Only two ways to find sellers: Pound the payment or market to them. One cost your time (time=money) the other costs hard cash.
Either way it costs, ain't nothing free.
If you are looking to minimize your cash outlay, pound the pavement (study up on what to say first).
Just throwing this out there (personally, I've not done this but that's only because I am a procrastinator by heart and I'm not sure if wholesaling is something I want to get into) but if you don't want to pound pavement you could also go to real estate sites (like Zillow, Redfin, etc.) and call FSBO's and Rental properties.
Get a script (I'm sure you can find free ones on here at BP) and call For Sale By Owners (FSBO) if the house is already selling for less than the homes around it and it looks like it needs work. The problem I've had with this is that 90% of the homes I've seen are nice and are being sold for top dollar.
The better route is calling the rental homes because it's likely that the landlord has other properties that they might be willing to sell. The obstacle with this is many of the homes for rent are through property management companies and if you want to haggle with them to get the owner contact information - Good Luck.
My current approach is this (but it is costing me some money initially): I've gotten my real estate license and I'm going to work part time as an agent. My plan is to learn through the firm on cold calling and generating leads. Then when I come across leads that aren't a good fit for traditional selling I will try to work them on my own as either a wholesale deal or try to snatch them up myself through owner financing.
I am currently waiting on my licensing application to go active then I have a couple more hoops to jump through (orientation at my local Realtor's Association which is also the same entity that manages my local MLS which I need access to in order to hunt leads) and a orientation at my firm. Once all of that is done, I'm going full force ahead at my strategy.
I guess it's all up to you. I have a friend that has found great success in cold calling rental leads on Zillow, Craigslist and Redfin. He's much more of a go getter than me. I'm more of a "get my ducks in a row and have a strategy" kind of guy. Which is why wholesaling has caused me more frustration than anything else. I don't like calling people without having anything to back me up and since I don't have money I feel like having a license will at least give me some credibility. Probably means nothing to the seller but it makes me feel better just thinking about.
HOpe that helps.
Drive for dollars.
Thanks guys, I've been driving for dollars and I made a list of all of the fsbo's in my area. Great suggestions!
The problem with driving for dollars is you still have to either mail, skip trace and call, or knock on the door. Which are all cheap options but may take some time to get a bite. I'm not discouraging you at all. I think you should do a combination of all of the above. It all depends on how much time/money/drive you have and how far outside of your comfort zone you're willing to get.
Just remember - Always Forward. That's my new mantra.
Nothing is free, cheap is a relavent term.
Driving for dollars, probate leads, divorce leads, absentee owner lists, bandit signs, word of mouth, calling on fsbos and Craig's list adds, etc are all options. I am not a proponent of some of these, just providing a non complete list of possibilities.
Where do I find divorce and probate leads at?
At your county courthouse in Laramie County. Or grab a current copy of the Wyoming Tribune Eagle and in the classified section look under Legal Notices...
You can also research where Pre-Foreclosure's are listed in the newspaper and make offers on these houses. Try another market. I'm guessing Wyoming doesn't have as many deals as LA.
Calling FSBO ads is absolutely amazing if you enjoy spending time talking to unmotivated sellers with little equity.
I suggest cold calling for sale ads on craigslist and asking them if they or someone they know would be interested in selling a property anytime soon.
Cold calling sucks but after the 100th one you'll have nerves of steel and with the right scripts you'll start filling up the pipeline.
Lists I would cold call on Criagslist "For sale" section:
- Yard sales
- Garage sales
- Cars for sale (look for junkers)
There's more you can call but the one's listed are the best.
PM me for the script if you'd like.
That craigslist list is perfect, exactly the type of list I am looking for! Thank you Lakeem Anore!
And Dave Ramirez I will see if I can get the pre foreclosure list from the paper Also! I'm sure that there are more deals in a bigger city, if my state isn't producing enough deals I will definitely look into a bigger city.
@Talon Smith I had a VA read the obit section in the Eagle/Tribune and then search the county website for property ownership. I then mailed the property address with a yellow letter. I didn't do a deal but switched my approach to my local area. I had good leads but it takes time. You need to figure it will take at least 6 months and should plan to do it for 2 years. It will pay-off in spades if you keep it up. DO NOT give up.
I've always had pretty good success with calling FSBOs, but also try calling management companies in your area. Ask if they've got any owners that are tired of their properties or are looking to retire. You can't call just once though. You need to call them a couple times a month to keep your name fresh in their mind. Go see them. Take them to lunch. If you know a realtor, ask if they can pull you a list of expired listings. These were properties that were either overpriced, or in poor enough condition that someone didn't want them. They could be motivated so go knock on their door and see if you can have a conversation. The key to all of it is just consistency and doing the work. Don't stop