Posted by Matt-OH on March 17, 2001 at 07:22:14:
BillW,
Thank you very much for the details, this gives me a lot better direction in which to go. Your help is greatly appreciated! Thanks again, Matt-OH
in search of the great deals…HELP!!! - Posted by Matt-OH
Posted by Matt-OH on March 15, 2001 at 11:24:42:
This is to anyone out there who can tell me about how they are finding some of the greatest deals I’ve seen. I just want to know from different people around the country, how they are finding their deals. I am still new to REI and have read several books as well as made many visits to this site, but it helps to hear from people on exactly how they are finding great deals out in the real world!!! Just so you know, I’m am looking to start in buying, fixing and selling-either having the buyer get bank financing or seller-financing through me. Or possibly in flip deals. If anyone has input on using that to start with let me know too. I know there are many ways to get started in REI, I’m almost overwhelmed at times with the vast knowledge and experience of people on this website and in books I’ve read and how each one is doing different things to succeed. Anyway, enough rambling on…can anyone help me! Thanks in advance for any info anyone can provide.
Matt-OH
leads - Posted by Sky
Posted by Sky on March 21, 2001 at 21:30:09:
I’ve received a few good leads from a free website service. It’s a good place to start. Check it out www.uslandco.com
Re: in search of the great deals…HELP!!! - Posted by BillW.
Posted by BillW. on March 15, 2001 at 15:36:38:
Matt, Here’s a few.
- Desperate motivated sellers.
- Vacant run down housing.
- Bank owned repo properties.
- Out of state owners.
- Tired landlords with bad tenants.
That should keep you busy for a while.
BillW.
Re: in search of the great deals…HELP!!! - Posted by Matt-OH
Posted by Matt-OH on March 16, 2001 at 08:06:41:
Thanks for the input BillW, it will help me out, but can you explain in further detail how to go about doing some of these methods, or specifically how you have found these types of properties. Thanks a miilion.
Matt-OH
Re: in search of the great deals…HELP!!! - Posted by Rose
Posted by Rose on March 16, 2001 at 24:18:44:
I am studying Carleton Sheets programs and am new to market also. Here are some details on how I do some/all of the above. I am more into foreclosure properties. Search on foreclure word, it will bring all kind of websites related to foreclosures. Just by browsing you will find all kind of info. Check at county offices for foreclosures in your area.
Go into realestate websites like www.Johnlscott.com (which is one of them I like in my area) and search on properties to analyze market in different locations. If you see houses need fixing, been in the market long time, hard to sell, TLC, job transfer, divorce (meaning any motivated sellers or rehabs etc…), I do follow up on it.
I found a house on a foreclosure board where owner placed a message that he wants to sell his house (preforeclosure), I am actually working on this right now.
Exciting…have fun.
finding the deals - Posted by BilLW.
Posted by BilLW. on March 16, 2001 at 14:10:35:
Matt, you asked for it, OK here it is.
- Locating desperate and motivated sellers:
Think of things that increase motivation. Moved and now making 2 payments. Job loss. Divorce. Someone died and left someone some property (probate). Find these people. Draw them to you with your ads and referral network. - Vacent, run down property. Drive around and keep eyes open.
- Bank owned repo’s. Call banks. Many are listed by real estate agents. Get in with an agent who can find one for you.
- Out of town owners. Search tax database for your area at county recorder’s office. Look for mailing address of owner that is out of the area.
- Tired landlords with bad tenants. Again look at the county database. If you have capability, run only multi-unit zoning databases. This will give you a list of landlords. Look for out of town owners. Drive through these areas and look for problems. Run down apartments, dead cars, trash, vacant buildings, etc. You’ll know them when you see them. Take a picture and send it along with your letter. Headline on letter “Mr landlord, do you know what’s happening to your property?” This gets them to call you. If drugs are involved, police may be able to pressure landlord to do “something”. That something may well be to sell to you (cheaply). Then you, working with the police , clean out the “problems”.
In general though, whichever path you work on, make offers. Keep moving.
Possibly one of the MOST important things you can do is to build a network of referral people who feed these deals to you. I cannot stress this strongly enough. There is just no way you can do everything yourself. You need eyes and ears out there for you.
BillW.