How do you find your deals?

10 Replies

@yaya y 

Some of the the best ways to find off market commercial and multifamily properties is to compile lists from city and county websites if available or through a paid service like List source, Reonomy and CoStar or you can use free resources like Loopnet, CREXI, Craigslist, tax database, general networking, brokers, property managers, title companies, environmental consultants, building inspection companies, appraisers, landscapers and other companies that service commercial and multifamily properties and driving for dollars.

The real key is in how you approach the owners and then the follow up.

You can send letters and email but cold calling is by far the most effective method but you really need to know what you’re doing, how to open the conversation, what questions to ask and more importantly when to listen and not talk. Most importantly you need to convey confidence and assurance you are a player and not just wasting their time. Remember you are building relationships with the owners.

Follow up is crucial and where 90% of investors and sales people fall short. You have to consistently follow up in a meaningful way and you will get deals.

@Greg Dickerson

Thanks so much Greg for the thorough response. That makes sense... it’s really all about the follow up and consistency of doing it.

Do you think loop net deals can be fine? I’ve looked into many LoopNet deals and know people who’ve bought them. If they end up in LoopNet, it doesn’t mean that it isn’t a good deal per se even though many investors have seen the deal correct?

Originally posted by @Yaya Y. :

@Greg Dickerson

Thanks so much Greg for the thorough response. That makes sense... it’s really all about the follow up and consistency of doing it.

Do you think loop net deals can be fine? I’ve looked into many LoopNet deals and know people who’ve bought them. If they end up in LoopNet, it doesn’t mean that it isn’t a good deal per se even though many investors have seen the deal correct?

Yes deals can be found on LoopNet occasionally. Sometimes the brokers do not keep them up-to-date so you have to check to see if they’ve been updated recently. 

Originally posted by @Greg Dickerson :

@yaya y 

Some of the the best ways to find off market commercial and multifamily properties is to compile lists from city and county websites if available or through a paid service like List source, Reonomy and CoStar or you can use free resources like Loopnet, CREXI, Craigslist, tax database, general networking, brokers, property managers, title companies, environmental consultants, building inspection companies, appraisers, landscapers and other companies that service commercial and multifamily properties and driving for dollars.

The real key is in how you approach the owners and then the follow up.

You can send letters and email but cold calling is by far the most effective method but you really need to know what you’re doing, how to open the conversation, what questions to ask and more importantly when to listen and not talk. Most importantly you need to convey confidence and assurance you are a player and not just wasting their time. Remember you are building relationships with the owners.

Follow up is crucial and where 90% of investors and sales people fall short. You have to consistently follow up in a meaningful way and you will get deals.


 This process you describe is literally the funnel I had to run through daily as a sale rep- as nauseating as anything I can imagine. 

To me the worst part of Real Estate is that it is a people business, by far. 

I would say 1 method which has not been mentioned is working with wholesalers in your area. Many wholesalers are working deals which may not be found on the MLS and allows you to work with properties that out of state buyers or not connected buyers do not even know exist. By doing this, you can avoid a bidding war or losing out on properties.

@Yaya Y.

About your loopnet question. I think it’s a good tool. It allows you to compare asking rent and asking prices for properties in the area. It also helps you figure out who are the player brokers in a given area. Most deals you will find through brokers off mkt. The deals on loopnet are usually the hairy ones, over priced ones, picked over.

But you can find deep value here. A property near my house was up for sale on loopnet for over a year. It needed a little work and was only 50% occupied. Ended up selling for <50% of the asking price. Another deal I am working on right now was on loopnet forever and recently fell out of contract, I am hoping to swoop in at a very much reduced price to asking.

@Sam B.

Hi Sam. Thanks for your input.

You’re right - people view LoopNet as the deals that “everyone” doesn’t want to buy. Do you not think that’s the case if you can get it at a discounted price?

If that’s correct, do you know your market that well to know it’s selling for that cheap relative to cost? Why wouldn’t more investors look at it if it’s a bargain?

Basically, you believe that good deals can show up from time to time on the site? Thanks!

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