Where Do You Guys Find These Deals??????
I need help I have done alot of research on REI but its just difficult to actually find deals. WHat am I doing wrong? I got investors with hard cash and credit standing by but I just cannot seem to find any deals! Can anyone point me in the right direction?
Move out of CA....just kidding I feel your pain.....deals are very hard here and the competition is tough....cant wait to hear the replies from others on this.......I work ver hard at finding stuff and it is not nearly as fruitful as other posters get..........
Why dont you try the absentee owners
in your area. There is a goldmine right in your backyard! This is what I want you to do. Contact a local title company and ask for a list of all the out of state owners in Azusa and send out 1000 letters asking them to sell you their house. I guarantee you will find some deals!
Best Riches,
Jeffrey Adam
_________________
"The only place success comes before work
is in the dictionary."[ Edited by JeffreyAdam on Date 03/30/2004 ]
What aspect of REI are you into (foreclosures, rehabs, etc..)? And what have you done so far to try to find these deals?
When I got started looked in the want ads for sellers. I got some great deals from the newspapers. From the closings got the cards and names of r.e. agents who would work with an investor. After that word of mouth kicked in because I could close the deal. So, do what ever it takes, newspaper, I Buy Houses flyers, cards etc... It soulnds like you have the money to close a deal , once you close one or two the word will be out and people will start sending you houses. to look at.
Yes! You guys make alot of sense. So basicly start making offers to adds in the newspapers right!
A question about absentee's? Well as you were talking about title companies I have not heard much of them can someone give me an example or a lead?
As you can see, I am a novice investor with confidence and motivation, in which I already have investors to invest in my ideas. Its just my first move I got to make. If anyone is interested in doing business with a novice investor I have investors that would be interested in some good deals. Thank you guys for responding!
How you guys do it? One letter, then second letter, then follow up call? What the best sceme? :-?
You really need to educate yourself first. If you wanted to be a dentist, you would go to school right? Well guess what, most investors I know make more than most dentist!
I would recommend going to this site and purchasing Ron Legrands Cash Flow System. Go to Shop and then Consignment. I would also recommend buying John Locke's subject to manual.
This will teach you how to deal with owners and taking over existing financing.
In terms of the letter campaign, some of my best deals have come from letters.
I would recommend continuing to send them monthly to your targeted area. I refer this as your "playing field". Another tactic is to research their phone number on the internet and call them direct offerring to take their rental properties with the tenants! There are all sorts of programs on the internet that will help you locate peoples phone numbers.
Try http://www.anywho.com just for starters.
Best Riches,
Jeffrey Adam
_________________
"The only place success comes before work
is in the dictionary."[ Edited by JeffreyAdam on Date 03/30/2004 ]
if you dont mind distance, i found some right on this site in the property section
If you're conservative like I am.... Fact is, it takes a long time to find the right deal. It's taken me as long as two years to find the right property. However, the #'s are great. Be patient- it's worth the wait.
look E4rr, the answer to finding deals is to be doing something no-one else is doing. The absentee owner postcard campaign is an excellent one, unless some-one else is working the same list.
Buying property at the foreclosure is an excellent method-- unless there are too many people in your area doing the same thing.
Look at the top of the page, the idea here is to be creative. If you don't have enough experience to be creative on your own then find someone more experienced to partner with. You have a valuable piece of the real estate puzzle, access to money. If you have any one piece of the puzzle then there are other people who are looking for that piece who will be willing to do a deal with you.
This also lets you move out of your own over-heated market place (we have a similar problem in chicago) and go to places where the market has more openness.
As a creative middle man I am always looking for either odd properties in need of creative solutions or investors who can understand a deal which is not a cookie cutter of a thousand other deals. It is not necessary for you to master all the pieces before you can start. Find someone who's looking for what you got. Find someone else who's looking to get rid of what you want. In the end that's the whole deal
mark
Hi everyone. Question about absentee owners. Are you talking about out of town owners or abandoned properties? I was able to get a list of out of town property owners from the county assessors office as well. Wish I would have thought of the title company. Probably would have been much cheaper. Thanks for the tip JeffreyAdam.
Brett
I have used the county tax assessor's office to find my list of out-of-town owners. Try to get them to "give" (it's probably not free) it to you on a disk that you can download into a database program and use it with mail-merge on postcards. Twenty-three cents is much better than thirty-seven.
Another idea is to speak with your top-notch realtor team member and ask him or her to search the MLS for deals that have been listed in the past x number of years (two seems reasonable) that have not sold. Get in touch with those owners. You might be surprised what you find. Have you realtor also look for FSBOs that have not sold.
8-)
[addsig]
this question is for JeffreyAdam,
when asking titile company to find out absentee owner like you mention, do we have to address the question to someone specifically who are in charge of the list, would they give it away like that or is there any charge involved, if yes how much?
thanks
Greenwich:
To answer your question. The key is to establish a relationship with a reputable title company. What you want to do is contact one in your area and find out who the local rep is. Call up this rep, and tell them you are an investor who wants to start purchasing title insurance
from their company. Ask them what type of rate they will give you. See if you can negotiate to pay no more than 65% of
base rate with no sub-escrow. You also want to purchase with a binder. Ask them if they have a program you can use to run property profiles, comps and do
"farm packages". If they say yes, immediately take them to the fanciest
restaurant in town for lunch as this will
be the key to your success! They will provide this service for free as long as you purchase title insurance from them.
