How to Find off-market deals
I’ve listened to bigger pockets for a year now, read much on investing, and finally ready to dive into investing in the north Texas area. I have an agent looking at deals, but how can I find multi-family properties or self-storage properties not on the market?
Hey Ty, the best way to get into deals off-market is to network. Are there any investor groups you can join? Everyone knows someone looking to sell something. You don't know someone, so you just need to talk to everyone and everyone will eventually introduce you to someone! Mailers to out of state owners is another way to find deals too. Sometimes you catch people that are just fed up and ready to be done so they'll entertain an offer!
-
Real Estate Agent Kansas (#00247317)
- http://www.realestate.thealmsgroup.com
- [email protected]
Ryan said some great points… the market are other investors doing the same your doing.. meet up groups and investor friendly agent who also invests in to real estate.. And there the classic way which is driving for dollars and creating a mailing/contact list . On my way home from work I will use apps like deal machine and prop stream to mark down houses I think may be a motivated seller.. analyze the home when get home, because every house has their public records available and see if the seller of free and clear or may be motivated .. that’s when you become creative … I know the inventory is low and am looking this route to acquire my first as well…it exciting for me
I suggest you look for networks! Build more connections to gain trust.
Goodluck!
-
Real Estate Agent Texas (#736740)
- (832) 776-9582
- https://tinyurl.com/f4ce9n8j
- [email protected]
- Podcast Guest on Show #469
@Ty Spinks It's great you want to move forward into RE Investing, but sometimes folks need to come back to Earth. What I mean by that is - do you have cash?
Cash for both sustaining your bills (if you want to go full time) and cash for a deal. You can find OPM, however the majority of us starting out do not have access OPM. I recommend you have about 35% of the purchase price in cash to account for the initial purchase, holding costs, and loan costs. Or leverage other products that are geared toward primary residence purchases. Buy a home using a 0% down USDA or VA loan. If you don't qualify for either, consider a 3% down conventional on a property you can renovate yourself to get the experience as well as the best financing terms available.
-
Lender
- (707) 595-7574
You're fishing in the wrong lake if you have an agent trying to find deals on the retail market. Solid investments are most easily found through marketing and relationships. You won't find wholesale deals via the MLS.
Quote from @Erik Browning:Hey Erik, thank you sir. And to answer your question, yes, I do have about 30% I can easily put down towards a multi family home in my market. I’ve spent the last year preparing myself financially so I’ve already already paid off bad debt, have no auto loans, great credit, emergency savings, stock investments, and now I have money set aside for real estate and looking to do my first deal. I’ve been contacting different folks in DFW along with lenders to wrap my head around what I need to do once I find the property. I am hoping I can keep growing my network with folks and start this journey.
@Ty Spinks It's great you want to move forward into RE Investing, but sometimes folks need to come back to Earth. What I mean by that is - do you have cash?
Cash for both sustaining your bills (if you want to go full time) and cash for a deal. You can find OPM, however the majority of us starting out do not have access OPM. I recommend you have about 35% of the purchase price in cash to account for the initial purchase, holding costs, and loan costs. Or leverage other products that are geared toward primary residence purchases. Buy a home using a 0% down USDA or VA loan. If you don't qualify for either, consider a 3% down conventional on a property you can renovate yourself to get the experience as well as the best financing terms available.
@Ty Spinks
The best way to find off-market deals is to pick up the phone and start cold calling.
-
Real Estate Agent Ohio (#2021001448)
- (614) 412-4565
- https://www.reafcorealestate.com/
- [email protected]
Hi @Ty Spinks. There are a variety of ways to do this. One way is to just drive around, especially in smaller towns and areas that are not as heavily populated in general.
Another way is to build a database and systematically call, text, email, and even handwrite letters to these owners. You can also hand deliver letters if it’s in your area.
Our company invests “passively” with some of the top self-storage and mobile home park operators. One of them has a team of 8 people, full time, working the phones to find the very best off-market deals. They come up with many deals per week that would be good, and this gives them the opportunity to select only the fantastic ones. They close on a few deals per month and their returns for us and our investors are off the charts. If you are really want to get serious, I would suggest you develop a systematic strategy like that to contact and re-contact mom-and-pop owners off market. Good luck!
@Paul Moore Hey, Paul. WhY is price per unit, this said investor is buying?
Quote from @Ty Spinks:
I’ve listened to bigger pockets for a year now, read much on investing, and finally ready to dive into investing in the north Texas area. I have an agent looking at deals, but how can I find multi-family properties or self-storage properties not on the market?
Cold call! Cold call! Cold call!
Hey Ty!
Have you looked into Oklahoma? Our numbers are staying strong, cost of living is low and the state is very landlord friendly. We're also growing like crazy, so tons of cashflow opportunity.
I'm a real estate investment specialist in the Oklahoma City and Tulsa markets and I work with a lot of investors like yourself to help connect them to investment properties. My team is moving 35 properties/month across Oklahoma. I'd love to connect and share some info on the market. Feel free to reach out if you're interested in a phone call at some point!
You can go on facebook and search dfw investments in the DFW area and there will be many groups to choose from. A lot of people post off market properties in those groups. :)