WHATS THE BEST WAY TO FIND OFF MARKET DEALS

7 Replies

I search the MLS for deals, read newspaper listings, Search FSBO Web sites can BP members give me some insight!!!

Originally posted by @Willie Banks :

I search the MLS for deals, read newspaper listings, Search FSBO Web sites can BP members give me some insight!!!

 None of those are "off market" deals...

Off market means that the deals aren't publicly listed.  Most of the time, finding off market deals means finding people who don't know that they want to sell, but then convincing them to do so.  For example, sending letters to people in pre-foreclosure and offering to buy their house before the foreclosure sale.  Or calling old landlords to see if they are sick of managing their properties and want to sell.

There are lots of ways to find off market deals, but they all involve tracking down potential sellers and convincing them to sell to you -- no competition from other investors.

@J Scott hit the nail on the head, anything that is "listed" for sale is not off market.

Finding owners of abandoned properties, disgruntled landlords, estate properties are all good ways to find off market properties. Another method is yellow letters sent in bulk to targeted lists.

@Willie Banks  

About 25% of our properties come out of the MLS, the other 75% are off market. We look at vacant properties, abandoned properties, leper properties, title issue properties, estate properties, divorce properties, etc.

We give out business cards every where and tell everybody that we buy property.  We get property from neighbors to existing property, referrals, and people calling out of the blue.  we used to do letter solicitations, but haven't done that lately.  We got several whole subdivisions from letters.

Originally posted by @David Krulac :

@Willie Banks  

About 25% of our properties come out of the MLS, the other 75% are off market. We look at vacant properties, abandoned properties, leper properties, title issue properties, estate properties, divorce properties, etc.

We give out business cards every where and tell everybody that we buy property.  We get property from neighbors to existing property, referrals, and people calling out of the blue.  we used to do letter solicitations, but haven't done that lately.  We got several whole subdivisions from letters.

"Leper" properties? That's a new term to me. Maybe I'll have to add that to my list of property type. 

I added "cat litter" houses a while back however I think most people can figure out that one   without much trouble.

Here's another one, David: "Spam in a can". 

The underlying point of all this is not the catchy insider terms but that the properties and/or their owners are experiencing significant problems but have not advertised their desire to sell publicly, whether listed on MLS, an owner's ad on Craigslist or a FSBO sign in the front yard.

@Rick H.  

A leper property is one with some serious affliction.  Could be mold, structural, non-professional construction, asbestos, odd layout that turns off buyers, hoarder house, junk yard in the yard.  One place the alcoholic owner hadn't cut the grass in 5 years.  When our mowing guys got there they kept running into hidden obstacles of beer cans and beer and whiskey bottles discarded in the high grass.

We'll look at land locked properties, flood zone properties, title issues, etc.

Not familiar with spam in a can, except the pork shoulder product sold at the grocery? 

I Once got an appraisal with a $750 value hit for cost of removing a pile of vodka bottles. It really was a big pile. Thank you, alkies. You continue to provide profitable opportunities.

@David Krulac  Spam in a can (hope you aren't eating lunch) is when someone dies in a mobile or manufactured home and remains undiscovered for a period of time.

You WERE warned!

@Rick H.  OHHHHHHH that is bad! I thought I have been in this profession for so long that I have heard everything - but not that one. Glad I wasn't eating and thanks to you, I will never look at spam in the same light. LOL

I appraised a home one time that had so much dog and cat hair on the carpet that they would have had to rake the floor before sweeping. I'm talking like 2" of the stuff. Could you imagine walking around barefoot. Yuck!

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