19.3 C
New York
Saturday, June 15, 2024

How to Find an Incredible Real Estate Deal: 10 Tried and True Methods

Must read

90 percent of the world’s millionaires generated their wealth from real estate investment.

So, you’re on the right path to wealth if you’re planning to invest in real estate. However, like all other investments, real estate carries different forms of risks. So, if you’re not careful, you may end up losing money.

To hedge against this risk, you must learn how to find an incredible real estate deal.

As a beginner, it’s only logical to ask “how to find these deals?”

Read on to discover 10 tried and true methods to adopt.

1. Join A Real Estate Investors Club

As a beginner, it’s logical to see other real estate investors as your competitors. Yet, this isn’t always the case as you can work together and create a different win-win scenario. Besides, these experienced investors will mentor you and help you avoid real estate investing pitfalls.

That’s why you should consider joining a real estate investors’ club. As a member of this club, you’ll get information fast on various real estate deals near you. Besides, you’ll get insights on how to raise money to invest in real estate.

You want to get practical ideas on closing property deals quickly by having financing ready. Also, you’re seeking tips on how to evaluate various investment properties to know the ones to purchase.

2. Invest In A Lead Website

To get the best real estate deals, you should consider investing in a lead website. The idea is to have an online platform where you invite people to sell their homes to you. To reach out to as many people as possible, you must learn how to increase your website’s visibility.

You want to make it easy for people looking to sell real estate properties to find your website. Besides, make lucrative offers on this website to attract the best deals. One simple strategy you can adopt is making a cash offer for homes.

You may, however, feel it’s too early for you to invest in a lead website as a new real estate investor. In this situation, consider other lead generation options, such as working with a professional company. Also, check out resources like Amplify My Business to learn more on how to get leads for great real estate deals.

3. Drive For Dollars

Driving for dollars involves driving around your target area looking for vacant properties. Although this sounds a bit strange, it has been proven to work by many real estate investors. The reason is that many people own homes that they no longer use and don’t know what to do with them.

And that’s why these owners don’t list the houses for sale. For it’s to you as a real estate investor to prompt them to sell the property. And given they don’t have an interest in the property, they’re highly likely to offer a lucrative deal.

So, to explore this option, you must learn how to identify vacant properties.

To help you out, here are some of the signs of vacant and abandoned houses:

  • Newspapers piling over on the doorstep
  • Long and unkempt grass and lawn
  • No curtains and blinds on the windows
  • Code violation and foreclosure signs on the door

So, once you notice these signs the next step is to seek information on who owns these vacant/abandoned properties. You want to get their contact details to reach out to them and make an offer on their properties. 

4. Use The Internet To Find Distressed Home Sellers

To make quick cash, you need to learn how to find distressed home sellers. These are people often facing a foreclosure on their properties and need to sell them fast. Due to urgency, these people are willing to offer the houses for less money than their market values.

So, to find these distressed house sellers, you need to learn how to use the internet. The idea is to find the top online platforms that these people use to list the houses for sale. So, look for a website that notifies you once a distressed property has been listed.

The idea is to move in fast and snatch this property from the market before other real estate investors.

5. Network With Top Realtors

To get tips for amazing property deals, you must learn how to network with top realtors. The reason is that these experts often get first-hand information on people looking to sell their homes. And in some instances, these people don’t want to list their properties publicly.

So, the realtors will help you reach out to such home buyers to convince them to sell their properties to you. To avoid things going sideways, ensure you have a mutual agreement with the realtors on how you’ll compensate them for the property deals tips. Besides, don’t go behind their back and purchase the property without their knowledge.

Understand you need them for the long haul, so you must build trust.

6. Direct Mail Marketing

The other way to find great property deals is by using direct mail marketing. With this strategy, you’ll need to come up with a comprehensive list of the target group. The group involves absentee landlords and people facing bank foreclosures.

If you have a hard time coming up with this list, consider buying it online. The great thing is that there are many companies offering these lists for sale. So, all you need is to reach out to the top company, and it provides you with a relevant list of people to target with direct mail.

Once you get this list, the next thing is to craft an engaging marketing message. You want to send out a message persuading these people to sell their rental properties or homes to you. Besides, you must track your results to know whether this strategy is working or not.

So, list down the number of mailings you send out, the telephone calls you receive, and the property deals that you close.

7. Work With Local Real Estate Wholesalers

Work with local wholesalers to avoid the heavy lifting of searching for great property deals. These companies act as intermediaries between the house sellers and the buyers. So, they do all the hard work of searching for distressed house sellers and connecting them with the buyers.

Besides, the wholesalers handle the legal work and negotiate with the sellers in many instances. So, by working with them, you’ll significantly reduce your workload. The key thing is to communicate with these local wholesalers your expectations.

Make them know the specific kind of real estate properties you wish to acquire. Besides, find resources that educate you more on how real estate wholesaling works.

8. Attend Auctions

The other way to get great property deals is by attending auctions. You can do this through online private auctions and government auctions. The online private auctions are conducted by banks selling homes their foreclosed.

So, look for online platforms that help you participate in these private auctions. The idea is to acquire undervalued houses and flip them making huge profits.

The government auctions can either be a tax or a foreclosure sale, and these auctions are done at the courthouse. So, you need to find out who is in charge of these auctions in your county. Besides, attend several auctions without bidding on the properties being auctioned to learn how they work.

9. Let Your Friends Know You’re Looking For Great Real Estate Deals

Most new real estate investors don’t realize they can rely on their friends for tips on property deals. They assume because these people are not in the real estate field, they don’t have access to this information. Yet, this is inaccurate as people talk and share their plans with friends and relatives.

Most likely, before even listing a house for sale, a person will share this information with people close to them. And in turn, these people will share these details with other people. So, if you’re smart, you can tap into these interactions to get tips fast on people planning to sell their homes.

You want to reach to these people and help them avoid the hassles of listing the houses by offering to buy them. And by assisting them to avoid the listing costs, they’re likely to offer you a great property deal.

10. Use The Newspapers

In this digital age, it’s hard to imagine people still listing their homes in the newspapers, yet they do. That’s why you should take advantage of the newspapers to find great property deals. The trick is to know the specific period when many people list houses for sale.

Besides, you can also use the newspapers to place an advert that you’re looking for property deals. You want to invite people planning to sell their properties to contact you for a deal.

Find A Great Real Estate Deal To Boost Your Returns

To increase your profits as a new investor, you need to learn how to find a good real estate deal. So, rely on the above tried and proven methods for finding great real estate deals. Start with the simple things, such as joining a real estate investors club.

And with time, move on to more advanced techniques such as investing in a lead website.

Please see our other articles for more Business, Finance, and Technology content.

More articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest article