Developer · Tacoma, WA · Member since 2018 · 160 posts · 37 votes
Hey just looking for some advice and tips on how to find deals in your neighborhood, online, auditors wedbiste? Just need to know the ins and outs of anybody could educate me a bit on this. Thanks a lot!
First thing I'd offer, is that there are a ton of possibilities. What is most important though, is what you'll be comfortable and happy doing. For myself, I didn't like talking to owners, so I focused most of my buying on Trustee Sales. Others specialize in preforeclosures, probate, tax defaults, non-owner-occupied, etc. Do you have any thoughts on what type of deals fit your skills and interests best? As others have suggested you kind find a ton about each specialty here on BP. Most importantly, after having helped tens of thousands of investors with data and advice, I can confidently say that you just looking for "a deal" isn't enough - this business isn't a get rich quick scheme, there are no magic lists, no perfect letters, etc. But it isn't necessarily that hard to be successful either if you are willing to do the work. If you really can't decide where to start, my recommendation is driving for dollars. Especially since you mention looking for deals in your neighborhood. Take a different route each night on the way home from work. Look for properties with deferred maintenance, that are abandoned, etc. Plus you'll be getting to know your neighborhood better which will increase your market knowledge, and give you a better shot at completing a successful deal.
The first thing you can do is to join a local REIA (Real Estate Investor Association) in your city. Try to meet some local realtors those actively work with investors. Educate yourself by listening to Biggerpockets Podcast its`s free and you can listen to it while driving to work and so forth.
First thing I'd offer, is that there are a ton of possibilities. What is most important though, is what you'll be comfortable and happy doing. For myself, I didn't like talking to owners, so I focused most of my buying on Trustee Sales. Others specialize in preforeclosures, probate, tax defaults, non-owner-occupied, etc. Do you have any thoughts on what type of deals fit your skills and interests best? As others have suggested you kind find a ton about each specialty here on BP. Most importantly, after having helped tens of thousands of investors with data and advice, I can confidently say that you just looking for "a deal" isn't enough - this business isn't a get rich quick scheme, there are no magic lists, no perfect letters, etc. But it isn't necessarily that hard to be successful either if you are willing to do the work. If you really can't decide where to start, my recommendation is driving for dollars. Especially since you mention looking for deals in your neighborhood. Take a different route each night on the way home from work. Look for properties with deferred maintenance, that are abandoned, etc. Plus you'll be getting to know your neighborhood better which will increase your market knowledge, and give you a better shot at completing a successful deal.
@Sean OToole I’m looking for fix and flip properties. I specialize in this and have been doing it for five years just for other investors. Now I’m looking for ways to find these homes on my own, and do the projects for myself. I’d love to hear any advice but thank you for your previous respomse
Hi @Leland James, congrats on striking out on your own. Big step, but exciting! What parts of the business have you been doing the last 5 years? Sounds like they were finding the homes, were you doing the rehab? One things I'd suggest, is that it is often fairly easy to reverse engineer what other investors are doing. You might start by simply looking at the history of the homes you've worked on over the last 5 years. You can also use software like ours to find all of their other deals, then look at the history of those. You can usually see what they paid, how long they held it, how much they sold it for. Usually, after looking at a bunch, you'll start to see patterns that you can follow. And unlike advice from gurus from another state, you'll know that this actually works in your area. :-)