I am looking to find my first deal and need some advice on how to start generating leads.
Do I just need to find a good broker? Or an agent?
Do I need to find them myself? Or have someone knowledgeable finding them for me?
I know I can’t find those good deals on zillow.
I want to buy ASAP but I need to find a good deal.
I’m in Orlando, FL.
Any advice is much appreciated.
Yes a good realtor who understands investors and what to look for on MLS can help.
You can also purchase lists and compile lists from city and county for 60-90-120 days late on mortgage, pre-foreclosure, delinquent taxes, water cutoff, code violation, probate, divorce, high equity, etc. and mail or cold call.
Other methods are driving for dollars, door knocking, wholesalers, craigslist, Realtors, FSBO sites, expired listings, foreclosure sites, put out bandit signs, billboards, newspapers, other offline publications.
You can use pay per click/adwords, facebook, Linkedin, Youtube, and other forms of online and social media marketing.
I agree with all the above and while doing all this might seem like you aren't getting anywhere at the start it will definitely help in the long run.
The way I got started was just talking to everyone I could whether they were in the real estate world or not. I would always casually mention that I do real estate. As for other investors, for the first few months it was just to check in and see how any projects they were working on were going and most people are happy to discuss it with someone else that is interested. Once you build these relationships and how I got started, you will find people who mention they stumbled upon another good opportunity, but don't have the funds or maybe the time, know someone that needs to get rid of their home, etc. Be there to offer any assistance you can. One thing I have definitely learned is that you never know where your next lead is going to come from. Stay motivated and always network!
@Terri Hollinsworth good MLS deals in Orlando are hard to come by right now, but not impossible. It really depends what kind of strategy/returns you are looking for. I would recommend looking to surrounding counties (Brevard, Lake, Polk, Volusia, Osceola, etc). I definitely see more potential cash flowing properties in those areas vs Orange County. Just don't rush into something that has thin margins, I recommend being selective in current market conditions. And if you do jump in, make sure it's a fairly quick flip.
@Terri Hollinsworth There are some great investor-agents here in Orlando that don't only rely on MLS. There are also a couple of great meetups which are great for networking and letting other investors know what you are looking for. We have people in our meeting that have done their very first deals just this year.
Hey Shawn thanks a lot! I would love to get more info on those investor agents and meet ups here in Orlando! Can you send that over to me? I’d love to talk more.
Thank you Matt! I do believe the outside counties have more potential for cash. Especially Volusia!
I really appreciate your input. I definitely need to network more and see how I can get involved right now and possibly find a mentor! I am working on setting up a meeting with a local investor. I’d like to attend some meet ups as well.
Greg, I’m going to start getting some lists compiled and trying to contact people on those lists. Maybe my first house will be from a letter!
Thank you for your advice!
@Terri Hollinsworth also...network, network, network!! Some of the best deals are off market.
I see that you are currently in the hospitality industry, coming from that industry I regret not leveraging some of those contacts that I had made during that time. Sometimes those creepy old guys actually have good information to provide or can give you sound advice, you just may have to listen to the other stuff they say as well haha. So with that being said, network! network! and network!
If I can assist you in anyway or answer any questions please don't hesitate to send me a message i'd be more than happy to help!
I totally agree! I am constantly keeping an open ear for people talking at my work. I have met a few people in the industry this way.
I will most likely reach out to you as I am trying to gain as much knowledge and network as possible. I’m so ready to start. Just need to find the tools and resources.
@Terri Hollinsworth Awesome thanks for connecting and I look forward to speaking with you.
Yes I need to figure out where mine is.
Thank you for such a dialed in response...two thumbs up!
Hey @Terri Hollinsworth - lot's of great answers here. Definitely jump in to our local REAI's, connect with other investors and tell everyone what you're doing.
The big REIA's in town are: CFRI and GOREIA. Both are free for first time guests and have very reasonable membership fees. @Shawn
It depends on what you mean by a "deal". If you want to house hack, which I highly recommend, that's going to be a bit easier in this market than flipping. @Matt Leber gives great advice, make reasonably sure you can get in and out quickly if you're looking to flip.
I'd also recommend checking out some of the free webinars - they are very informative and actionable.
Best of luck!
Thank you Andrew! I am going to look at the REIA schedule and attend a meet up very soon.
I need to do my due diligence and make sure what I buy is a good deal. I am worried that I might miss something when calculating all expenses. I have a few books to reference and so much info on BP.
Are you referring to the BP webinars?
Thanks a bunch!
@Terri Hollinsworth - sure thing!
Use the BP calculators - they're very helpful.
And yes, the BP webinars, but really any webinar with info that interests you.
Thanks so much! I am so eager to jump in and buy my first property. I want to do more now!
@Terri Hollinsworth I went through the same dilemma as you before I decided to invest in real estate investing full time... specifically, "how am I going to generate leads?" and "how long will it take before I find a deal?" That's when I just decided to buy a HomeVestors franchise and it's helped me "jump start" my real estate investing career. Not to say you can't do it on your own because MANY do... I just wanted to get going ASAP and buying a franchise helped. Always happy to share my experience or help a fellow investor because I was in the same position. Good luck!
Thank you Giuseppe. I have seen those signs before and never knew what that was. Pretty interesting how it works. Thanks for sharing. :)