Atlanta, GA · Member since 2016 · 24 posts · 2 votes
I trying to figure out different tactics to find sellers. Direct marketing looks expensive right now, until I can get a property to sell. Without money to really invest right now, what are other ways to find sellers and get them to call me?
Real Estate Investor · Lake Jackson, TX · Member since 2016 · 149 posts · 49 votes
9y
Large scale direct marketing can get expensive. If you have more time than money create the letters yourself. Hire nephew/niece to write letters and mail them off. Writing letters on your lunch break. Without the funds it's work, but it works!
Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
9y
When things get difficult, even when wholesaling, you need the ability to close. Without funds, I suggest you're not ready to play in this high risk form of REI.
Atlanta, GA · Member since 2016 · 24 posts · 2 votes
9y
I see your point and I understand the risk. I'm a law enforcement officer I take risk everyday from either getting killed or even sued. But I know there have been people that started REI without the necessary funds and I want to know how they did it . If you don't know, can you point me in the right direction of somebody that does know. If what you say is true then there should not be articles on this site saying that one can. I'm just trying to get other perspectives.
Real Estate Investor · Lake Jackson, TX · Member since 2016 · 149 posts · 49 votes
9y
Large scale direct marketing can get expensive. If you have more time than money create the letters yourself. Hire nephew/niece to write letters and mail them off. Writing letters on your lunch break. Without the funds it's work, but it works!
Investor · Santa Rosa, CA · Member since 2012 · 127 posts · 90 votes
9y
Reginald Dillard save and study! If your in the game for the long haul you have time.
Find mentors! Start proving to them your in this to stay and your in it to win!
Network! Over time people will take you serious, and then you can start to locate private funds.
In the meantime figure out how you will handle calls from your marketing efforts. If you can't close a sell, there is no reason to market!
Learn your market! Know your market like the back of your hand! People need to trust you with their assets and also need to trust that you bring great deals.
You will find your way if you make a decision that this will take time and do something to achieve your goals every day!
To your success bud!!!!
Atlanta, GA · Member since 2016 · 24 posts · 2 votes
9y
I understand and that makes a lot of sense. Learning to invest is like learning a new language. It takes time, practice and patience. But thanks for the feedback..
Real Estate Investor · Buffalo, NY · Member since 2013 · 227 posts · 318 votes
9y
Hey @Reginald Dillard there is plenty of ways to start getting deals under your belt without a lot of money. If I were you I would buy 100 bandit signs for $85 and put them up in my target neighborhood. Next, I would drive my target neighborhood searching for abandon properties and handwriting yellow letters to each of those addresses. Then, I would attend housing court hearings on house violations and record all of those addresses and mai the owners yellow letters. 80% of my time would be spent on the above activities and 20% on learning the 5 skills needed to be a pro at wholesaling. They are marketing, estimating repairs, contracting, appraisals, and negotiations. Good luck!!
New Brighton , MN · Member since 2016 · 18 posts · 9 votes
9y
Hey @Reginald Dillard getting started with no/ low money can be tough but you're right, it has been done!
I am going to piggy back off of what @Jessica A. Smith said because she makes a great point. You can write letters yourself that would be more personal than having them mass printed and would cost you way less. I am going to take it one step further though. Since you are a law enforcement officer you will be able to know the area better then a lot of other people because you work in the neighborhoods and see houses that could be potential deals every day. I would take look at the "Driving For Dollars Bible: Finding Distressed Properties and Marketing" blog post. This is a way you can find the properties you that you can market to and you can find these properties while on the job!
Tacoma, WA · Member since 2015 · 141 posts · 29 votes
9y
Market for homes made in the 70s and 80s. That way you know the house was built to code then, vs foundathounless houses with tube and knob. Finding houses that are vacant in a hot market like Seattle is almost impossible. They almost do not exist and if they did..would be torn down and a new larger house put in its place. Can anyone suggest calling the electric utility for a list of addresses with power shut off? That would speed things up. Or if the postal service has addresses that is does not send mail to, could that suggest the house is abandoned?
Atlanta, GA · Member since 2016 · 24 posts · 2 votes
9y
Thanks @Zach Romashko and @Jose Flores for the input I really do appreciate the advice. It's funny that Zach mentioned me knowing about the neighborhoods because of my line of work. I was actually looking for homes that looked vacant and I did find one. I know in the Atlanta area, they are strict about bandit signs.
East Stroudsburg, PA · Member since 2016 · 52 posts · 41 votes
9y
You're a cop so you obviously drive around a lot. Pay closer attention to the vacant sand abandoned properties on and around your beat. Then you're actually getting paid to search for properties. Driving for dollars is definitely the way to go on a low budget. Especially if you can do it on the clock. Then you're actually getting paid to do it. I deliver furniture all throughout the northeast so I find myself paying closer attention to my environment now. Hope it helps but I'm just a newbie and offering my two cents
Oklahoma City, OK · Member since 2015 · 96 posts · 55 votes
9y
Investors are always looking for properties at a discount. A lot of competition is great for wholesalers but not for investors. Show them how to flip that model on it's head and allow them to be part of a wholesale machine!
