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Discover Real Estate Deals by Driving your Neighborhood!

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Education & Training

Many Real Estate Investors state that their market is so competitive they can't find any good deals.  The key is are they doing as much as they can to generate leads to find these great deals?  Have you ever heard of the expression...."Driving for Dollars"? Well, it can be true and driving your local neighborhoods could lead to that next golden deal or homerun!

That next deal could be right around the corner. The key is you have to have more ways to generate leads and locate deals than just relying on your Realtors to work their magic and have those special deals pop into your inbox each morning. Now I know at times we all have a few super hero Realtors that bring us great deals. These super hero Realtors just have their capes tucked in their shirt or blouse as they fly through neighborhoods looking for those little gems that we can make an offer on.

No matter how easy that may seem, that is only one way or just a small sliver of the deal pie if you will. What are some of the other super slices in finding a great deal on real estate you ask? Well, here it is folks! Get out and drive your neighborhoods! If you really want to maximize your effort be sure to get as many bird dogs helping you as possible. These bird dogs may be able to sniff out your next deal by just going about their daily routine as well. When they find you a deal you like you can pay them a nice finder's fee. If you can't call it a finder's fee in your area, maybe it can be called a marketing fee that you pay them for serving up those tasty and profitable deals.

You and your bird dogs want to find deals that are not listed in the MLS by a realtor. Your realtor should be finding you those deals and if they are not then we will have another chat about finding the rock star Realtors you need. The deals you are looking for are as follows:

1. For Sale By Owner (FSBO) - some homes might even offer Owner Financing. You may say, well I have never seen that! - I sometimes have seen FSBO signs read on the sign "Owner Financing Available".

2. Distressed Properties:

Question: How do I spot these distressed Properties Joe?

Answer: You look for over grown grass, vacant homes that you can see through windows, notices placed on windows, burnt grass in summary and unshoveled snow in Winter (weather applicable), over flowing mail in mailboxes, phone books and newspapers on steps, etc.

3. Word of mouth - get to know the neighbors?  Tip: Watch for the moving curtains!  Neighbors often might say I see nothing - just like Sgt. Schultz from the TV show Hogan's Heroes, but neighbors really see everything! 

4. Go to garage and yard sales - maybe 1 out of 5 of these people having garage sales are considering moving or selling their home.  Learn about it before it gets listed!  Often they garage sale warriors often know about other in the neighborhood and might be able to share with you unlisted houses!  


The key to finding that next deal is to find it before someone else does. By driving the neighborhood we can learn so much about an area and we never know when and where we might discover that next deal. It like looking at the green lawn and seeing nicely stacked $100 dollars bills that say hello, I am a great deal if you open your eyes and see me but you also need to take action make an offer and have an exit strategy to be able to pick me up at your local bank when you cash your check from this profitable deal.

Go make it a great day.  Good luck. Believe and Achieve! :) - Joe

Show All Comments Sort:
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Joe,

 

I’m a firm believer in driving neighborhoods. All the computer work in the world won’t make up for seeing an area in person and finding a deal.

Sep 14, 2015 03:58 AM
Joe Jurek
Orlando, FL
Real Estate Investor

Hey David,

You are so right, take action and drive for those deals.  Believe and Achieve! :) - Joe

Sep 14, 2015 05:01 AM
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Being out in our "territory" is really sales 101..doesn't matter what kind of sales we do. 

Sep 14, 2015 11:22 AM
Doyle Davison
Hawaiian Beaches /Hawaii - 714-968-6767 - Huntington Beach, CA
30 years as your Concierge broker

I used to drive around and view homes all the time on my Harley until it was scammed off me on craigslist. I think its a great idea. I have bought two of my own homes just by drive-bys..

Sep 14, 2015 11:41 AM
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

There are so many things we can do staying close to our neighborhoods ... even open houses bring prospective sellers checking us out at our open houses. 

Sep 14, 2015 01:55 PM
Joe Jurek
Orlando, FL
Real Estate Investor

Hey Karen, Doyle and Diana thanks for the feedback and additional thoughts.  Have a great day!  Believe and Achieve! :) - Joe

Sep 15, 2015 01:30 AM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Every time we have a garage sale it seems we have an agent show up, act like he is shoping then start casually discussing real estate.  I find it funny.  When they find that I am a broker and we are not selling they go quick.  

Sep 16, 2015 07:03 AM
Joe Jurek
Orlando, FL
Real Estate Investor

Hey Gene, that is so funny even agents know our little secrets about checking out the garage sales. I would love to see them run for their cars.  Good luck and have a great day! Believe and Achieve! :) - Joe 

Sep 16, 2015 11:17 PM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Anyone point out to you that 'bird dog fees' are against license law?

Sep 17, 2015 12:29 AM
Joe Jurek
Orlando, FL
Real Estate Investor

Most real estate investors get paid a "marketing fee" or "administrative fee" for working with other real estate investors for these type of deals.  An Attorney licensed in the State of Illinois can provide advice on the law of Illinois and how to structure payments that real estate investors make to independent contractors assisting them with marketing efforts for their business.  A CPA can also provide guidance on issuing annual 1099s to Independent Contractors based on payments they receive .  Believe and Achieve! :) - Joe Jurek, CPA  

Sep 17, 2015 12:50 PM
Deleted Account
Fort Myers, FL

Great tips!  I have always driven through neighborhoods, but I need to go to more garage sales!

Sep 21, 2015 06:02 AM
Joe Jurek
Orlando, FL
Real Estate Investor

Hey Willaim, thanks for the post.  Garage sales can be like finding gold !  Good luck and have a great day. - Believe and Achieve! :) - Joe

Sep 22, 2015 03:53 AM
MaryBeth Mills Muldowney
TradeWinds Realty Group LLC - Braintree, MA
Massachusetts Broker Owner

Keep in touch with your past Clients and they will assist in scouting your neighborhoods too!  

 

Oct 10, 2015 12:02 AM