Good Morning! I've been pouring over blog posts, forums, webinars, reading books, trying to network, watching the MLS - all wonderful things recommended to newbies on BP. The workload at my day job is feast or famine – at times leaving me with hours to fill. What would be the best use of these free office hours? Unfortunately, I can't leave work to go driving for dollars or network. Looking forward to hearing your responses! Thanks

Originally posted by @Erin M. :

Good Morning! I've been pouring over blog posts, forums, webinars, reading books, trying to network, watching the MLS - all wonderful things recommended to newbies on BP. The workload at my day job is feast or famine – at times leaving me with hours to fill. What would be the best use of these free office hours? Unfortunately, I can't leave work to go driving for dollars or network. Looking forward to hearing your responses! Thanks

 Starting out, I learned all I could what my county depts had available to learn online. 

The assessor site should have owner info to find absentees, as well as deed and sales history.  Find an owner that sold on contract?  May have more property.  Look them up and send them a note. Build a list of absentee owners by street. 

Moving and yard sales have been great for me.  I find them on CL or driving around.  I look up the owner of the property. If absentee, they may have a turnover coming. Hit them with a postcard.  

The recording or auditor has a ton of info you can view online. Recorded docs are your friend.  I look up notices of forfeiture or default, contracts for deed, lease options , deeds etc. See how they are written.  See how things are done in your area and language used.

Of course have an audio book or podcast playing in the background.   A few ideas for ya.

Originally posted by @Erin M. :

Good Morning! I've been pouring over blog posts, forums, webinars, reading books, trying to network, watching the MLS - all wonderful things recommended to newbies on BP. The workload at my day job is feast or famine – at times leaving me with hours to fill. What would be the best use of these free office hours? Unfortunately, I can't leave work to go driving for dollars or network. Looking forward to hearing your responses! Thanks

 Well what's your business model? What do you do?

@Erin M. I agree with Steve. Find out info from the county assessors website and maybe email/call some local agents and PMs

As usual,  @Steve Vaughan gives some great advice.  It is best to find off-market properties, why is why he is saying to go directly to the tax records.  I would start by identifying an area/areas you would like to own rentals in or do flips.  I usually can get a good number of leads  doing the following "inside or office work:"

1. Check local tax assessors office to pinpoint owners.

2. Check Secretary of State database for company owner information in cases the property is LLC owned.

3.  Use skip tracing websites to track down owner's phone/emails.

4.  Pull upcoming foreclosure auctions and either try to bid on them (consult with someone who does title searches before you do this) or contact the owners to see if you can work out a deal before they loose it.

5.  Network with other landlords.  I have obtained a large portion of my portfolio by simply "checking in" with landlords/RE investors from time to time.  When it is time to sell, you want to be the 1st person that comes to their minds so that you can avoid competing with bids from other investors.  Also, there is roughly a 6% charge for RE commissions if you buy directly from them.  You may get that or even split it with the seller.

6.  You can check for code violations if it is online and approach those burned out property owners.

I would also recommend keeping these activities to yourself.  A jealous boss or coworker could get you in deep water, unless you are self-employed.

@Steve Vaughan great suggestions that I will add to my list of daily tasks! going to cut into my Costanza nap- but worth it.

@James Wise I work in healthcare and am new to real estate. just trying to learn as much as possible and see how I can get my foot in the door.

Can't say that I have a business model?! I've narrowed down a few areas and am looking for an investment property for a rental. I've been working with a realtor/investor who has set up an MLS search. I've talked investors/PMs on good areas to invest. I'm not sure if I should be spending my time searching the MLS or trying to find off market deals (and the best way to do this?!) I appreciate your response!!

@Caleb Heimsoth I will definitely look into the county assessors office. Thank you! I will definitely continue to network and learn more about my market. Thanks for your feedback!

@David S. I really appreciate your detailed response! I will definitely start using this process. Yes I agree about being careful at work. I have a ridiculous amount of conference calls and typically multitask during them. Along with an hour lunch break (but I can't leave). I just want to have useful things to fill this time instead of reading endless Amazon reviews, which is my fallback : )

Originally posted by @Erin M. :

@James Wise I work in healthcare and am new to real estate. just trying to learn as much as possible and see how I can get my foot in the door.

Can't say that I have a business model?! I've narrowed down a few areas and am looking for an investment property for a rental. I've been working with a realtor/investor who has set up an MLS search. I've talked investors/PMs on good areas to invest. I'm not sure if I should be spending my time searching the MLS or trying to find off market deals (and the best way to do this?!) I appreciate your response!!

 Well the way to find off market deals is to market to sellers. The most effective way to do this is direct mail marketing. My opinion you shouldn't be doing that right now. For direct mail marketing to deliver a return you've got to spend a TON of money. For example I spend well into the 6 figures on direct mail marketing every year, with a total cost of building my business of over 7 figures every year. I get a return on that investment because I have a large business with multiple ways to monetize the leads that come in. You at this moment you don't so it'd be lost money. Plus when they did receive your letters you are an unknown in the marketplace, so motivated sellers are unlikely to deal with you when they can deal with a more familiar presence in the market.

What I would do if I were you is keep looking at the MLS and comparing prices. When you are ready to buy something buy it right off of the MLS with your agent. You'll want to have an agent work a deal with you as you're brand new. You've got to get a contract drawn up, get title insurance, schedule inspections, appraisals, closing, square away financing etc.. Don't try squeeze out a helping hand at this stage. Gotta walk before you can run. From there after you've got a few deals under your belt your business will organically progress into other areas of interest and you can go from there.

@Erin M. I'm sure you're aware of this, but anytime in your car or any environment which is appropriate, listening to any audio book and/or podcast you can.  I use the app "Overdrive" and this year at work (cubicle data entry job) I've listened to about 50 books and tons of podcasts so far.  I realize not everyone can do this but I think the more you can listen to instructional and motivational programs, it will help "push" you in your desired direction and bring people and tools into your life that can help with that.  

I realize this may not be exactly the answer you were looking for but it has certainly helped me.  Cheers!

@Erin M. I think your time is always well spent on BP! The other thing you might find beneficial is spending time on Zillow and study what's for rent. Be sure to pay attention to postings that show up and disapear quickly, vs the ones that sit forever. Intuitivley you may pay more attention to the ones that stay on - meaning they didn't rent (typically condition or price or both). You will find patterns and get a feel for what different grades of finishes rent for. There is quite a difference in rent for a SF with an updated really cool kitchen and something that's been there since the 60s.

@James Wise that's reassuring to hear. I don't really feel comfortable/confident in finding deals off market so will stick with browsing the MLS. Like all new investors on BP, I'm a little gun shy, worried the bottom will drop out of the real estate market in the near future - though I know many say buy now regardless.

@Doug Phillips yes I do have Overdrive but there's such a long wait for books through my library. Do you do Overdrive thru your library or ???

Oooo good idea @Marcus Auerbach . I will start doing that. Hopefully you'll be hearing from us soon when we find something. We have a HELOC secured!

@Erin M. yes, I use the public library of Cincinnati and try to find audio books with less than a couple weeks’ time waitlist