Where are you finding wholesale deals today?

Where are you finding wholesale deals today?

Hello DG family. Recently I watched a video from the Best Transactional funding site with someone who said the finding deals on the MLS is getting harder there aren't as many foreclosures as there were a couple of years ago and also there aren't as many people going into foreclosure so even finding them yourself is hard. So you need to be more creative in the way you find wholesale deals today. I agree. What do you think and what are some of the creative ways you use to find FSBO deals? I'm talking no or little cost ways since I'm just getting started. I have some ideas but I want to see what other people are doing that's working.

Thank you,
John

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A couple tips to find properties at no cost

1. Searching Craigslist daily could bring you deals
2. Calling other wholesalers would be another way to find deals
3. Driving for dollars ( driving your area searching for properties that show signs of a motivated seller)
4. Post a ad on Craigslist looking for bird dogs
5. Tell everyone what you do, word of mouth would drive you deals alone

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Reynold Orozco


Hi, John

It's really based on the area in which you're attempting to find deals when it comes to the MLS. Some areas might not have an abundance of inventory while other areas may have tons of listings that you can sort through. It doesn't have to necessarily be a foreclosure. Most of the offers I make are on non bank-owned MLS inventory. Also, don't be afraid to make an offer because the list price may be too high or because a listing is new to the market. Pick the properties that appeal to you and offer what you believe would be a solid deal. For instance, there is a listing for a property in the historic and relatively prestigious part of West Germantown (Philly) that's been on the market for 17 days. It's listed for $150,000 and I've gotten the listing agent's client down to $115,000 - we've only been negotiating for about 2 days now. The home has a retail value of around $275,000 and it needs about $60,000 in renovations (add an extra $10K just to be safe). You really won't know the level of motivation a seller has until you make the offer. I've offered on listings that had in the remarks section that the seller is "extremely motivated", but couldn't even get a $10K discount. Also, I've begun to look at "EVERY" listing for my target areas. I realized that some of the listings may have "Average +" as the current condition of the home, but when reading the remarks section, I'll come across "being sold as-is", "needs work", or "needs updating", etc. So, MLS deals could be right under your nose, just read through the listings thoroughly and run your numbers to determine what would make it a perfect deal for you.

In regards to non-MLS properties, some free techniques that you can use are calling owners/property managers who are advertising rentals, calling churches to ask if they have any properties that they need to unload, and checking in with other wholesalers to see if they have any inventory that they're having a hard time selling.

One other free method you could use, although quite unconventional, is to "Google for Dollars". I have 2 babies at home (soon-to-be 2 year old and a 7 month old), so getting out to drive for dollars isn't always an option. I simply type addresses in Google, click on the maps, opt to check out the street view, then I'll look for board-ups and/or homes that appear to be abandoned. To confirm if the properties are actually vacant or that they still exist (sometimes they could be demolished), I'll check public records as well as various sites like White Pages, Spokeo, Ancestry, People Finders, Intelius, etc. for the last owner and his/her relatives/email addresses/current & previous places of employment/Facebook accounts, etc. in order to track someone down. If that search is unsuccessful, I'll call a neighbor or someone who lives on the block (whoever's willing to entertain my call) of the target property to gather any information that I can.

I hope this helps!


Hi, Ray

@Ray26CT, Great feedback...word of mouth can be extremely powerful!


Where are you finding wholesale deals today?

Thank you for your ideas Ray & Nicole. I'm sure they will be very helpful.


Hello John

Just a suggestion to you, it would be much better for you if you can fill out your bio profile a little more so we can know who you are and also, you will get more responses whenever you ask a question.

Also have you read 30 days to quick cash? It will teach you the simplest ways of findings deals in your backyard.
To get back to your questions "Where are you finding wholesale deals today?

Before you can be able to find a wholesale deal, you have to build you buyers list very well that way you know what they are looking for because at the end of the day, your profit relies on how much your buyers want to make.

here are ways to find wholesale deals.

1) Putting out bandit signs: WE BUY HOUSES ANY CONDITION FOR CASH XXX-XXX-XXXX
Or you can put a magnetic sign on your car.

2 Calling other wholesalers: you have to be careful doing this to avoid getting your self into a DAISY CHAIN. You ONLY want to deal with a wholesaler who directly has a contract with the seller.

3) Calling 15 realtors in the area which your buyers are looking for: Tell them "I am a cash buyer and I am looking for unlisted off market properties in xxxxx area" Go ahead and give the agent your price range and type of property which your buyers are looking for. Why 15 realtors? because that's the magic number.

4) Word of mouth: Tell everyone who you come in contact with each day that you are a real estate investor and you buy houses. if the refer you to anyone and you buy it, you will them $500.00

The more you stick to DG.com you will gain lots of knowledge via the free resources which Dean and his successful students have provided for us on here. Feel free to ask more questions, we are here to help one another to be successful.

