How do you prefer to find/receive deals?

How do you prefer to find/receive deals?

Cincinnati, OH · Member since 2017 · 66 posts · 28 votes

Hello BP Community,

I would think it doesn't matter how you find/receive deals if it is a deal, assuming it is from a trusted source. If there is an opportunity to move on a deal, especially one that fits your criteria, then it shouldn't matter how you receive it...right? I mean assuming obviously it's legally and ethically found/received. 

I read an article on being careful about bird dogs and their fees. That most of the information a bird dog could find you could do on your own if you just put in the work. But I also saw some youtube videos on how wholesalers like to utilize bird dogs for quick deals and that they provide value. 

Some people only work with agents or maybe trusted members from their local REI/partnerships. I've also read that some investors would rather find and make their own deals off the MLS or auctions sites.

I guess it ultimately depends on where you are in your investment career and what kind of investments you are involved with. For example a syndication. Usually people who want to take a more passive approach and let their money work for them rather focus only on syndication. Somebody usually brings them the deal. This also reminds me of hard money lenders where it is also more of a "hands off" way of investing and having the deals come to you.

Base on your own experience can some of you shed some light on how you prefer to find or receive your deals? 

Secondly and maybe for seasoned investors is there a way you prefer your deals now that has changed since you first started? 

Thanks BP Community.

0Reply
36 views

Most Popular Reply

Realtor · Rootstown, OH · Member since 2018 · 98 posts · 39 votes
7y

You can wholesale in Ohio but you have to be careful. There is a video on you tube that is with the Ohio division of real estate that is very good to watch. https://youtu.be/9fi54S8nwUA

Check it out.

See this reply in the discussion

6 Replies

Jump to latestLatest
  • Contractor · Nashville, TN · Member since 2014 · 1k+ posts · 1k+ votes
    7y

    I'm not quite sure what you are getting at but I hope this answers your question. I don't think anyone cares where the deals come from, so long as the numbers make sense. This hasn't changed for me in the 3 years I've been doing it. 

    I'm curious why you ask? Are you thinking about wholesaling? 

  • Cincinnati, OH · Member since 2017 · 66 posts · 28 votes
    7y

    Thanks for the response @Allan Smith. Initially when I thought about investing I wanted to do it all with a focus on wholesaling. However the more I looked at wholesaling I learned that It has skills sets that I'm not proficient in just yet. Also Ohio has a weird law where it is not legal to wholesale. Too many obstacles to start with so I decided to educate myself more and question what I don't know or understand. 

  • Realtor · Rootstown, OH · Member since 2018 · 98 posts · 39 votes
    7y

    You can wholesale in Ohio but you have to be careful. There is a video on you tube that is with the Ohio division of real estate that is very good to watch. https://youtu.be/9fi54S8nwUA

    Check it out.

  • Cincinnati, OH · Member since 2017 · 66 posts · 28 votes
    7y

    Excellent! Thank you @Rob Mcclellan. This made things a little more confusing actually on how to wholesale in Ohio. From what I gather is seems like a no. I'm glad I have some information on this subject. Thank you! It seems like the three of them are anti investor. It appears in their eyes wholesalers are taking advantage of the seller. Though this could be true in some situations they don't seem to leave the door open for another perspective as wholesaler and seller working together to get the property sold. The emphasis is on ownership and if you don't own the property you cannot wholesale it. Holding the contract seems to be a big no no in Ohio. 

  • Realtor · Rootstown, OH · Member since 2018 · 98 posts · 39 votes
    7y

    So what we have been told in person is that  If you get the property under contract to purchase and then you assign it it is ok as long as if you can not assign it you then complete the purchase. You have to have the intent to complete the purchase. If you are strictly wholesaling then no go. They do not want you getting contract extensions just to try and assign it and then backing out if you cant assign the contract. So you also must have the means to close when you write an offer.

  • Cincinnati, OH · Member since 2017 · 66 posts · 28 votes
    7y

    Oh ok I get it now. So if a wholesaler finds a buyer or not, if that property is under contract somebody is buying it. That could be the person you are selling the property/contract to or yourself if you cant find somebody. That makes more sense. 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.