Finding Off-Market Deals in Small Markets

House Hacking
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Finding Off-Market Deals in Small Markets

Wyatt Kolka
Member since 2026 · 1 post · 5 votes

I’m working toward buying my first property and plan to house hack it while doing a fairly heavy renovation. I have a construction background, so I’m comfortable taking on projects that need significant work.

The challenge I'm running into is that my market (Northern Michigan / Petoskey area) has extremely low inventory. Most properties that hit the MLS are already renovated or priced in a way that doesn't leave much room for a value-add deal.

Because of that, I’ve started focusing more on finding off-market opportunities. I’ve already spent some time driving for dollars and have thought about reaching out directly to owners of properties I’m interested in or trying direct mail.

For those of you investing in smaller markets with limited inventory, are there any other strategies you’ve found effective for finding off-market deals? I’d especially be interested in hearing what tends to work best in tighter markets where properties don’t turn over very often.

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Alfath AhmedBusiness Member
Real Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
6mo
Quote from @Wyatt Kolka:

I’m working toward buying my first property and plan to house hack it while doing a fairly heavy renovation. I have a construction background, so I’m comfortable taking on projects that need significant work.

The challenge I'm running into is that my market (Northern Michigan / Petoskey area) has extremely low inventory. Most properties that hit the MLS are already renovated or priced in a way that doesn't leave much room for a value-add deal.

Because of that, I’ve started focusing more on finding off-market opportunities. I’ve already spent some time driving for dollars and have thought about reaching out directly to owners of properties I’m interested in or trying direct mail.

For those of you investing in smaller markets with limited inventory, are there any other strategies you’ve found effective for finding off-market deals? I’d especially be interested in hearing what tends to work best in tighter markets where properties don’t turn over very often.


 You will most likely have to look at a different midwest state. I personally like to invest in Columbus, OH. Ton of inventory, land-lord friendly state, and there is a ton of tech companies like Intel, Amazon, and Google are investing here. 

I've got 28 rental units. I have a team of 4 employees that help me source deals from cold-calling and texting. We get data from county auditor, skip-trace and are usuablly able to find a ton of good deals.

[email protected]614-802-5698
ReafCo | Ahmed Group 530 Reviews
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  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    6mo

    Best bet is contacting the owners directly. There is various ways to do so. Mailing is handy but it's a volume game and takes time to convert. A direct way is cold calling or sending texts out. This takes following up, systems and making those reach outs but it's direct. Door knocking can possibly be another. The most direct way but that's scary to most. I think picking up the phone and calling owners would work. Tell them you are a first time buyer looking to purchase and build that relationship.

    0Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    6mo
    Buying in lower demand times of the year (I.e. winter) and looking for properties that have sat on the market 60-90 days
    [email protected]
    Brick House CPAs53 Reviews
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    0Reply
  • Rick Albert
    Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
    6mo

    Hey Wyatt,

    A couple of thoughts:

    1. Are there any fixers above your price range that have been sitting on the market? Maybe they will take a price reduction?

    2. Complete long shot, but with the FHA 203(k) construction loan, I've heard you can take a 5 unit and combine two units, making it a fourplex. I heard about this from a 203(k) expert but never seen it in practice.

    3. Are there areas just outside that might work? As people get priced out, they have to go somewhere. That strategy has worked extremely well for me here in Los Angeles.

    4. There is value in move in ready properties. You save time, money, carrying costs, and vacancy. I understand the idea of "value add" but when you run the numbers there may not be that much value actually added. I would consider those that have been sitting on the market and negotiate a far better deal. 

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    6mo
    Quote from @Wyatt Kolka:

    I’m working toward buying my first property and plan to house hack it while doing a fairly heavy renovation. I have a construction background, so I’m comfortable taking on projects that need significant work.

    The challenge I'm running into is that my market (Northern Michigan / Petoskey area) has extremely low inventory. Most properties that hit the MLS are already renovated or priced in a way that doesn't leave much room for a value-add deal.

