FINDING DEALS

[Jordan Santiago]

How do you go about finding houses to rehab or wholesale? I would really like to start wholesaling because I do not have too much capital. So what is a very efficient way to find deals? (NYC)

Thank you!

[Will Barnard]

Finding deals most efficiently is the million dollar question. In today's competitive seller's market, you really need to cast a wide net and have multiple streams of product search. Driving for dollars, shopping MLS, trustee sales, direct marketing, bird dogs, and more just to name a few. Figure out what you are best at and start with that, then expand from there. Wholesaling because you have no money is NOT the reason to start out in that arena. It still takes money to market or place an earnest money deposit, etc and those who have no money can still get into rehabs, they simply use OPM (other people's money).

My first several buy and hold purchases were completed with bank financing and a JV partners funds (none of my own). My first couple flips were funded entirely (acquisition and rehab) by private money lenders (again, only a few thousand in holding costs (utilities, insurance, etc) was my own money until I built up capital to invest my own with my investor's.