In competitive markets, you need to get creative!
Be a problem solver and you'll be successful.
Go to your local REIA and meet investors. Partner with one or two. They pay for the direct mail, you do the closing and they get dibs on some of the houses... (you need to determine a way to a good split... - like they get every other closed house or something like that. If you show that you can acquire houses for cheap... they will give you more money that you know what to do with!) Or maybe you split the leads that come into a central phone number - a lot of ways to work it out.
Driving for dollars is also a great way to get houses, too.
Or partner with cash buying investors... as they are renovating their houses, ask to put bandit signs on their properties with your phone number. You can partner with them on the contract if you are able to close something (a finder's fee)
Integrity is so important in this real estate game... make sure you pay out if you do any type of incentives like that and you will get people coming out of the woodwork to collaborate with you on partnerships. Use something like Podio so that that can see what is happening with payouts.
Speaking of which, you can pay people on a commission basis to lock up contracts for you or just find potential houses that may be targets for wholesaling.
Wholesaler · Denver, CO · Member since 2016 · 40 posts · 18 votes
9y
Dear Reginald: Just one more thing. With the advice given you WILL find a deal. But when that happens you must be ready to act and act fast. You need a partner with cash, and a similar motivation, who will split profits with you. Steve Hickox.
Rental Property Investor · Atlanta, GA · Member since 2014 · 807 posts · 274 votes
9y
Hey @Reginald Dillard you should tell everyone you meet you are looking for properties. You'd be surprised at the referrals you'll get.
You can try reaching out to For Sale By Owners and For Rent By Owners marketed online to see if you can secure a deal that way. I actually got my first deal from a FSBO my virtual assistant contacted on Zillow.
The idea of bandit signs that @Jose Flores suggested can work too although I've done bandit signs to market for sellers (usually in weekend campaigns for a variety reasons) and only get a handful of calls.
Lastly, since you're likely already driving around a bit in your day job, driving for dollars in the neighborhoods you patrol might not be a bad idea. Basically write down the addresses of any seemingly vacant properties, find the owner's mailing address and either handwrite them a letter or send them a postcard letting them know you're interested in the property. You can usually find the mailing address looking on the tax assessor's website.
Hey @Reginald Dillard you should tell everyone you meet you are looking for properties. You'd be surprised at the referrals you'll get.
You can try reaching out to For Sale By Owners and For Rent By Owners marketed online to see if you can secure a deal that way. I actually got my first deal from a FSBO my virtual assistant contacted on Zillow.
The idea of bandit signs that @Jose Flores suggested can work too although I've done bandit signs to market for sellers (usually in weekend campaigns for a variety reasons) and only get a handful of calls.
Lastly, since you're likely already driving around a bit in your day job, driving for dollars in the neighborhoods you patrol might not be a bad idea. Basically write down the addresses of any seemingly vacant properties, find the owner's mailing address and either handwrite them a letter or send them a postcard letting them know you're interested in the property. You can usually find the mailing address looking on the tax assessor's website.
Join a local REIA (Real Estate Investors Association). This will introduce you to like minded individuals and allow you to get to know who some of the players in your market are. As with anything in Life investing in real estate requires knowledge. Once you have the knowledge the rest of the road blocks like lack of funds can be overcome. I would suggest that you listen to a lot of the podcasts and also read a bunch of the blogs. You may want to go to your local library and check out a few real estate books as well. If you fail to invest in your education you will pay for the lack of knowledge through the school of hard knocks. Good luck to you. Education first before investing.
Investor · Smyrna, GA · Member since 2015 · 75 posts · 12 votes
9y
@Reginald Dillard Hey Bud, if you are looking to get started wholesaling with very little money we can help. send me a pm or go to our site and connect. There are a ton of ways to get started with little to no money out of pocket. If you are hungry and committed you can be successful
Real Estate Investor · Desoto, TX · Member since 2013 · 560 posts · 528 votes
9y
1) Be rich on time when your money is short. Time is money. Just look at how many people trade it everyday (me included). 2) With your "paper stacks" of time, educate yourself, find people who have money, find deals, put the two together. 3) Whatever you are doing that has you in a position of no money, Stop It Now!
Investing without money is a myth. Someone has to supply the money. It may not be you, but someone has to supply the money :)
Before I forget, reach out to David Greene (former PD) and listen to his podcast.
I highly recommend reading, "The Richest Man in Babylon". I fully understand the salaries that we public servants must live on, but I'm afraid I have to agree with @Daren H. You must, above all things, pay yourself first! Also, realize that you can use this years RothIRA contribution to invest and put it back in later. This is assuming that you have one. You could also get a HELOC on your house...another assumption. I'm just trying to show you that you can be creative with your finances.