    Because of that, I’ve started focusing more on finding off-market opportunities. I’ve already spent some time driving for dollars and have thought about reaching out directly to owners of properties I’m interested in or trying direct mail.

    For those of you investing in smaller markets with limited inventory, are there any other strategies you’ve found effective for finding off-market deals? I’d especially be interested in hearing what tends to work best in tighter markets where properties don’t turn over very often.


     Start networking with local agents also.

    If you're local, how many locals do you know?

    How many of them know what you're looking for?

    How can you effectively remind them consistently to keep you in mind when they hear someone might be selling their home that needs updating?

    [email protected]248-209-6824
    Logical Property Management4.9458 Reviews
    WebsiteView Page
    0Reply
  • Dominic Magallanez
    Investor · San Antonio, TX · Member since 2026 · 43 posts · 10 votes
    6mo

    I was going to add but these guys stole the words from my mouth! Love to see this sharing of knowledge

    0Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 924 votes
    6mo
    Quote from @Wyatt Kolka:

    I’m working toward buying my first property and plan to house hack it while doing a fairly heavy renovation. I have a construction background, so I’m comfortable taking on projects that need significant work.

    The challenge I'm running into is that my market (Northern Michigan / Petoskey area) has extremely low inventory. Most properties that hit the MLS are already renovated or priced in a way that doesn't leave much room for a value-add deal.

    Because of that, I’ve started focusing more on finding off-market opportunities. I’ve already spent some time driving for dollars and have thought about reaching out directly to owners of properties I’m interested in or trying direct mail.

    For those of you investing in smaller markets with limited inventory, are there any other strategies you’ve found effective for finding off-market deals? I’d especially be interested in hearing what tends to work best in tighter markets where properties don’t turn over very often.


    Totally get the frustration with tight markets like Petoskey. A lot of out-of-state investors I work with pivot to Midwest markets, where you can still find undervalued, off-market properties that allow for real value-add. Driving for dollars and direct mail works, but having boots on the ground who know the neighborhoods, local agents, property managers, and even contractors, can help you uncover deals before they hit MLS. It’s all about building a network and getting in front of sellers early, especially in markets where inventory is scarce.
    [email protected]614-418-6081
    0Reply
  • Alfath AhmedBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
    6mo
    Quote from @Wyatt Kolka:

    I’m working toward buying my first property and plan to house hack it while doing a fairly heavy renovation. I have a construction background, so I’m comfortable taking on projects that need significant work.

    The challenge I'm running into is that my market (Northern Michigan / Petoskey area) has extremely low inventory. Most properties that hit the MLS are already renovated or priced in a way that doesn't leave much room for a value-add deal.

    Because of that, I’ve started focusing more on finding off-market opportunities. I’ve already spent some time driving for dollars and have thought about reaching out directly to owners of properties I’m interested in or trying direct mail.

    For those of you investing in smaller markets with limited inventory, are there any other strategies you’ve found effective for finding off-market deals? I’d especially be interested in hearing what tends to work best in tighter markets where properties don’t turn over very often.


     You will most likely have to look at a different midwest state. I personally like to invest in Columbus, OH. Ton of inventory, land-lord friendly state, and there is a ton of tech companies like Intel, Amazon, and Google are investing here. 

    I've got 28 rental units. I have a team of 4 employees that help me source deals from cold-calling and texting. We get data from county auditor, skip-trace and are usuablly able to find a ton of good deals.

    [email protected]614-802-5698
    ReafCo | Ahmed Group 530 Reviews
    WebsiteView Page
    1Reply
  • Kerlous TadresBusiness Member
    Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
    6mo
    Quote from @Wyatt Kolka:

    I’m working toward buying my first property and plan to house hack it while doing a fairly heavy renovation. I have a construction background, so I’m comfortable taking on projects that need significant work.

