Posted by David Garcia on February 09, 2004 at 21:52:42:
Try:
- Newspaper ads
- Thrifty nickel ads
- Business cards
- Court house (lis pendens)
- Drive around your self and ask neighbors who owners are of vacant homes.
David GArcia
How Do I find deals ?? - Posted by mister mane
Posted by mister mane on February 09, 2004 at 15:43:14:
Ive been going crazy driving up and down neighborhoods for the last week and taking pictures, I just sent a list of vacant properties to a SKIP TRACER to locate owners of properties.
I must admit its been a really busy week just looking at properties and I am really exhausted .
Just curious, What methods do you guys use to find ALOT of deals with killing yourself like I am ?, Becuase all this driving around-stuff is really tiredsome and could quickly kill my motivation …
PS- all GOOD methods on finding alot of bargain deals w/o killing yourself to death are appreciated , I was considering contacting bank owned reo departments , But everybody says if you try contacting them, to actually get transfered to the rightt department well take hours -or- you woul need to know somebody on the onside to get a cut of the good deals they have in the reo’s department
Re: How Do I find deals ?? - Posted by del-ohio
Posted by del-ohio on February 10, 2004 at 17:18:20:
Couple thoughts and ideas you might find useful.
- If you have spend an entire week looking at properties you should be ready to write offers. Write a couple offers and you will probably feel better.
Are you hiring a skip tracer for ALL the properties, or just the ones you cant find at the auditors office, in person or online?
What kind of properties do you want, anything thats a good deal? cosmetic fixers, major rehabbers?
What are you planning on doing with the property once you have a contract? flip to an investor? fix up and sell? fix up and rent out?
If you answer the above questions it will be easier to give better answers to your questions.
How do we find a LOT of deals you ask?
Our method goes against what most people espouse on this site but works great for us.
Method one; We pull the HOMES guide when they first come out. Circle all the properties that look like they are distresses or have distressed owners. Items such as overgrown grass in the picture or other signs of poor maintainance or unoccupied. We also look for words like fixer upper, needs tlc, needs upgrades, must sell, immediate occupancy etc etc. I circle these, and pick five or six of the most appealing looking ones, call the realtor and have him email me the listing sheets and comps on them. I do a drive by of the properties and then set up an appointment with the realtor to look at the properties. During the walk through I find out any information I can from the realtor and make notes of what repairs are needed. Sometime I make offers right away, sometimes I go back to the coffee shop and crunch my numbers then call the Realtor to write up an offer on one or a couple of the properties. You can make one offer, give them 24-48 hours to respond so you dont have to wait very long, you can counter or write on the next house. You can write seven offers a week if you have a 24 hour offer response deadline.
Method Two, We call a realtor and have her show us the five best bank reos that have been on the market for more than 60 days. We do a similar process, on these you just keep submitting the same offer every three weeks until the property sells to someone else or to you. Banks will always drop their price if the property doesnt sell, sometimes they drop them fast sometimes verrrrrrrrry slowly but at some point if you consistently keep offereig the odds are VERY good that they will drop to meet your offer. There are a few reasons for this I wont go into now.
Method Three, if we see a FSBO sign for a property that needs rehab we stop and try to make a deal, purchased 2 FSBO this way.
Other methods, we purchased THREE properties at auctions, ONE at sheriff sale, ONE we partnered with a rehabber who needed funds for a major rehab on a house he owned. In this same one year period we purchased FOUR bank Reos, the rest of them were purchase through regular MLS non-reo.
We are in North-East Ohio and we have not had problems finding profitable deals.
Hope this helps
Del-Ohio