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Founder of REO Note Profits
SUE NELSON'S RECENT BLOG POST
Places to Find Yourself a Deal!
It is always difficult to find the right deal at the right price. This is a terrific market where there are some stellar deals out there, but I know it gets frustrating to some of you as to where to uncover these deals. I know that I may be apt to find more deals than many of you because once you have a proven track record deals begin to come to you. People know you can close and it makes it easier to find deals. However, you need to start somewhere. If you have not done your first deal yet, you need to start creating that reputation as someone who can close. This is a good thing. I know you might not think that now, but the truth of the matter is, if it was that easy everyone would do it and there would be no good deals left! So look at it as an endurance race. Also figure this, you have to kiss a lot of frogs to find the real prince of a deal, and that is just the way it is.
Having said that, it is always important to look in lots of different places to find a good deal. We cannot just look in one place, we must get the word out there that we are looking for deals and get our deal flow coming to us. First and foremost, it really is about creating relationships. This is a networking business, so we need to cast out a net so that we can have deals coming into out pipeline.
So without further ado here are my top ten places to find a great deal…. Number… one…
- Real Estate Brokers – Start creating relationships with brokers. (We could do a top ten alone on how to find and create relationships with brokers!)
- MLS yes there are great deals on the MLS, think about searching key words like “REO, Bank owned, Pre-foreclosure and Foreclosure… etc…
- Wholesalers – There are a lot in our network and at the REIA’s. They can make finding the deal EASY….
- Attorneys – Real Estate Attorneys, Foreclosure attorneys, probate, Asset protection attorneys…. ETC Call them up and offer to help. They may even have an investor or two they can put you with!
- REIT’s – Real Estate Investment trusts, typically buy property in bulk and will have a few properties that do not fit their investment criteria. Don’t let them get stuck with deals they don’t want, Lend a hand!
- Loopnet.com – There are hidden gems on loopnet.com, though there are not always many, but consider putting in a lower offer and looking for FSBO’s (For Sale By Owner).
- Direct Mail – My students are getting an amazing, sometimes double digit response from mailing direct to sellers.
- Other Investors who can’t close – Save their deal for them! Now you are a hero. Give them a finder’s fee, or keep them in the deal.
- Asset Managers of Banks or special services – We all know right now that banks are the biggest motivated sellers in this market. See if you can meet some of these very special people.
- Word of Mouth – Tell everyone what you are doing and that you are looking to buy property. Make a property scout out of everyone you know!
I just realized that I really should have done a top twenty list for this one, as there are hundreds of places to find your next goldmine of a deal! I will come back to this one over the year as it is a fun topic, however this should get many of you pointed in the right direction, and remind many of you to Never Give Up and to continue to leave no stone unturned. I will say that I have gotten at least one deal from each of these avenues.
So get out there and find yourself a deal, because NOW is the time!
All of the Best!
READ WHAT PEOPLE ARE SAYING ABOUT SUE
“I totally agree with what you said about if you know what you are talking about, you speak the lingo and the PDF you have as a part of your kit is terrific, as for asking the right questions and if you have some confidence when talking to brokers. I have never been asked for proof of funds, ever! If you talk to them and tell them what you want, it’s amazing! They will do anything for you!”John from TX
I went through the book, circled, underlined, and highlighted and I completely get that there is so much love in that book. It was so clear to me and it is like you’ve done it with your heart in it.”