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
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