How do investors find real estate deals? There is no magic wand to land deals. It takes effort and consistency. The various avenues of real estate all require landing a property deal and none comes automatically. Be it fix and flip or buy and hold, the search for a property is a battle to be fought.
Of course, you can be fortunate at times and spot a property just right for you but in most cases, it’s difficult especially when trying to land your first deal.
The difficulty that comes with landing a property maybe half solved if there is enough capital. However, when you are into real estate wholesaling, the budget can be tight, and getting a property that sells low and does not require excessive repair cost can be a nightmare.
In getting a good property deal, there are two major approaches; the online approach and the offline type. The three major methods we will consider fall under both categories. To begin with, let’s start with driving around.
Nothing beats this old but effective method. If you go back in time, you no doubt would see how many real estate investors used this method to land not just their first deal but many after that. Under the category considered earlier, this will be categorized as an offline approach.
If you are into wholesaling, chances are you are starting with very little capital and you are hoping to land a deal without spending too much. So this method is just good for you. From your little capital, fuel your car and drive around town hunting for a seller.
When out on a drive, hunting, let your focus center around distress properties. These types of properties are suitable for you as a wholesaler or if you are venturing into fix and flip. Contact the owners of these types of properties and put your negotiating skills to use.
In some cases, where the contact information of a property is not available, some go-ahead to knock on doors in such areas.
The newspaper is another brilliant way to get property deals. You can purchase a newspaper advert and state what you do. Something as simple thing as ” I buy Properties” could work the magic.
When placing an advertisement in the newspapers, the goal is to reach people through a trusted channel that gives you access to a larger audience. The downside to newspapers is that it may not be far-reaching as the internet, but the kind of individuals that would likely sell distressed properties are likely to be older folks who still subscribe to newspaper editions on regular basis. The newspaper approach would count as an offline approach for the most part except if the news agency makes these same content alongside the adverts available in printed form for the internet user.
The name may sound strange to a new investor but whatever idea you may be getting is correct. This is a fully online approach to land a deal. In this modern age of technology, the world has gone digital. Auction.com is a platform for real estate investors both new and big guns. It works for all types of real estate investment. If you are looking to sell or buy, there is an opportunity for all.
The standard listings are available as well as other avenues of spotting a choice property. There are residential properties across the country right there on Auction as of commercial types.
One of the numerous perks of using this reputable platform is that you can take part in its simple auction process, get help on what to do every step of the way even after you’ve won an auction. You can get access to foreclosures and bank-owned properties.
The high traffic on this platform means you can sell faster and also spot choice property from the large volume available.
By and large, use any method most convenient for you. If you wish, a combination of approaches is not a crime. You can combine two or three approaches to land your first deal, and every other one after it.
In a later post, I will describe how to get access to local auctions. There are lots of golden nuggets to be found there as well.
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