How to find good deals?

Question

Hi, BP members.

I have very simple but very important question. Where and how do you usually find motivated sellers and properties to invest in?

Is it direct mail? Zillow+PVA? Realtors? Or something else?

Thank you!

Brian Van Pelt · Answer

@Andrey MelvilStart with a realtor, the MLS is a great source at the moment.

Russell Johnson · Answer

@Eric P.

Can I get an example of how you sent your letters? Please, thanks for your time.

Andrew Melvil · Answer

Thank you, man

Alina Trigub · Answer

@Andrey Melvil

You haven't mentioned what type of properties you're looking for. But I will have to assume it is MFH. Keep in mind, finding off market properties, especially MFH requires a lot of patience and dedication. The fact that you found one is a good start. I would not get discouraged. Rather, add more ways to search for properties and stick to the course. Potentially bring in partners and use different ways to search to expedite the process.

Here's an article that will hopefully help you further: https://www.biggerpockets.com/blog/how-to-find-off-market-multifamily-deals

Perri Weber · Answer

I am in the Mobile Home Park world, looking for "good deals" for clients. How I find off market deals is search for the property owners name and addresses then reach out to them directly. I have only made two personal offers on home deals that I have found on facebook and of personal knowledge in our neighborhood (lady passed away).

If I were to search for deals I would narrow in on a specific area and get really familiar with that market. From there search zillow, MLS, FB and craigslist every day. When a house pops up that seems undervalue run your numbers on it (BP has some great free tools), then jump on it!

Another option is to drive around your neighborhood and look for houses that are in your parameters. For example, I am always keeping my eye out for houses that are a diamond in the rough that I could potentially house hack. If one stands out to me I would drop a letter in their mail box, see if they are open to talking about a price.

Hope this helps!

Carmichael Lewis · Answer

@Andrey- networking, let people know what you do as far as investing, find a realtor to build a relationship with, asset managers at banks, drive for dollars. Just make sure you have your funding in order before looking for the deal. Best of luck!

Joe Villeneuve · Answer

Does that mean you're not going to use Direct Mail anymore?

When you find motivated sellers, how much competition do you have?

Andrew Melvil · Answer

@Brian Van Pelt

Thank you! I will definitely do this

Andrew Melvil · Answer

@Eric P.

Thank you

Andrew Melvil · Answer

@Joe Villeneuve

The reason is that I use only direct mail and for the last 6 months I was able to find only 1 deal.

When I do direct mail I get not as many leads as I would like

Because they may be willing to accept a lower offer (I’m not talking about low-ball) than a regular seller.

How to find good deals?

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