Best Riches,
Jeffrey Adam
[addsig]
Jeffrey,
Thank you for the reply, it helps a lot.
Though I have some confusion on the approach, because right now I'm still in birddog stage, so when you say 65% base rate I'm little confused. I know this would be a different topic, but would you mind if you could explain me what it means on how the process of title company charge people. Just give me the general idea if you're would.
Thanks you
bayu
e4rr23,
I am a beginning investor as well, but I have found many prospects. Haven't set any deals as I'm in the letter phase but things look good. If you are looking into rehab (whether holding or selling after) I recommend driving around in the area you are looking at and looking for vacant properties. Also, telling people you know that you are serious about this and what you are looking for and offering them something for giving you leads. This works much better than I ever thought it would and I am barely starting with only a few people looking for me.
I personally am focusing on wholesaling with a possible rehab and sell in mind and I am in the la area so if you like i could add you to my list of buyers that i wholesale to (although im not sure how to do that legally on here yet).
Ah lovely Azusa. A to Z, USA, what a clever idea for a town, and what a town.
You do not need to go anywhere else right there is more deals then you can ever handle. Now is the time to play King of the Mountain. King of Azusa.
My suggestion is just take the Real Estate Examination. and park your license with some over the hill nice old coot who is tied to the MLS., then you get the Retran Service. Get a nice big 19 inch flat monitor and new glasses.
For Owners who are elsewhere. There is a way to pick your area of interest in the MLS and then feed in a request for the Owners who are away and push a button and out they come with mailing addresses. Also the addresses of the properties and on the quick tax run enough information to know the property.
You mail in three sets. First. Hello I want to buy your property blah blah. Second, I did not hear from you and taxes are going on and on and there is no return on paying taxes, just the pleasure of supporting a bunch of polititions in Wash D.C. Come on call me. I await.
Third, some no good man is trying to play right of adverse possession. please call me this could be serious. Of course you and I know that that person is YOU. Now that should keep you busy. Next, I want you to run the NOD's in your area, That you get from Retran. Those I want you to knock on doors. The area is close to the No 10 Fwy but slightly North and thus not too active and few intense door knocking Investors. You become that person and you pass out cards until you think your thumb is made of cardboard.
So grind away. The market is ripe it is soo high that value is a word no longer in use. Does not mean you should stop, no no ride the up market. You can always with your group of investors, just grap, cure the foreclosures and rent out. The rental market is insane so enjoy it.
Have fun, one of my favorite places.
Lucius
8-) 8-)
"I was able to get a list of out of town property owners from the county assessors office as well. Wish I would have thought of the title company. Probably would have been much cheaper. "
"I have used the county tax assessor's office to find my list of out-of-town owners. Try to get them to "give" (it's probably not free) "
About how much should I expect this fee to be? And if it is more expensive at the assessor's office,do I just call a title company, explain what i'm looking for and ask what they would charge me?
Is that common, or would they think weird of me and hang up?[ Edited by Alexis on Date 04/03/2004 ]
Greenwich:
Title companies charges are derived based on a percentage of the purchase price. If you do repeat business with a Title Company, they will give you a break and charge you 65-70% of what they would normally charge. This can add up to big money if you are doing
multiple deals.
Best Riches,
Jeffrey Adam
_________________
"The only place success comes before work
is in the dictionary."[ Edited by JeffreyAdam on Date 04/03/2004 ]
As you know, there are many ways to make money in REI. You should try and concentrate on one angle and TRY REALLY REALLY HARD. Seek and you shall find.
I love this business! There's opportunity EVERYWHERE!!!
Jeffrey,
thanks for the reply, now I understand.
Jeffrey,
Greenwich had some fine questions for you but what I wanted to ask you was:
What does sub-escrow has to do with title company?
Hi Lucius,
I passed my RE exam and am looking for a broker to start making me and him some big $$$$. In your profile, I see you are the one. Would you let me work for you and use your MLS?
PS
Very, generous form you to kind of offer that deal. I love it! Can't wait to come back and post how many properties we've sold and how much you've contributed to a success, of a RE agent newbie!!!!
John
John:
Once you have closed a few deals you will soon find out everyone has their hand out when you sell a house from the title company, escrow company termite company, buyer, home inspector
you name it! Even the neighbors!
Sub-escrow is just another junk fee that the title companies charge you as part
of their processing fee.
Best Riches,
Jeffrey Adam
P.S.- Once you get your license I would
recommend using First American Title.
They will provide you with free "farm packages", and extra perks such as
skyboxes at the Anaheim Pond.
[addsig]
Well maybe we can all do business? I am about to get my Apraiser's Trainee license. Can we all do something to make all of uss $$$$$$ :-D