looking in.

So find a different haystack...and get/form an exact description of the needle.

@Joe Villeneuve Hey Joe - I'm not sure I follow your explanation.  Are you saying that based on my criteria and my method of approach that I find a new method?  If so, that's the advice I'm asking for - what works for finding distressed properties off-market that I can rehab and hold for income.  Or, are you saying that my search area is no good?

@DJ Lee What he is saying is it appears you don't have a plan. It's important to figure which property type to go after. You can't list SFR, duplex, tri, etc and expect to find deals on each one.

I would start networking with local REA and see if they specialize in ONE or TWO of the types you're looking for. You could also meet up with local investors doing the same thing. 

Originally posted by @DJ Lee :

@Joe Villeneuve Hey Joe - I'm not sure I follow your explanation.  Are you saying that based on my criteria and my method of approach that I find a new method?  If so, that's the advice I'm asking for - what works for finding distressed properties off-market that I can rehab and hold for income.  Or, are you saying that my search area is no good?

 Possibly both.  You need to define what you are looking for, in order to know if what you're finding works...and/or what works to begin with.

...and, @Jaron nailed it

You need to network with realtors that deal with this type of inventory and then get something through them

hmmm..

I am surprised no one mentioned wholesalers. I mean that IS their job no? To provide flippers with below market deals?

So my humble advice to you is if you are having trouble finding amazing deals...

Ideally, get a website, make love to SEO, spank it, .. don't be nice and gentle.. ask it "Who is your daddy". 

Then you say "that's right!"

But I guess not everyone is a natural  born genius as me so... the next best thing is... find a good wholesaler and check out what they have to offer. It is all about the numbers.

If the numbers work, i and location works... you are in business Bubbles!!

BUT..

Because you asked "what works well?"

There is ONE and one only answer. The BEST absolute BEST hands down NOTHING BETTER way to get off market deals.. cheap with negligible expenses..

Get a # 1 ranking website.

Well  .... you can't really "get" a ranking site... you get a site, get an amaaaaaazing domain name, which is a keyword every one in this niche types in, and work on SEO.

You do it the right way and this happens...

See all the leads in bold? These are unopened. I simple can't handle them all the way they are streaming in. Now do you dare to disagree with the best way to get off market leads is a website?

Didn't think so!

All hail monkey!

Monkey power!