How have you found your properties? Here is how I found mine.

How have you found your properties? Here is how I found mine.

Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes

How have your found your properties?  When I originally starting investing I remember hearing a guru say that had 31 ways to find deals.  I didn't want 31.  I wanted just one that I could do over and over again.  I turns out one doesn't cut it.

Some of these properties were flips, some buy and hold. 

1. Drive by.  The owner hand made sign out front and I stopped.  Inner city.

2. Bandit sign.  I know the Josh Dorkin and Brandon Turner are not fans of bandit signs--and I may discontinue using them--but I posted a bandit sign on a pole right outside a multi-use building and the owner called me.  Inner city.

3. Craigslist.  Owners listed a duplex on craiglist.  Inner city.

4. Craigslist.  Absentee owner, inherited, posted an ad on craigslist.  I suggested a price over email.  He didn't bite until about six months later when it hadn't sold.  Suburbs / Rural.

5. Realtor. REO house. B Area, city (better part of city, nice neighborhood). I discovered I didn't have the temperament for inner city.

6. Realtor. REO house. B area, small neighboring city.

7. Contractor.  My contractor had a job at this house and told me about it.  One of my best deals.  A/B Area, suburb.  (By A I mean low to medium middle class, nice neighborhood.)

8. Wholesaler. B Area, city.

9. Wholesaler.  A/B Area, suburb.

10. Realtor.  Short sale.  I somtimes send emails to the listing realtors telling them I am a cash buyer and if it wouldn't be a waste of time to make an offer in the X range, I'd like to see the house.  A/B Area, suburb.

11. Realtor.  I forget how I heard about it.  He may have had my contact from an email like that above.  It was inherited property.  B Area, suburb.

12. Realtor.  Same as above.  A/B Area, suburb.  I lost my shirt on this one due to big problems with the house.

13. Bandit sign.  Condo.  Relocating.  A Area, suburbs.

14. Yellow letter.  Short sale.  A/B Area, suburb.

15. Online marketing.  Inherited property.  A/B Area, suburb.

16. I don't remember.  Maybe craigslist or bandit sign.  Somehow I had contact and the seller called back a couple of times over a couple of years.

17. Wholesaler.  A/B Area, city.

18. Online marketing.  B Area, city.

19.  Online marketing.  B area, city.

20. Yellow letter.  Short sale.  B area, suburb.

21.  Yellow letter.  Short sale.  B area, suburb.

I still feel like a newbie (slow ramp up starting at the end of 2008) and am still trying to figure out my business model.

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Residential Real Estate Agent · Hattiesburg, MS · Member since 2011 · 475 posts · 141 votes
12y

As a RE Agent I comb the hot sheets multiple times a day looking at New listings, price reductions, back on market, etc.  I also look at closed, pending, and expired.... Do that for a couple years and you will literally know almost everything there is to know about your local market.  

I then do a separate search just on REO and estate properties.

Mostly REO properties, occasional estate, and occasional divorce situation.

I've picked a couple off of craigslist, so I make a point to scour it daily also.  

I really need to step up my game and try some yellow letter campaigns, and bandit signs. 

See this reply in the discussion

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  • Rehabber · Smyrna, GA · Member since 2013 · 864 posts · 510 votes
    12y
    Lets see...the last few. Wholesaler RE Agent (MLS full price offer the day it hit, came in second, they came back when 1st didn't perform) RE Agent RE Agent (MLS full price offer the day it hit, 5 day close) Website lead Wholesalerish (wholesaler tried to sell me one, but I bought the one next door) Wholesaler All flips. Around here there's still a prob with people not having equity, so most that I find that are 70% less repairs are coming from banks. I've noticed lead flow picking back up. It was pretty tight there for a while.
  • Investor · Boca Raton, FL · Member since 2012 · 1k+ posts · 1k+ votes
    12y

    I once bought a townhome from the neighbor of one of my investment properties.  We were both out shoveling snow (my property was vacant at time), and he asked if I was interested in his, 2 weeks later I bought it.  A few other neighbors on the street learned I buying, and next thing you know I had people lining up to sell me their properties!  

