Hi guys! I'm a fairly newer RE investor. I've been listening to the podcasts and reading some books. I'm interested in being a buy and hold landlord so that I can hold my full time job. The podcasts talk about wholesalers finding deals but not a whole lot about finding deals as a buy and hold investor. They also don't really talk about how to go about finding the deals. Do I need access to the MLS? Should I be one of the people buying from wholesalers? Thank you!
I personally believe that as a buy and hold guy, you should steal all the tips you can get from wholesalers to find deals. Do your own lead work. (If you have time)
Here are some ideas for generating leads...
1. Driving for $. Look for ugly houses and call owners and ask if they want to sell.
2. Direct mail. Send some letters to folks in your community
3. Find a motivated realitor to call you as soon as "your kind of deal" hits the market.
4. Scour the MLS looking for newest and oldest deals.
5. Tell people you want to buy a rental property. You'd be surprised how friends, family, and strangers know people with deals.
6. Connect with a seasond investor in your area.
I'm are there are 10 more ways to find deals. The more of these you do the better deals you have accsess to.
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I completely agree with @Joshua D. , great list. #5 on his list has really been a great tip for me lately. I have only recently gotten the word out that I am investing in real estate to my friends and family (not many of them actually but a few). And, I have recently been contacted by 2 of those people asking if I was interested in buying their houses since they are moving. One of this will make a fantastic rental property and we can cut out the RE commissions to get me a better deal on it.
Don't discount the HUD websites and other auction websites but certainly make sure you do your homework on those properties, good title search and due diligence. Good luck.
Check out Fannie and Freddie's HomePath and HomeSteps (respectively) programs. They don't always have a lot of inventory that would make a good deal but they have great incentives. If you can find the right deal on one you can, as an investor, purchase with only 10% down and pay no PMI.
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