    The challenge I'm running into is that my market (Northern Michigan / Petoskey area) has extremely low inventory. Most properties that hit the MLS are already renovated or priced in a way that doesn't leave much room for a value-add deal.

    Because of that, I’ve started focusing more on finding off-market opportunities. I’ve already spent some time driving for dollars and have thought about reaching out directly to owners of properties I’m interested in or trying direct mail.

    For those of you investing in smaller markets with limited inventory, are there any other strategies you’ve found effective for finding off-market deals? I’d especially be interested in hearing what tends to work best in tighter markets where properties don’t turn over very often.


    Hey Wyatt, 

    I would look into different forms of marketing, like meta/Google Ads, mailers, etc. Happy to let you know what we're doing and how I can help you get more leads

    [email protected]614-490-1163
    Kerlous Tadres | Reafco Real Estate540 Reviews
    WebsiteView Page
    0Reply
  • Ken M.
    Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes
    6mo
    Quote from @Wyatt Kolka:

    I’m working toward buying my first property and plan to house hack it while doing a fairly heavy renovation. I have a construction background, so I’m comfortable taking on projects that need significant work.

    The challenge I'm running into is that my market (Northern Michigan / Petoskey area) has extremely low inventory. Most properties that hit the MLS are already renovated or priced in a way that doesn't leave much room for a value-add deal.

    Because of that, I’ve started focusing more on finding off-market opportunities. I’ve already spent some time driving for dollars and have thought about reaching out directly to owners of properties I’m interested in or trying direct mail.

    For those of you investing in smaller markets with limited inventory, are there any other strategies you’ve found effective for finding off-market deals? I’d especially be interested in hearing what tends to work best in tighter markets where properties don’t turn over very often.

    Off market is the easiest way to find good terms and houses that need repairs. It helps to be trained to know what to look for, but consistency in looking plays a major role.
    0Reply
  • Joshua Whitaker
    Investor · Houston · Member since 2026 · 12 posts · 2 votes
    6mo

    Wyatt, you’re thinking about this the right way, especially in a tight market.

    When inventory is limited, the biggest shift is moving from “finding deals” to “creating opportunities.” Driving for dollars and direct outreach are both strong starting points, especially in smaller markets where relationships and consistency tend to matter more than volume.A few things that have worked well for us in tighter markets:

    • Targeting properties with clear signs of deferred maintenance (even minor ones) and tracking them over time rather than expecting immediate results
    • Following up consistently — a lot of deals come from the 3rd, 4th, or even 5th touch
    • Building relationships with local contractors, property managers, and even mail carriers — they often know about properties before they ever hit the market
    • Looking for estate situations or long-term owners who may be open to selling but aren’t actively listing

    One thing I’ve also noticed is that in smaller markets, the barrier isn’t always finding properties — it’s getting to the right people and having enough information to act confidently when something does come up. Out of curiosity, are you focusing more on direct outreach right now, or still testing different channels to see what gets traction in your area?

    0Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    6mo
    Quote from @Wyatt Kolka:

    I’m working toward buying my first property and plan to house hack it while doing a fairly heavy renovation. I have a construction background, so I’m comfortable taking on projects that need significant work.

    The challenge I'm running into is that my market (Northern Michigan / Petoskey area) has extremely low inventory. Most properties that hit the MLS are already renovated or priced in a way that doesn't leave much room for a value-add deal.

    Because of that, I’ve started focusing more on finding off-market opportunities. I’ve already spent some time driving for dollars and have thought about reaching out directly to owners of properties I’m interested in or trying direct mail.

    For those of you investing in smaller markets with limited inventory, are there any other strategies you’ve found effective for finding off-market deals? I’d especially be interested in hearing what tends to work best in tighter markets where properties don’t turn over very often.

    You should be looking at the midwest markets. Easy entry, high inventory and a stable growth rate

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
    WebsiteView Page
    0Reply
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