Hope this helps and good luck in rei business.

__________________

TC
Miami Florida

"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi

"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek

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Hello, TC

@tcmiami, you're correct that it's not wise to get caught up in a daisy chain when dealing with other wholesalers. However, if you know that you have a sure buyer for properties that other wholesalers cannot move, then you'll be just fine. It's due to your existing relationship with your buyers that allows you to help other wholesalers move properties. I've brought friends/buyers in to buy wholesalers' deals that they could not move at all. I've co-wholesaled, and when it came time to get paid, I would simply have my buyer pay me directly, aside from the agreement he had with the wholesaler who had the property under contract. I don't sign agreements with other wholesalers if I'm bringing a buyer. I structure the way I'm to get paid directly with my buyer.


John

You're very welcome. All that I've mentioned are the methods I actually use. Another thing you can do, if you're not familiar with this already, is to go to www.hubzu.com (real estate auction site) to bid on properties. It's free to bid. I have a whole lot of fun on that site, lol! I've also had a bid accepted. Don't forget about www.hudhomestore.com, www.hometelosfirst.com (HUD inventory) to check for listings.


Hi TC, and Nicole

Thank you very much for the pointers. I have read 30 days but it's been awhile so I will go back to it. I have been putting out bandit signs without much luck, and I know about networking with other wholesalers but you realtor idea is kind new as far as calling 15 of them. Is that to get one to work with you? Word of mouth I have to do more of. I've been hearing that a lot lately. I did that when I first got into real estate which was many years ago, then I did my first deal and then for some reason things fizzled out and it took me a couple more to do my next deal. So in other words I'd be telling people this and they would see that I had no deals so I stopped. Of course this was mostly family and people I work with or friends. I will start up again with a new approach.

Nicole I did know about hubzo but the others are new to me. Thank you very much your valuable input. I have to go now to my blah job but I will be back in touch.

Thanks for you input.I really appreciate it.
P.S. I will also work on my profile.


You're Welcome

In regards to the 15 Realtors, I've only talked to about 10 (excluding those I may have contacted just to make offers on their listings) within the 4 years I've been active in RE, and out of those 10, 7 of them I've built strong relationships with. I currently work with 4 since I'm primarily dealing with the Philly market. I cannot say what the magic number may be in order to find a reputable agent/broker. It may take just speaking and working with 2 or 3 on a trial basis to see if they are a good fit for you or you may have to reach out to more than that - it really depends.


Hi Nicole

I know what you mean about realtors. I think I went through 5 or so until I found the one I currently work with and she's great. You could get lucky! All the advice here is great and will help all of us succeed. I took Matt's course 4 weeks to Freedom and trying to use one of his ideas is to outsource as much of the time consuming work as I can and you will get deals come in like crazy and also have more free time. So I was trying to think of the the kind of things I could have someone else do for me that would generate leads of motivated sellers and cash buyers. Things online and on the phone.But I think I'll start playing on that website like you do it sounds like fun.


Hi, John

Very true with the potential to get lucky! Yes, the advice here is great. I really appreciate this site and its members. I know that outsourcing can be a true anxiety and stress reliever. I'm still at a small-time level, and since I'm a stay-at-home mom, I take on all the tasks myself with the exception of sending my Realtor partner and contractor out to evaluate homes for me. I'm really considering working with a property locator. I worked with a bird-dog on a trial basis a couple of years back and every lead he sent me was MLS listed, smh. I mainly work with listed properties, so he wasn't considered helpful to my business.

Visiting your local REI and business networking communities via meetup.com regularly will put you in touch with motivated buyers and sellers as well as wholesalers advertising the potential deals they have under contract. Those meetup communities are gold, especially when it's tough to attend the actual networking events. I also like to stay in touch with property managers to see if any of their clients are needing to sell. The handymen, moving/hauling companies, and demolition crews can be a big help with providing leads too.


Thank you again Nicole!

You have really given me some valuable info again about how to get leads. I will put it to work right away. As far as meetup I did join one group but I think it disbanded. I haven't gotten any notices about upcoming meetings in the last month or so. I will look for another or maybe start my own.


John,

You're very welcome!


Google for dollars

Nicole, do you need to be a realtor to place bids on Hubzu? I want to place bids on HUD but having a difficult time finding an agent to assist me, most of the agents I have spoken with don't seem to be interested on placing bids. So I thought maybe Hubzu could be a alternative to HUD- at lease until I locate an agent who can place bids for me.

I like your tip about Google for dollars...I also am unable to go driving for dollars so I think I will start Googling for dollars. Thanks for sharing all the good tips and ideas !

