I’m just starting and I’ve been driving for dollars I hear a lot about mls but never found the source
Driving for dollars should give you leads but then you need to get online to County records and see who the owner is. If the owner and resident aren’t the same then you have a Landlord situation and you can reach out to the Landlord and see if they want to sell. Or you can always buy a list from Listsource or similar sites. But my question to you six once you have a lead what’s your next step? Listen to some of the BP Podcasts there’s lots of great info from guests who have done it.
@Frank Hinck once I get the lead I get into searching for a contact I get in touch and kinda freeze from there I definitely need to network but again I’m just starting but I’m learning as I go
Here is an outline & some tips:
1. Start with the local registry of deeds; call them and ask them if they publish a list of foreclosures. If they do ask them how you can go about getting it.
2. Once you get the list, sign up for whitepages.com this is an easy service to sign up for and use; it will allow you to get phone numbers to addresses.
3. Develop a script to call these people and talk to them about their situation and see if you can meet with them to discuss a sale of the property to avoid foreclosure.
4. Send these folks a handwritten letter as well.
5. Another source of distressed property: Zillow.com, filter for 'Bank Owned' property.
Additionally, I am a huge advocate of working backwards... I am now a full time investor, but before making the transition I worked on developing a process for how I was going to handle deals; building a 'back end' has made me much more efficient. I hope this helps!!! Feel free to message me if you think I can assist further.. Have a great 4th!!!
@Shayanna Lee MLS is the Multiple Listing Service. This is where real estate agents list the properties that are for sale. Personally I advise wholesalers to stay away from these properties. You are looking for off market deals. MLS IS the market, so anything there is considered ON market. You also want motivated sellers, these people are typically not motivated. They have nice properties that they want to sell for top dollar.
@Shayanna Lee Motivated sellers all have some kind of pain point. Find the pain point and you find the motivation.
5. Delinquent Taxes
7. IRS Liens/City Liens
All these and more are examples of pain points and causes for motivation.