Advice for driving around looking for deals? - Posted by carson

Posted by Darkside on March 29, 2006 at 19:54:09:

Perhaps you missed the last sentence in marc’s post. It read: “flip and make money!” Your buyers provide the money. You flush out more deals.

Hakuna Matata,

Darkside

Advice for driving around looking for deals? - Posted by carson

Posted by carson on March 28, 2006 at 20:53:20:

I have concluded (i think) that driving around could be the best way to start wholesaling even though I?m a realtor. With REOs etc. they typically have a pretty high earnest money requirement. Also, none I?ve seen up in Minnesota are assignable so that means id go the LLC route. The way i see it, driving for deals seems to be one of the more proactive ways to find them plus it doesn?t cost anything but gas for the most part. I need to start making $$$$ ASAP! so i would like to make an offer a day…

-So, what advice could you give to a newbie when driving around neighborhoods looking for problem properties/owners?

I know i should be looking for vacant properties, but its winter so no overgrown grass, but there?s no snow on the ground, so no un plowed drive ways.

-Are there any other things i should keep an eye out for?

-Also, How do you suggest i contact the owner? Mail or call?

Anything else? Any help you can offer is greatly appreciated!

Thanks

Re: Walk, don’t drive. - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on March 29, 2006 at 22:09:17:

Driving costs too much and you will only get to see what everybody else sees. Walk it’s cheap and healthy. Call on everybody. Give them a card, and ask if they know anyone who wants to sell. Every once in a while you will run into a little old lady who knows all. She will be worth the effort.

Re: Advice for driving around looking for deals? - Posted by Marc Donovan

Posted by Marc Donovan on March 29, 2006 at 18:52:33:

OK Carson,

I’ll tell you what I look for. Boarded up. Curly shingles. Paint coming off. Lawns high. Fences falling down. You name it. Any kind of disrepair may indicate a motivated seller. Notice I said “may” - could just be lazy and don’t give a dam (sic - apparently this is a dirty word here - but I dont give a %^$@&*!)

Don’t forget though that you are looking for motivated sellers, not properties to buy. Its easy to forget…

When you drive somewhere, go the back way - different path each time. If you see something like this, knock on the door and ask if they are interested in selling. This works for listings and for purchases. Although Im not an agent, I do know it works for listings because I was raised by someone who was and she did this very well.

Just remember there’s many ways to find motivated sellers. This is just one method and it does work for me.

FSBO’s …list them and sell them - Posted by brandoncbsre

Posted by brandoncbsre on March 29, 2006 at 04:32:53:

Put that license to use and make some money. Build up cash pile and start investing.

Re: Advice for driving around looking for deals? - Posted by stan

Posted by stan on March 28, 2006 at 22:49:36:

Carson,

I keep seeing your posts on this an other board, asking such basic questions. It is obvious you have no cash, no credit, no knowledge and no experience. Yet you need to make money today!

Here’s your dose of reality. While it is possible to make it with a little money and no credit, it is extremely difficult. Something the gurus glide by in their enthusiasm to sell you their course. This can be overcome with a lot of knowledge and experience, but again, it is still difficult.

You need to read, read, read. Study everything you can in books and these archives. Don’t post until you have some knowledge and are ready to act.

When that time comes, there will be help available to you. Right now, you are merely wasting everyone’s time requesting help when you are not yet capable of performing.

stan

Re: Advice for driving around looking for deals? - Posted by Pat

Posted by Pat on March 28, 2006 at 21:34:06:

We do it all the time. It’s caled “creative wandering”. Every trip to town or to run an errand takes us by properties for sale. We take the numbers and record them and every trip we take is deductible! We even buy one once in a while.If you’re in this business for any length of time you’ll find evry deduction counts. “Creative wandering” let’s you kill several birds with one stone.

Re: Advice for driving around looking for deals? - Posted by carson

Posted by carson on March 29, 2006 at 09:25:25:

I can certainly see why you would say this, and i know i dont have all the knowledge i need, but i probably know more then I let on. I have read a few books, and 1 course on wholesaling and Ive had the same problem with all of them. Theyre too vauge in some areas.

I would like more help on a situation then “drive target neighborhoods and look for vacant homes, call them and see if they want to sell”

This particular question I was just wondering if anyone has anything that works well for them. specifics, tips, tricks, and advice for driving neighborhoods.

Re: Advice for driving around looking for deals? - Posted by george

Posted by george on March 28, 2006 at 23:26:04:

Carson,

Stan is giving you good advice. Real Estate investing is a tough way to make it, especially if you have no cash or credit.

Over 95% of the people who buy courses, seminars and boot camps will not succeed. What do you think the odds are for a person without knowledge? Almost impossible.

I’ve been around for a lot of years and I’ve seen them come and go by the thousands, in our local real estate club as well as this and other boards. This is reality.

People will be glad to help you in your attempt to beat the odds. But you got to do your part and do some serious studying. When you have a better understanding, you will find willing helpers on this board.

Re: Advice for driving around looking for deals? - Posted by marc

Posted by marc on March 29, 2006 at 09:14:33:

don’t do “creative wandering”. that’s insane. specifically go out and look for exactly what you are trying to find. that is vacant, abandoned houses that look like they need repairs. find at least 20 or 30. look up the owner on the tax records and give them a call. offer them all cash and a fast closing. put them under contract with $100 earnest money. flip and make money!!!

Re: Advice for driving around looking for deals? - Posted by rebeccax

Posted by rebeccax on March 29, 2006 at 11:31:38:

Bravo, Carson!! You handled that slam very diplomatically; much more politely than some. I can’t disagree or agree with what stan wrote, but he say’s you’re wasting everyone’s time by posting questions with so little knowledge. Did stan think his slamming added any more value to us readers than your questions?? NOT!

Keep your chin up; I don’t mind your questions at all… that is what this board is for.

Rebecca

Re: Advice for driving around looking for deals? - Posted by solo

Posted by solo on March 29, 2006 at 13:19:18:

“…give them a call. offer them all cash and a fast…”

Offer them ALL CASH ?

Easier said than done!
Could you explain to me how I can do this considering that I dont have no cash to offer ?..

thanks

solo

Re: Advice for driving around looking for deals? - Posted by Matt

Posted by Matt on April 03, 2006 at 01:10:17:

I completely agree. Everyone should feel welcome here regardless of how basic the question. My goodness, at least Carson is not sitting on his ass watching TV and he shows some enthusiasm.

Re: Advice for driving around looking for deals? - Posted by Redline

Posted by Redline on March 30, 2006 at 01:10:22:

You can offer cash … other peoples cash.

RL