I bought a duplex with $50.00 spent on marketing! (How to)
29 Replies
Ryan Dossey
Real Estate Broker from Indianapolis, IN
posted 12 months ago
This is one of my absolute favorite ways to find a deal or two with a little bit of time and sweat equity. If you're a flipper, wholetaler, or buy & hold investor looking for a deal or two this is for you.
I purchased this 1,200 Sqft. duplex direct to seller with just a few hours worth of work.
What you'll need: MLS access or Prop Stream, Skip Tracing Software (I like Skip Genie), Microsoft Excel, and Patience.
Step One: Identify your farm area.
I would suggest starting with just a zip code or two unless you're in a REALLY small town.
Step Two: Identify your preferred asset.
I personally prefer using this method for 2-4 unit properties due to the sheer volume of SFR's this would produce to dig through. If you're wanting to use this strategy for SFR's I would suggest that you get crystal clear in your targeting. Ex: Year built, Sqft, Lot Size, Etc.
For the sake of this example, I'm going to run a search of duplexes in a random Indianapolis Zip Code.
How to do this in Prop Stream: https://ryandossey.com/wp-cont...
How to do it in the MLS: https://ryandossey.com/wp-cont...
Step Two Part B: What to do with corporate-owned properties?
Personally, I like to crack the LLC's using Open Corporates or your state's assessor site and reach out to the registered agent. For small LLC's this is typically the owner at their house. It could also be their attorney. We've had good luck with both. :)
Step Three: Start to catalog properties!
Remember, you're looking for expired listings that are still owned by the same person or entity who tried to sell it previously. My favorite part of these is that they've "already tried" to sell it on the MLS and it "didn't work" which obliterates that objection entirely.
Here is a free Google Sheet you can use. This is a read-only version so you'll need to make a copy or download it.
https://docs.google.com/spread...
I would HIGHLY recommend copying/pasting out of either the MLS or Prop Stream so you don't have to manually type everything. :D
Step Three: It's time to skip trace!
I prefer to use Skip Genie but another option would be Spokeo. You're simply going to search for the person by name and city. When you find a match put all of the phone #'s you find into your Excel or Google Sheet doc. Pro Tip: This is a GREAT task for a VA your time is valuable. You can also have Skip Genie batch search all of the addresses (minus the companies)!
Step Four: Pick up the phone!
Real Estate is a people to people business. Get over your fears, treat people like humans, and start to have some conversations. I'll attach a basic script that is how these calls flow for us below.
Script: https://docs.google.com/docume...
The neat thing with this strategy is that you're reaching out to people who wanted to sell but "couldn't". It doesn't get more motivated than people who have TRIED to sell.
We've done really well on the duplex above. We purchased it in late 2017. We were able to successfully Brrrr all of our cash out of it.
2018 we realized a net profit of: $2,982.41
2019 we realized a net profit of: $1,919.85
2019 had lower cashflow due to an extra $900 in maintenance over the previous year.
Not bad at all for a property we spend $50 to find, have $0 of our own cash into, and enjoy a 30% equity cushion on.
Matt Slowik
Rental Property Investor from Suffield, CT
replied 12 months ago
Gold! Pure gold! Thank you so much for the share.
Ryan Dossey
Real Estate Broker from Indianapolis, IN
replied 12 months ago
@Matt Slowik Happy to share! I enjoy documenting the stuff we do that produces results. :)
Ryan Dossey
Real Estate Broker from Indianapolis, IN
replied 12 months ago
This stuff works y'all.

Megan Blythe
Real Estate Agent from Denver Colorado
replied 12 months ago
Thanks for this Ryan! Just what I was looking for :)
Tyler Gibson
Rental Property Investor from Orlando, FL
replied 12 months ago
@Steve Wightman Thought you might like this.
Joe Cassandra
Flipper/Rehabber from Woodstock, GA
replied 12 months ago
Hey Ryan, amazing stuff as always :)
Starting digging through Propstream for this data. Noticed some of the expired listings are really nicely updated places. I'm guessing they didn't sell based on the price being too high. Do you still go after those, or do you only dig into 'lesser nice' listingsto try and see why it wouldn't have sold?
Ryan Dossey
Real Estate Broker from Indianapolis, IN
replied 12 months ago
@Megan Blythe Let me know how it goes! Happy to give pointers if you get stuck along the way.
Ryan Dossey
Real Estate Broker from Indianapolis, IN
replied 12 months ago
@Tyler Gibson Thanks for sharing!
Ryan Dossey
Real Estate Broker from Indianapolis, IN
replied 12 months ago
@Joe Cassandra I just bought one last week. A-Class 3100Sqft Brick Mcmansion built in 14. We got it for $90,000+/- below their last listing price. Deep cleaned and listing it for 60k over what I'm into it for. :)
Don't prejudge. :)
Brian Beers
Rental Property Investor from Philadelphia, PA
replied 12 months ago
@Ryan Dossey I used a similar approach but my VA did all the work. Pulled the list from propsteam, skip trace contact info and made the calls via google voice number. Got my first lead last week and closed 2 off market houses on it. Not bad for a $300 cost.
