What are some suggested practices to find off market deals for a personal investment?
Is it better to network with wholesalers or go ahead and find lists yourself to cold call, text, direct mail, etc?
Where can I find legitamite lead lists?
Hello Michael. Yes. To all of that. The more lines you have out the more fish you will catch. Don't be afraid to get in the car yourself and drive for dollars. If this house is vacant, knock on the neighbors door. Someone knows something. Good luck!
Hey Michael, I’m currently looking for off market deals also. Like @Jon Schoeller mentioned, I drive for dollars also. I also advertise “subject to” deals or “mortgage assumption agreements” for people facing hardships that might be behind on their taxes, divorce or whatever the case may be. I haven’t closed on any deals with this strategy yet but have sat down with a few homeowners and talked about their needs and expectations. Hope this helps
@Michael Bonanno if you have free time, drive around your neighborhood and look for distressed properties. You can either mail them or knock their doors. The best way to find off-market deals is to pull out one from online sites like Listsource and start mailing to them. I follow the below criteria for my list and you can use too. Hope this helps.
Wholesalers can be a good source as well as listed properties if you look for the right ones.
You can also purchase lists with different motivations like absentee owners, 60-90-120 days late on mortgage, pre-foreclosure, delinquent taxes, water cutoff, code violation, evictions, probate, divorce, etc. and mail or cold call.
Other methods are driving for dollars, door knocking, wholesalers, craigslist, Realtors, FSBO sites, expired listings, put out bandit signs, billboards, newspapers, other offline publications.
You can use pay per click/adwords, website with SEO, facebook, Linkedin, Youtube, and other forms of online and social media marketing.
If you have a big budget you can do radio, TV and billboards. Lots of bigger outfits do well with these mediums.
Lots of great answers here. Definitely start networking locally and meeting wholesalers. I met another one recently. Get yourself out there.
Thanks for all the advice!
@Michael Bonanno Always beneficial to find your own deals - that way you are in the driver's seat! Yes, much more work involved, but if you can take the time to learn strategies and put them into practice consistently, it will be very worth your while.
Plus, sadly today, it can be dangerous for a beginner to know what a good deal is, much less from a wholesaler who wants to make a deal happen. You must be able to independently verify all information - or you may be a victim of what I have heard called "the greater fool theory". Not saying that all wholesalers try to 'pull one over' on folks, (although I have seen it personally!), but at the least, they will cast the best light on the numbers - and I can't blame them for that. That said, anyone buying any deal, direct from a homeowner or from a 'wholesaler' better know their numbers - get help with that if you are new.
This BP forum is a great resource, but I also find a lot of good info on what I call YouTube University. True, not every idea is worth implementing but pick the ones that seem to make the most sense, and that you have the resources for and TEST the strategy, then MEASURE your results. You'll find that tracking your results is very helpful in knowing where to spend your time and money in the future!
Thanks to all who posted good info above - I gave you all a Vote for good content! But, my faves were @Ehsan Rishat and @Greg Dickerson