  • Investor · Avilla, IN · Member since 2013 · 796 posts · 769 votes
    12y

    1) MLS....buy and hold commercial storefront (2 unit)

    2 and 3) MLS...REO buy and hold SFH's

    4) MLS....REO flip

    5-9) MLS....buy and hold (4 duplexes and a triplex)

    10) FSBO...buy and hold SFH

    11) un-marketed FSBO....I bought properties from her before...buy and hold SFH

    12-15) Targeted direct mail.....3 duplexes and a 5 plex....buy and hold 

    Started in spring 2007.....28 units currently

  • Contractor · Scottsdale, AZ · Member since 2010 · 2k+ posts · 3k+ votes
    12y

    This stirred up a great discussion Larry! Thanks for starting it and hats off to your successes thus far. My first and only flip to date was from MLS. Short Sale. Maybe a "diary of" thread is in store.... Just listed it this past week.

    Going forward I plan to use a lot of what has been mentioned in this thread!

  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    12y

    1. Making lots of offers on REO's

    2. Letters to foreclosures and out-of-state owners

    3. Foreclosure Auctions

    4. Trolling Craigslist and FSBO's

    5. Networking with wholesalers and others in the real estate industry

  • Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
    12y

    22.  Realtor.  A area, suburb.  This will be a flip.

    It is just coincidence that this happened right after I made this post.  When I am in buying mode I sometimes check zillow for listings and price reductions that are 1 day old.  

    I sent an email on Thursday to the listing agent explaining that I was a cash buyer and had no buyers agent.  (This means they get the full commission and hopefully advocate for me with the seller.)  Saw it Thursday evening.  Sent an email Thursday night after doing some research asking her to write up an offer.

    Got the offer to sign on Friday.  Got a counter this morning, and after some back and forth we inked the deal this afternoon.

    It's a quirky house, but I think we can make it work.  Gotta take some educated risks!

  • Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
    12y

    @Jason Fraser Jason, sorry I missed your question yesterday.  I didn't notice the Next arrow to see more replies.

    Well, I don't know what the best is.  I was thinking foreclosures two years ago, but I've found the BPO comes back too high on 9/10.  On the other hand, it's a lot easier to get those deals than to get someone who has equity and is going to give you a huge discount.

    I'm just exploring doing more direct marketing.  Online marketing has been okay, but is expensive and I've only gotten a couple of deals that way, one of them marginal.  I did get one other wholesale deal.

    So, really I stil feel like a newbie, as I said.  I also haven't tried courthouse auctions because I have a day job and can't go to them.  There are deals there, though.

  • Flipper · Cheney, WA · Member since 2014 · 77 posts · 47 votes
    12y

    @Larry Turowski   For what it is worth, your record is impressive to me! This is my first post, so I don’t want to come off like I know everything, but most (8) of my purchases have been through informal networking. Literally over the fence, or from people who know I am a landlord. I live in a college town in Eastern Washington State so that may be more possible here than in a big city. Obviously, I am not generating the volume most of the other posters are talking about, but I have made some good deals – comparable to the two I have purchased on the courthouse steps and far less risky.

  • Real Estate Investor · Phoenix, AZ · Member since 2014 · 4 posts · 0 votes
    12y

    Great list! Very helpful! :) 

    --------------------------

    Dalenna Klingelhoets

  • Real Estate Investor · Rancho Santa Margarita, CA · Member since 2014 · 14 posts · 3 votes
    12y

    great post 

  • Investor · Nashville, TN · Member since 2014 · 104 posts · 15 votes
    12y

    @Larry Turowski I got one of mine by noticing a couch on the street next to a house I just bought. Renters were moving out and absentee landlord happened to be coming to town to evaluate.I was able to buy.

    Also noticed a U Haul next to another SFH I own and same thing. Renter was moving. I had my realtor approach owner with a contract. He is in the process of selling to me

    Anne 

  • Paul HoeppnerPro Member
    Investor · Las Vegas, NV · Member since 2014 · 39 posts · 17 votes
    12y

    @Larry Turowski  nice work!  I'm working on property #4 as a result of direct marketing.  I appreciate hearing about results, because it keeps me motivated when I'm not seeing instant results in finding deals through certain tactics.

