The 250 unit I'm closing on in July came through a broker relationship.
The 168 unit I closed on two years ago came from a broker relationship.
The previous deals were single family homes and came from my single family home agent in DFW who is also my sister. She got them from the MLS.
first 2 i got from the city thru repossession from unpaid property tax. next one, county property tax auction, i was the 2nd highest bidder and the first dropped out. 3rd, another tax sale deal. 4th and 5th, bank dropped the lien on both properties and i tracked down the owners to both properties and bought them for pennies on the dollar. right now, working on 2 " driveby's"
Hi There, Great thread!
How do I get on to MLS? Every time I search there I get a "foreclosure fortunes" site!
Thanks for any help.
All have been HUD or MLS
Last five deals:
1) Realtor pocket deal - he mailed homeowners to ask if they were interested in selling in our target location
2) Phone auction - the auction was in person but we couldn't be there so we bid via phone
3) Wholesale opportunity found through postcard mailings
4) Online auction
Originally posted by @Victor Menasce :
In my experience, deals tend to chase money. So I started positioning myself as the money several years ago. Even if I'm raising capital, I control the money. Over time, I developed a reputation for getting projects done.
Brilliant approach, Victor. Let the deals chase you!
I haven't closed on either of the two yet but 1 is from my bandit sings & the other is someone that I know personally that contacted me.
1. I saw people working on a vacant house so I pulled over and talked to them, made offer on the spot and accepted a few days later.
2 . Sent to me from people I met on BP.
4. Family member sold us their house.
I got my first deal off mls and did well with it by negotiating down from 99k to 58k. It was an older owner occupant that just wanted out. She moved to a senior living apartment.
I am doing a minor rehab on it of about 5k. I plan to rent it out for $950/month. It wasn't trashed, but I am redoing 1 bathroom to make it more functional, painting, cleaning and repairing the laundry room floor.
We're still finding them on the MLS by making lots of offers on REO's, but the pickings are getting a bit slim. We also found one from an old contact who had a house he needed to get rid of and might get one from a wholesaler. With the market picking up like it has, we are probably going to start doing some mailings soon.
1) Other wholesalers
2) Direct Mail (Jerry Puckett)
We continue to look but aren't finding anything meeting our criteria on the MLS here in DFW, with the exception of REO properties, which are getting bid up to ridiculous levels.
Referrals from treating sellers and tenants right over the last ten years.
We've had a long dry-spell where we've found little meeting our criteria at anything resembling a descent price. We've been down the aisle a couple of times only to have looser money from away come overtop of our offers.
Folks continue to bring us off market and pre-listing opportunities and we continue to look at the spectrum of 16 - 50 unit properties, but given the quantity of new units just arrived on the market and those still in the pipeline, there will be increased vacancy and downward pressure on rent in our core areas. We are being very conservative in our underwriting as I would prefer to remain static with little to no vacancy (<2% forecast for the coming year based on present leases) than add 50 units which we might b struggling to carry when the market moves to a further increase in vacancy.
1. From calling on a property that ended up being no longer available, but the agent referred me to another that hasn't yet hit the market
3. From my contractor's word of mouth
Clarification question --
MLS buyers, are you flippers or buy-and-hold/landlords?
I'm guessing that's mostly the case (all 4 of my SFRs have been MLS so far), but I'm happy for my generalization to be proven wrong.
In our experience finding the deals are not hard. We source our properties from several places such as the MLS, Auction, Foreclosures, and Private Sellers. The trick is to get though the overpriced properties for their condition. We have had several investors tell us horror stories of a house that did not live up to an idea. Some time the unforeseen problem causes a investment to become a burden. This is why we started our company we want to help investors find the best deals without the headaches. To find the best deal you have to look hard at numbers and area factors. Just because a number looks good does not mean the property will up to that.
We always tell people to look around and if you need help ask. With over 10 years of experience in our company we have seen it all. the best place to find your next deal should depend on your experience.
1st time investors
Brokers - Turnkey Providers - MLS
This gives you time to really evaluate a property and make sure it will work for you.
Auctions - Court house steps (foreclosures, Tax Sales, .....) - Brokers. Turnkey providers, and on
Just make sure that you find the direct seller and that you are not paying for someone else to market it to you.
By marriage? Really?
Other people's marketing (OPM)? Occasionally.
My business model is 95% referral based. I've created multiple sophisticated marketing funnels based on legal, government and real estate Pro's.
Leaving your marketing to others is not my idea of assured success.
The odds are good that the goods will be odd. It wasn't until I figured out how to monetize 'odd goods' that my wealth dramatically increased.
All mine are from MLS still as are 95% of my deals. two rentals and three flips in the last couple months
1st one from the MLS....
Most of them are on the MLS, even the auctions are advertised on the MLS. Pocket listing are usually advertised that way to give the appearance of a good deal for the unsuspected buyer.
Last 5 were all Direct Mail Combination of Yellow Letters and Postcards.
I have only one income property so far and it came from the MLS.
Last five came from MLS and wholesaler. 3 and 2 respectively.
3),4),5) ??? [if you are a DFW wholesaler contact me! :)]
The first 3 were SFR through the mls. The fourth was land tract through word of mouth. Fifth one, SFR, I am working on through mls.
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