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7 Ways to Find Real Estate Deals
Marketing is the key to success in real estate, you’ve heard it before, but I’ll say it again. All of the techniques you learn are academic until you find some motivated sellers. Here are 7 ways to find real estate deals that are not the usual MLS listing, auctions, etc.
1. Mailers.
Mailing letters, postcards and fake handwritten, “yellow letters” to different groups of people can be very effective. Make sure it is personalized and the envelope is HAND written. Here are some good lists to mail to
- Non- owner-occupied properties (absentee owners)
- Out of state owners
- Probates
- People who are late on their mortgage, but no in foreclosure yet.
- Foreclosures that have been filed
- Properties with code violations from the county
- Landlords that have done recent evictions (without a lawyer!)
- Expired MLS listings
2. Door Knocking.
Social media may be “king” on the Internet, but nothing beats that personal interaction. Knocking on doors is still the #1 way to find deals.
- Random houses in a defined neighborhood (“hey, I am looking to buy a house in this neighborhood and wondering whether you knew anyone with a house for sale?)
- Foreclosures (and don’t leave a brochure or business card; leave a yellow post-it note handwritten and personalized)
- People late on their mortgages (same comment above about post-it notes)
3. Driving for Dollars”.
Get the kids in the minivan and go drive neighborhoods. Reward your kids when they see the following:
- For Sale by Owner Signs
- For Rent by Owner Signs
- Abandoned properties (grass grown-up, a pile of mail on the stoop, etc).
4. Leveraging Others.
- Wholesalers
- Bird dogs
- Using a virtual assistant to comb through online listings
- Brokers with pocket listings
5. Cold Calling.
Call FSBOs and FRBOs leads from driving and found online (Craigslist, Rentals.com, For Sale by Owner websites)
6. Internet.
- Social media
- Blogs
- Real estate investor community websites
7. Potpourri Category.
- Magnetic Car signs
- Bandit signs
- Networking – it’s who you know, it’s who knows YOU!
So there you go – 7 ways to find real estate deals! Go out and DO IT!
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About the Author William Bronchick
President and founder of the Colorado Landlords Association, best-selling real estate author and attorney, landlord and real estate investor with 28 years' experience.