How are you sourcing your investments properties?

Question

Hello! I am a licensed agent and investor in PA based in Philadelphia, and I have noticed some trends with investors sourcing deals. With the amount of wholesalers stepping into the industry, and the creative financing frenzy exploding into the market, how does everyone go about sourcing the ideal opportunity? The MLS seems ideal for anyone looking to use conventional financing, but how are cash buyers and hard money users finding the perfect flips or rentals?

Alan Asriants · Answer

Building relationships with homeowners

When it comes time to sell you will be the first person they think of. If the deal is worth it, buy it from them. If they want market rent, list it for them

Win-win as an agent

Samuel B. · Answer

@Zahmir Brooks-Smith: I have been an international real estate consultant for over 20 years and I can tell you (as some others have mentioned here): Trust is the key and you only get trust through personal contacts. Unfortunately, no software or mass mails will help you. Create a list of potential sellers (also brokers). Write a personal, honest mail with an enclosure where you introduce yourself and your company. This is hard work and will only pay off after months or years, but it's the only way to build your own network, gain trust and eventually get deal after deal. I wish you much success!

Alex Deacon · Answer

@Zahmir Brooks-Smith we are based out of the Pittsburgh PA market. Here is drying up also. You have to try and test. One specific area may dry up and another may flourish. Track all of your results and hold your money, time and resources accountable. The answer to your question is Just About Everywhere is where you source deals. If it was an easy solution to your questions then everyone would do it. Out work and out think your competition

Jessie Dillon · Answer

direct mail, cold calling, cold texting, voicemail drops, networking events, and getting on wholesalers' buyers' lists!

Caleb Brown · Answer

Either connect with the big fish finding the deals or hire people to find deals off market and be direct to seller. Deals are tight currently

Carlos Ptriawan · Answer

I use software which basically a function of ARV and comps.

Bob S. · Answer

Short answer, my network. I can get as many as I want. Typically get 10 or so a week sent to me.

Crystal Smith · Answer

You have to decide if you're going to focus on a niche or niches to source your deals. And then measure what's working and what's not. Then keep track of technology trends. Don't jump on everything that is supposedly new. We still use direct mail, warm calling (I hate cold calling); networking with wholesalers; digital bandit signs,..... The biggest thing we've changed over the past couple of years is we give potential sellers multiple options in our offers and let them choose the offer that works for them.

Zahmir Brooks-Smith · Answer

@Samuel B. Thanks for this! I like the forward thought aspect. I tend to focus on getting deals and buyers for the present tense, and I often forget that the business we are in is really a future-focused arena! What would your approach be for acquiring actual cash buyers and investors? Since I exclusively work with cash buyers, my list is drying up and all of my clients are in some hefty projects.

Zahmir Brooks-Smith · Answer

Thanks @Alan Asriants! I usually work as a buyer, so I don't typically list properties on the MLS or help find tenants. My main focus is on buying and selling distressed properties, especially with off-market investors. I enjoy building relationships and plan to do more with homeowners. But, how can I find more cash buyers? Right now, my main competition comes from other wholesalers, so it's a bit tricky.

How are you sourcing your investments properties?

How are you sourcing your investments properties?

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