MLS isn't giving good options for cash-flow properties - need to try something new.

3 Replies

Hi BP,
As the title of this thread indicates, I'm not finding good deals on the MLS right now (in my desired area, anyways). So, before I consider changing my area or my strategy,
I wanted to see if anyone has ever had luck with one of Ken McElroy's technique of seeing a property that isn't for sale, then tracking down the owner, and offering to buy it?

-Drew B

I'm assuming you mean finding a house that's vacant, or looks "crappy".  Then finding the owner and seeing if they are interested in selling.  Can definitely work.  Have you thought about just marketing (like direct mail) to distressed sellers?  There are various list vendors that sell all sorts of lists and mass mailings can find a lot of "off-market" properties.

Good luck!

@Daniel Francis  and other experienced dealfinders -- I have a similar question, only I have my eye on a property I want for myself (not for a rental or a deal).  Any tips on approaching an owner, especially on things to say?  I know who the owner is (absentee, the property is vacant and falling to pieces through neglect) and have some background information, and have sent a letter with of course no response.  No phone number (yet) and I hear that the owner herself is decidedly odd AND now that she's ill.  Do I back off?  Try to track down other family members (possible heirs?) and inquire of them?  I've just lost another lot I wanted because I wasn't aggressive enough :-(

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here