Best way to find off-market deals?
What strategies have you found to be the most affective in terms of finding fixer deals and investing opportunities? Should I go door 2 door? What is the most efficient strategy for getting quality leads?
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#4 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Los Angeles, CA
Hi Keith,
Each methods of deal sourcing – from door knocking, driving for dollars, direct mails, cold calling, agent sourcing, county lists, auctions to on market- deals – come with advantages/disadvantages but they all work. It's more of a matter of preference in regards to time commitment, style of communication and access to tools. Getting leads from agents require least amount of initiative and it's a good place to start. If you are looking for a more hands-on approach, it's best to source your own leads through a sales funnel or marketing campaign, coupled with consistent follow-ups system!
I agree with Ko in that finding off market deals does take a lot of work. Time is a resource like money. There are a lot of on-market deals that can be great buys. On market properties are already motivated sellers and you have an advantage of a starting price to work from. We are always analyzing the market of on-market properties in the Tahoe Reno, NV area for our clients. Then we send a curated list to clients based on their buy box. Its saves time for our investors because we've done the hunting and the analysis. It depends on your overall goals and if you have the time and money to put into finding off market deals and knowing they will pay off it's a good use of time. There is more to good deals than the price of the property. The location and circumstances of the seller can also make huge impacts on your bottom line.
Quote from @Bradley Buxton:
I agree with Ko in that finding off market deals does take a lot of work. Time is a resource like money. There are a lot of on-market deals that can be great buys. On market properties are already motivated sellers and you have an advantage of a starting price to work from. We are always analyzing the market of on-market properties in the Tahoe Reno, NV area for our clients. Then we send a curated list to clients based on their buy box. Its saves time for our investors because we've done the hunting and the analysis. It depends on your overall goals and if you have the time and money to put into finding off market deals and knowing they will pay off it's a good use of time. There is more to good deals than the price of the property. The location and circumstances of the seller can also make huge impacts on your bottom line.
Thankyou! True. Although it also seems like with on-market deals are usually priced the highest and makes thin margins to work with. I feel like I need more experience to risk investing in the thin margins
There are wholesaler, off market deal groups on Facebook. I am in a few for the San Diego area and there are a few wholesaler's that continually update the group with available deals. Just one way to source deals, but one that could work for you.
One of my partners had incredible success through the partner channel - just like @Danny West said. Facebook groups, networking events, and having a specific buy box that you let people know about is a great way to start