Rental Property Investor · Los Angeles, CA · Member since 2021 · 4 posts · 1 vote
Hi all, I am looking for a primary single family in Los Angeles or around Simi Valley below $700K. I have been looking through Zillow/Redfin but market is obvious very tough. What would be the best way to find off-market deals in these areas?
Off market? door knock, mailer, look for house with overgrown lawn? A realtor who is already door knocking. Markets everywhere are as if crazy billionaires are snapping up bon bons. Cash offers dominate and get in escrow. To compete with this: offer high and fast; offer seller to rent back for a while as they have no where to go; be willing to risk your earnest money and waive contingencies; have extra cash when the appraisal comes in low; pray; think positive.
Off market? door knock, mailer, look for house with overgrown lawn? A realtor who is already door knocking. Markets everywhere are as if crazy billionaires are snapping up bon bons. Cash offers dominate and get in escrow. To compete with this: offer high and fast; offer seller to rent back for a while as they have no where to go; be willing to risk your earnest money and waive contingencies; have extra cash when the appraisal comes in low; pray; think positive.
@Peter Bocian Try searching through your county tax records to find deals. They will usually display # of units so you run through and gather yourself a lot of potential properties. There will be the mailing address for the owner, then you write them a letter. Tell them you are interested in purchasing their property and you will certainly get some calls back. Mailing isn't the cheapest means of prospecting, but it is tried and true. It is also efficient time-wise. To raise your call rate from your mailers, leave the envelope open (not sealed). I used to do this when I started out wholesaling and got a BUNCH of calls. Who doesn't read an open envelope they got in the mail? Hope this helps! :)
Hi Peter, Matt and Caroline offer great advice. If I can add anything, as @David Greenepreaches, add someone to your team who has their eye on the market and send deals your way that fit your criteria. Know what you want. The market is strong at the moment, but allowing a qualified professional the opportunity to find those deals will free up your time.
@Peter Bocian You should be able to find SFRs in Simi Valley for under 700K, even on the MLS. If you would like, i could have my wife set you up with a MLS search for homes under 700K. Also, I have a VA doing a little cold calling. If i ever cross anything in Simi that doesn't make sense for an investment for us, i can shoot it your way. Shoot me a DM and we can connect.
There are definitely SFHs in Simi Valley and surrounding areas. In this market you will likely be offering over asking, but you can find them, especially if you're willing to put in a little work. Good luck with your search!