How to find off-market deals?

Question

It seems as if once a property hits the third-party websites (Zillow, Trulia, Redfin, Realtor), it's a treasure hunt to find deals that are worthy. Are there any other strategies to finding deals on properties that aren't directly available to the public, or that have a better chance of finding deals? How do I get ahead of the competition in finding deals?

God Bless!

Benjamin Seibert · Answer

@Joshua McMillen some other methods to find properties are as follows:

1) Marketing - direct mail marketing, marketing over social media, flyers, posters, etc...

2) Networking - get connections with wholesalers or other investors in your area. They could potentially bring you a deal.

3) Real Estate Agent with a Network - having a real estate agent with connections in the investing realm could bring you off market deals. Also the agent could bring you deals before they take them to the market, if they know you will close on it.

There are probably some other strategies I'm forgetting but these are the first ones that pop into my head. Hope this helps!

Craig Bellot · Answer

Close a few deals with the same realtor, and they will begin to send you deals first before they list them.

Jessica G. · Answer

I've been doing the above mentioned ideas for a few months with no luck. I recently got my first property under contract by going through the for sale by owners on Craigslist and just randomly texting/calling people to see if their house was still for sale! A guy who originally told me his was under contract texted me a few weeks later to say it had fallen through, and now I'm buying it. I talked to an older gentleman this morning who is in the process of liquidating his portfolio! Going to look at one of his houses this weekend!

The experience I've had with realtors so far is that it's such a seller's market where I live that they have zero incentive not to try to sell listings for top-dollar. So I'm just doing it my way, and I was even able to take $10k more off the purchase price with my current deal because he doesn't have to pay any commissions.

Keep doing a variety of things and you'll find something!

Dennis Rodriguez · Answer

@Joshua McMillen if the Owasso, OK market is as hot as the Houston market is, it will be very difficult (not impossible) for you to find deals in the MLS or third-party websites like Zillow, Trulia. Your best bet would be to direct mail for motivated sellers or network with local investors and wholesalers that can have off-market deals available. I like @Benjamin Seibert suggestions. So join your local REIA to network with others and build a list of motivated sellers and start marketing in your areas of interest. You can start with a small mailing campaign and build from there.

Good luck and happy investing!

Cody L. · Answer

Commercial?  Look on loopnet for deals that sort of fit your criteria.  Contact the brokers.  Get to know them.  Work on your buyer bio.  Bid on a few deals that you could close on. Make yourself known as a REAL buyer.  They'll send you their pocket deals before listing.  Just note in the beginning you might get their 'second send'.  Meaning they'll send to their proven buyers first.  If they pass it'll go to their larger email blast.  If they all pass, it goes to loopnet (where people list stuff that owners WOULD sell vs. WANT to sell)

Single family off market?  No idea.  Other than be one of the 10000 post card senders.

Philip Kuhl · Answer

@Jessica G. are you still having success with your strategy that you listed above?

Josiah Kay · Answer

@Joshua McMillen There are some good BP Podcasts about fining off market real estate deals. One that comes to mind is: https://www.biggerpockets.com/renewsblog/2015/09/2...

Personally, I am interested in SFR. For those, I have been looking at FSBO on Craigslist, non-PM rentals listed on Craiglists, local Buy-Sell-Rent Facebook groups, driving for dollars (a/k/a driving around the area you are interested in and looking for houses in some sort of disarray), and good ol' fashioned MLS (both through automatic emails from my realtor and Redfin).

Otherwise, try and get creative and make something a deal. For example, I am interested in 3/1 SFR. However, I also look for 2/1's with extra square footage that could be used to turn it into a 3/1. This way, I can pay the price of a 2/1, put some money into rehab, and now enjoy the benefit of a 3/1.

Pratik P. · Answer

Marketing marketing marketing.....if you don't want to get into that, find some good wholesalers in your area that find real deals. Most realtors won't have any deals for you because they aren't marketing for deals themselves.

How to find off-market deals?

Most Popular Reply