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    12y
  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    12y

    Here are our big ones

    MLS

    HUD

    REO's

    Word of mouth/Referrals

    Online Marketing

    Vehicle Signs

    Yard Signs (in our yards nowhere else)

  • Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
    12y

    Most of mine have been on the MLS (I became a Realtor to aid in these efforts). Of those on the MLS, most have been REOs.

    Over time I have developed some unique ways to find good deals on the MLS. You have to stick with it, but it can be done.

  • Rental Property Investor · East Lansing, Michigan (MI) · Member since 2014 · 19 posts · 8 votes
    12y
    Love it - thanks for sharing. Yet to get off the snide for me...
  • Jacksonville, FL · Member since 2014 · 15 posts · 5 votes
    12y

    WOW!!..thanks for the insight!!!...hopefully I will have a list simular to your soon...thanks for the inspiration!!!!

  • Real Estate Investor · Chicago, IL · Member since 2011 · 18 posts · 13 votes
    12y

    Top Ways I have found deals...

    1. Bandit Signs

    2. Other Bird Dogs

    3. Other Wholesalers

    4. MLS/Realtors

    5. Personal Network Referrals to Sellers

    6. Craigslist

    7. FB Forums - People post deals

    8. FSBO Signs

    9. Professional Network other RE Professionals

  • Real Estate Investor · austin, TX · Member since 2014 · 57 posts · 7 votes
    12y

    Larry,

    Thank you for posting. It's exciting for me to hear you still feel like a newbie. That is what i like about REI...it never gets old! There is always another fish to catch.

    By the way, I am a "real" newbie.  I think you've done really well for such a short amount of time.  How did you learn how to invest in RE?

    Daniella Ortiz

  • Flipper/Rehabber · North, NJ · Member since 2014 · 91 posts · 23 votes
    12y

    @Larry Turowski Wow that sounds very impressive. I found my properties just using brokers websites. Boring but has worked so far. I will use some of the strategies you mentioned in the future though.

  • Investor/Realtor · Hoover, AL · Member since 2010 · 1k+ posts · 459 votes
    12y

    Found most all on MLS back in the good old days!!(2008-2012)..Times changing with lots of competition, so networking more effective today..

  • Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
    12y

    @Daniella Ortiz How did I learn?  Three things (can you tell I like lists?):

    1. Networking. I went to a local Real Estate Investment Association (REIA). This is by far the best way to learn. You can learn what other people are doing, what they consider a good investment, how they find properties, how they manage rentals, etc.

    2. Education.  I bought a $1200 package on flipping.  In hindsight I could have gotten most of this information from here and elsewhere.  But still, it got me going.

    3. Doing It!!!  My first house was an inexpensive 2br rental.  I had learned through networking that I could fix it up, put a renter in it and sell it for a profit.  This was just before the meltdown in 2008.  What happened is I fixed it up (for way too much money), put a renter in it, and couldn't get rid of it.  I sold it 2 years and lost money--maybe even after factoring in all the rent (I didn't keep good records).

  • Robbie ReutzelBusiness Member
    Real Estate Broker · Shirley, MA · Member since 2014 · 305 posts · 211 votes
    12y

    Great job Larry.  Keep it up!

  • Nashville, TN · Member since 2013 · 31 posts · 3 votes
    12y

    OK, this is wonderful!  But, how are you getting funded for all this?  I'm curious to learn about funding opportunities...

  • Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
    12y

    @Juliette V. Good question. I have an advantage of having a HELOC that I have been able to draw on. he goal is for the money I earn on flips to make up for the money I leave into rentals after the mortgage. I do not want to be bleeding my HELOC and savings away. That is what allows me to make strong cash offers.

    In reality that hasn't quite happened, but I still have a day job and live frugally.  I've still been saving over the past 6 years.  That has helped me maintain by funds so I can rinse and repeat.

    If you have no cash now and no access to funds then the strategy is building up that cash.  What is the fastest way you can do that?  

    You might want to try wholesaling.  Maybe you could partner on deals that you find.  Or maybe if you make a lot of money you need to concentrate on saving and maybe doing extra work on the side to build up, say 20% to 30%, of the cost of property in your target area.

    Hope this helps!

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