Joe Cassandra
Flipper/Rehabber from Woodstock, GA
replied 12 months ago
Originally posted by @Ryan Dossey :@Joe Cassandra I just bought one last week. A-Class 3100Sqft Brick Mcmansion built in 14. We got it for $90,000+/- below their last listing price. Deep cleaned and listing it for 60k over what I'm into it for. :)
Don't prejudge. :)
Lol, that's pretty slick. If it was in good shape, do you think they simply overpriced it by $30k, that's why you think it'll sell for $30k less than what they had listed it at?
This is fascinating. I guess I'm not creative enough to see how to spot a deal like that :).
Ryan Dossey
Real Estate Broker from Indianapolis, IN
replied 12 months ago
Originally posted by @Brian Beers :@Ryan Dossey I used a similar approach but my VA did all the work. Pulled the list from propsteam, skip trace contact info and made the calls via google voice number. Got my first lead last week and closed 2 off market houses on it. Not bad for a $300 cost.
This is absolutely 100% work I would hand off to a VA. But for the marketing cheapskates they've got the sweat equity blue print. :)
Ryan Dossey
Real Estate Broker from Indianapolis, IN
replied 12 months ago
Originally posted by @Joe Cassandra :Originally posted by @Ryan Dossey:@Joe Cassandra I just bought one last week. A-Class 3100Sqft Brick Mcmansion built in 14. We got it for $90,000+/- below their last listing price. Deep cleaned and listing it for 60k over what I'm into it for. :)
Don't prejudge. :)Lol, that's pretty slick. If it was in good shape, do you think they simply overpriced it by $30k, that's why you think it'll sell for $30k less than what they had listed it at?
This is fascinating. I guess I'm not creative enough to see how to spot a deal like that :).
They initially listed at almost 400k and the house was full of junk. Comps are 315-340 depending on finishes. They definitely had it overpriced, not cleaned up, bad photos, and no staging plus they listed it in winter lol.
Dennis M.
Rental Property Investor from Erie, pa
replied 12 months ago
nice ! I hand wrote 40 bandit signs at my kitchen table for a buck a piece and flooded the intersections . Out of those I bought 3 houses and owner financed them off . Created about 140k in equity off 40 bucks . Itโs amazing how little it can if your willing to do some leg work and just show up
Ryan Dossey
Real Estate Broker from Indianapolis, IN
replied 12 months ago
@Dennis M. Great job! I'm personally not a fan of signs due to the legality but I'll never knock the hustle! I put them out YEARS ago.
Dennis M.
Rental Property Investor from Erie, pa
replied 12 months ago
Never had one call about them and the nice thing is everyone wins ! when I sell these old beat up rental houses that are ugly neglected and behind in city taxes . The city wins cuz the taxes are now being paid up and code violations addressed ,the community wins cuz the house usually gets renovated and looking good with a owner instead of a renter . and that renter becomes a homeowner now ! breaking the poverty cycle and I can win with the profits . All because of a little sign on a pole Iโd say thatโs worth it for all involved . Houses change lives
Kevin Zolea
Rental Property Investor from Parlin, NJ
replied 12 months ago
@Ryan Dossey Thanks for sharing this! Very informative and helpful!
Michael Ward
Real Estate Agent from Fayetteville, AR
replied 12 months ago
Thanks @Ryan Dossey . This is such a great post for showing work flow and process. Very encouraging. I also couldn't help but chuckle at how much cheaper small MF properties appear to be in Indianapolis compared to my smaller yet more expensive market in Northwest Arkansas. Nevertheless, the same principles apply. Time to pick up the phone ;)
Ronaldo Stewart
from Mount Laurel, NJ
replied 12 months ago
Thanks for this! Been a huge fan since listening to you on the BP podcast.
Karl B.
Rental Property Investor from Columbia, MO
replied 12 months ago
I actually do something similar. It's how I obtained my first multi-family. Great minds think alike....
Ashley Woodard
Rental Property Investor from Houston, TX
replied 12 months ago
@Ryan Dossey thank you
Martin Mas
Property Manager from Miami, FL
replied 12 months ago
@Ryan Dossey thanks for your post!! Excellent tips and very well explained ๐๐
Ryan Dossey
Real Estate Broker from Indianapolis, IN
replied 11 months ago
@Kevin Zolea keep me posted on how it works out for ya! Feel free to hit me up with any questions.
Ryan Dossey
Real Estate Broker from Indianapolis, IN
replied 11 months ago
@Michael Ward It also really depends on the zipcode/area. This is one of the cheapest/hottest wholesale areas in Indianapolis so naturally lower priced.