How are YOU finding deals?

120 Replies

Preface: I am an agent who hasn't invested enought, but has helped plenty of buyers and sellers make loads of cash. The last 5 "investment" deals whether flips or buy and holds were from driving the areas I work and mailing to vacant properties I see, couple MLS flips with investors that I helped buy and list after renovation. The most recent and sweetest fastest deal was an investor buyer I work with ready to sell some of his portfolio and now unloading so the rest of you can make money off of what he has cash flowed in the past. Never forget the older investors you network with. They might all want to sell if their family can't don anything with the property after they are gone.

All 5 MLS. Here are some of the numbers I went thru on the listings and the sources I got them from (i.e. auction, homepath, bank owned, etc)

1 May. Braidwood - Auction.com.  This was a 2006 home in near new construction condition. Bid on this house several times. Kept coming back.  Finally got a call from auction.com to ask me for my best offer. I said 105k. They took it.

2. May. Manteno - Homepath. Listed at 131k in February. Dropped price to 119k. I knew the next price drop was coming soon and I got it for 105k. 

3 June. Bourbonnais (jordan) - HUD. Smaller house. Listed at 95k in January. They dropped the price 3 times over 4 months down to 70k. I put in for 42k (60% of list net to hud).

4 - July. Monee - Homepath.  Originally listed in January for 141k. Sat that one out til they dropped it to 110k in May. Came in at 102k. They countered at 109k. Came back at 104k, they countered at 105k. I accepted. 

5 - Under contract - close by August 8. Peotone - Bank owned. Was at 93k. Waited on it for 2 months. They dropped to 68k and I offered 60k. Countered 66k. I said no thanks. Then a week later they came back and said they'd take the 60k.

Clearly, the pattern of my deals is very simple. If they sit long enough, I can get the discounts I need to make the numbers work. I don't typically get anything in the first two months of a listing - either on MLS or the auction sites.

My last Eleven..... 

 All Yellow Letter off market deals. 

Maybe I really should look into this "mls" thing.

If your looking for leads in Virginia I'd be more then happy to help. I am an agent in the Richmond area, just shoot me a message on here and ill  send you listings that fit your criteria.

Entirely private party, private financing, and they are buy and hold, if the market values get large enough I will consider selling the slower earners to reinvest into newer properties. As of now, three single families. All business I do involves my family, it began as a family business and it will stay that way, building a solid foundation for our next generation.

My last five deals have totaled 515 apartments (4 closed, one under contract set to close next month). 3 of them have been by me cold calling the owners directly. 2 of them through broker relationships.

Last 5 deals were all through brokers that I have had an long term relationship with or contacts within my trusted network

Originally posted by @John Thedford :

The last one...Craigslist-advertised as under market..and it was

One before that: Craigslist-owner found me and wanted out fast

One before that: Craigslist-distressed owner found me

One before that: HUD property

One before that: MLS listed property

Working on one that I may lock up this week: if it works out...Craigslist

Now you know why I encourage people to use CL:)

 Hi John, I'm curious, do you post on CL or do you respond to posting? If you post, I'm curious, what do you say that gets responses!

Thanks!

Clinton

Originally posted by @Brandon Turner :

Think of your last 5 real estate deals... then let us know: How did you find them? 

Go! 

(I'll start: The past 5, all buy and holds, have all been MLS)

Hey Brandon! Huge fan of the podcast. I'm curious, are you digging through the MLS yourself? I think I remember you saying during one of the podcasts you usually work with agents no? In either case, what are you or the agents looking for when searching MLS?

Thanks!

Clinton

5. DUPLEX/TOWNHOUSE: MLS, I gave up my commission, seller only paid listor. with my current brokerage

4. 5 MIXED USE BLDG: MLS as a realtor, represented myself (commercial), would have given up commission but ex-brokerage would frown. and my commercial mentor took a % cut. LOL for "advise"

3. FLIP: Before i became an agent, found it (MLS), called my AGENT, I became a Realtor to Sell it.

2. SINGLE TENANT COMMERCIAL: Found it, saw sign (MLS) called my Agent

1. COMMERCIAL IN STRIP MALL: Found it, saw sign (MLS), called my agent

in fact, I found all my deals and called my agent...that's why I go MY LICENSE

1) Classified ads in newspaper/Internet -- searching them for deals

2) Called by a previous seller/developer I'd worked with in the past

3) Classified newspaper and Internet ads -- writing and posting them myself

4) An outstanding Real Estate Broker named Sheila Jenkins working in the Shenandoah Valley

5) Driving for Dollars

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