Off Market Properties

[Kyle Chadwick]

Hi everyone!!

I'm from upstate NY (Saratoga area) and not completely new to REI. I have 2 rental properties with a total of 4 units that are cashflowing nicely and I "flipped" a property. The property that I flipped was a HUD foreclosure that I completely renovated but decided to keep and live in instead of selling it. Now I'm looking for my next deal and after listening to pod casts and reading on BP it seems that the greatest deals come from off market properties.

However all the properties that I've done have been on market deals.  I set up a website through Carrot with SEO that ranks on the 1st page of google about a year ago but I've only received 1 lead which didn't work out.  There's also at least 2 other investors in my area using Carrot and 1 is a biggest investor in the area.  I'm wondering what you all are doing to find off market leads and which strategies work best and are the most cost effective...or should I continue to find on market deals?? 

Thanks for your time and thoughts!!  

Kyle

[Jason N.]

Jason gave a lot of great insights.

There are free options and paid options. Some of the free options Jason gave includes: FB, Craigslist, local REI etc.

Depending on how versed you want to get with sourcing your own data, you could go to places like listsource, propstream, propelio, succesor data etc to purchase a list of properties that meet whatever criteria you are looking for. This is a paid method but you could quickly get a list of a few thousands if you wanted to within minutes.

From there, you would skip trace your list to determine the contact information for these property owners. The best skip traces use credit bureau level data because if you can't get the right number for the property owner, the other dominoes won't fall.

The quickest way to get in front of people is through texting (I may seem biased) because of how you can send messages at scale.. People are also less apprehensive to respond to a text as oppose to picking up a call. That said, most investors I come across are texting then calling then mailing their list -- so a mutlitouch type of approach to reach people on their preferred medium.