Seonaid


Great info

I may know what a Daisy chain is but I have not heard that term before. Can someone explain?
Thanks

Greg


Great info

I may know what a Daisy chain is but I have not heard that term before. Can someone explain?
Thanks

Greg


Daisy Chain

Greg, a daisy chain is a string of unrelated transactions linked to each other, with each closing contingent on the previous one successfully closing. Each closing in the chain is funded from a previous one.

If any of the chain's closings don't occur, the latter transaction's at-risk.

(I have a term in my buyer contract that says transaction is not subject to another closing completion)

Liz


Looking for wholesale deals in South Florida

I have cash hungry buyers who are looking to invest in South Florida. I will do an assignment contract or we could JV your deal.

Gerald

954-638-0376

geraldmcclatchet@****


idea's

You guys all have great idea's. I have never heard the magic number of 15 Realtors before. Learned something new myself. Good luck John sounds like your on the right track.

Debra

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"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"


hi

my 5 deals were found
1)word of mouth referral fr a loan officer=-off market deal $1,300

2)25:1 MLS deal KC made $1,300

3)bandit sign KC made $600

4)word of mouth-other wholesaler-bird dog deal made 3k

5)25:1 KC made 5k MLs

__________________

Tony

Go faster do more! GFDM!


Seonaid

seonaid wrote:
I want to place bids on HUD but having a difficult time finding an agent to assist me, most of the agents I have spoken with don't seem to be interested on placing bids.

Sorry to seem like Im fishing for business, but Im curious what you mean by they dont seem interested in placing bids? What exactly are you trying to bid on? Is the property outside of the required "owner occupant only" time frame etc? Do you have the required down payment/proof of funds? I work with HUD properties all the time, if you need help of clarification feel free to contact me! Oh lol I think I forgot to mention, Im a Realtor. Smiling

__________________

Monica

Skeptic, turned hopeful, turned determined!
You will NEVER succeed if you don't try.


MLS inventory

narmond wrote:
Most of the offers I make are on non bank-owned MLS inventory. Also, don't be afraid to make an offer because the list price may be too high or because a listing is new to the market. Pick the properties that appeal to you and offer what you believe would be a solid deal... You really won't know the level of motivation a seller has until you make the offer. I've offered on listings that had in the remarks section that the seller is "extremely motivated", but couldn't even get a $10K discount. Also, I've begun to look at "EVERY" listing for my target areas. I realized that some of the listings may have "Average +" as the current condition of the home, but when reading the remarks section, I'll come across "being sold as-is", "needs work", or "needs updating", etc. So, MLS deals could be right under your nose, just read through the listings thoroughly and run your numbers to determine what would make it a perfect deal for you.

Im so glad to see another person say this here! I know it's not standard in the methods that are taught by Dean, but I've found it to be much more profitable to really comb thru every listing and not worry so much when it was listed or what exact phrasing is used.. sometimes what looks like a deal isnt, and what doesnt, IS! Never know unless you try Smiling

__________________

Monica

Skeptic, turned hopeful, turned determined!
You will NEVER succeed if you don't try.


Hello, Reviving Old Thread

Hi, Seonaid and everyone else from this thread!

Seonaid, I had no idea you asked a question until I saw the thread pop up as I was doing a Google search, haha. Sorry for the extremely late reply. Even though you've probably had your questions answered, no, you do not need an agent to place bids on properties on Hubzu. However, the agent is essential if you wish to see the property physically while bidding on it. Only licensed agents can obtain the lock box codes via Hubzu. What I do is, whichever agent I'm reaching out to in order to gain access to the properties I'm bidding on, I allow them to represent me on the purchase transaction so that they can get the commission. If the Hubzu properties are listed traditionally on the platform (you have traditional and auction and end the auction now listings) and if they are listed in an area that Trend MLS covers, I just get the access codes myself since I'm a member of Trend MLS.

Yes, the feedback/tips/wisdom on here - magnificent!

Monica, definitely in agreement! Smiling


Hi TC

You mentioned to call Realtors and say "I am a cash buyer and I am looking for unlisted off market properties in xxxxx area".

I don't understand, why would the Realtor look for off market properties when they work with properties on MLS for a commission? How does the Realtor get paid if they find you an off market wholesale property? Thanks, Nick


Hi Narmond

You mentioned contacting other wholesalers for wholesaling deals. Why do you get properties that the wholesaler cannot move or having trouble moving instead of getting ALL the wholesalers inventory for your cash buyers?

Also, I was wondering why do you get paid a fee from your cash buyer, instead of getting an agreement to get legal equitable interest with the wholesaler and then assigning the agreement to the buyer for a fee?

If you don't sign an agreement with the wholesaler how do you keep someone from stealing the deal from you if you don't have legal equitable interest in the property?

Thanks,Nick


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