Finding off market deals

[Alex K.]

How do I find off market deals ? I would like to find a property for lower than market rates and buy at a lower price . I would like to try to do direct mail any tips and advice ? I'm thinking of buying a list of nods and divorce and bankruptcy from the county and start sending out yellow legal paper letters . Has anyone of you guys had success with direct mail or other ways to find off market deals ?

[Frank Wong]

Hi Alex,

The best way is to build a list of local realtors and contact them directly and see if they have any off-market stuff hitting soon.  Now before you do this you need to look at your own personal finances.  What do you bring to the table?  Are you paying in cash? Do you have a hard money lender that can close in 12 days or less?  Have you closed any deals?  Are you looking for deals that can't be financed traditionally?  Are you willing to submit a non-contingent offer?

You are in an ultra-competitive market in Los Angeles. The buyers who get off-market deals say Yes to all the questions above. An agent with an off-market deal with lots of meat on it is looking for that type of buyer. If you are FHA forget it. Will never happen don't even waste your time. 20% down traditional finance, maybe a 20% chance.