What are the best ways to find deals?
Finding deals is how you become a successful real estate investor. The more awesome deals you can find, the more money you can make. There are different ways to make money with those deals, but you almost always make the money when you buy, not when you sell. I have been successful because I have multiple ways I get deals. I am also flexible and always looking for new options. Finding awesome deals is also the best way to attract partners or lenders. If you can find great deals, you can usually find money to help you buy them.
This training is made up of videos, text, and additional exterior resources. I also included a checklist on how to find deals at the very end. It is important to have multiple channels to find good deals, but you also do not want to try to learn everything at once. I encourage you to go through all the material once. Then go back through the material that interests you the most, and focus on a couple of ways to find deals. As time goes on, you can slowly add more ways to get deals and build your business bigger and bigger while at the same time making it more resilient to market fluctuations.
Goals for this training:
- Decide if you should get your real estate license if you do not already have it
- How to find an awesome real estate agent if you are not one yourself
- Learn how to buy from the MLS, even if people tell you it is impossible
- Learn what auction sites to watch and how to use them
- Learn the tricks to getting good deals on HUD homes
- Learn the tricks to buying short sales and REOs
- Learn how to buy off market properties
- Learn how to find wholesalers to buy from
- How to network and build a reputation to get great deals
How have I been able to buy so many flips and rentals?
I will flip 30 houses this year and buy rental properties as well. Whenever I buy a house, I make sure I get an awesome deal as soon as I buy. I never buy a property hoping it will appreciate to make me money. It is tough finding deals, especially in a hot market like we have now in most of the country. There are many investors all over the place. Many of those investors will tell you there are no deals anymore, there are no foreclosures, and you are wasting your time trying to find them. They are wrong! I have bought houses this year from:
- MLS (multiple listing service)
- Direct marketing
- For sale by owners
While it is true REOS (foreclosures) are down, you do not need to buy REOs to get a great deal. I did not buy one REO this year, although I did buy a short sale and a house from the local trustee sale. Buying REOs was the old way to make money in real estate. There are many motivated sellers on the MLS and who do not have their house listed who are much easier to buy from than banks.
While it is true that it is tougher to get deals now than right after the housing crisis, that does not mean it is impossible. You can get deals from the MLS if you know how to make offers and what houses to look for. I bought more than half my flips from the MLS this year.
Wholesalers can be an awesome resource if you find the right wholesalers. Most wholesalers are a waster of time, but if you can find the few good ones out there, they can make you a ton of money.
Direct marketing is scary for many people. Where do you start? How much money do you spend? How many letters do you send? Who do you send them too? If you do it the right way you can get many deals that are not listed and have very little competition.
I teach all of this in this course.