Needing insight on how to find properties,foreclosures

7 Replies

Hi, I am new to this business and have been trying to get into wholesaling before I try anything else. I am curious is to how to find a lot of the properties when they are fresh? I know a lot of people that do this in my area and they get the good deals..I know a lot of it is experience but I am needing some info. I have trulia downloaded and check craigslist and other obvious avenues. Thank you for any input.

Welcome to wholesaling Zach!  It's good that you're taking action.  Do you have any money for a marketing budget?  If so then you could do a direct mail campaign to absentee owners & put out bandit signs (know your codes though).

If you are doing this on a shoestring then search the free sites, Craigslist, Backpage etc...

Good luck 

@Zach H.  

As @Roland Paicely  said, if you have a marketing budget then you can send out yellow letters or postcards to a targeted list. You could also drive for dollars, taking down the addresses of vacant properties in an area that you would like to target and pursue those leads. There are a variety of different strategies that can be used to find leads, just keep reading through the forums on the site and you should get lots of information about this. I am wholesaling in the  South Chicago and surrounding suburbs myself, so if I can provide any help just reach out.

@Zach H.   there are a ton of ways to find deals. There are lots of threads here so do a search. I believe there is a blog post of 101 ways to find deals (something like that)

Here are a few

  • pre foreclosure 
  • foreclosure auction
  • REO
  • Vacant houses
  • Tax default properties
  • estates
  • code violations
  • direct mail

Good luck - Ned

Yes there are numerous ways but it takes some creativity and perseverance....I started on a shoestring budget so I searched websites that scan multiple website posting all at once like searchtempest.com  and searched for motivating keywords to find sellers and even landlords.  I would get my local paper and call all the fsbo or for rent ads.  I went to my county and got a print out of code violators, tax delinquent properties, and absentee owners.   The thing is you never really know where a deal will come from so you have to just put things in motion.

There really is a gang of things you can try you just have to sit and list all possible avenues and see which ones seem the most realistic for you and your budget.  @Zach H.  

@Zach H.  

Welcome to BP!  People have already given some great suggestions.  In addition to the forum posts and blogs, the podcasts are also extremely informative.  There are several that come to mind that deal with wholesaling and lead generation, here are a few links:

http://www.biggerpockets.com/renewsblog/2014/10/09...

http://www.biggerpockets.com/renewsblog/2014/07/31...

http://www.biggerpockets.com/renewsblog/2014/07/03...

I share the links because in addition to the actual audio, there are great links and content on the pages.

@Michael Quarles is a master on this topic, and he has a company that can help you get started generating leads, I would definitely reach out to him.

@Larmon Cummings Jr mentioned driving for dollars.  This is a great way to get to know your local market.  Your wholesale deals will be a lot more attractive to investors if you know your market, comps, dollars per square foot, etc...  Finding vacant or properties that aren't well cared for, looking up the info on your county property appraisers website and sending them a handwritten note offering to buy their property would be a great first step.

Good luck!

@Zach_H.  

Also, BP Podcast #42 is pretty interesting.

864-326-5111

Thank you all so much for you very good input!! It is nice to be able to ask questions with so many great minds to answer. Thanks again, I am going to sit down and really take all of these idea into consideration and find what works.

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