Where to find Unlisted Properties

Question

To the gurus I hope to be like one day:

I see a lot of posts talk about unlisted properties. Where are folks finding unlisted properties? Any tips and tricks to getting to these properties fast?

Obviously a novice here :)

Thank you for sharing your insight and knowledge.

Kris Haskins · Answer

Hey Patrick, good ole Burg, that's where I'm from,  I'm missing it there as I get older.  I wouldn't say you're doing anything wrong, it all depends on your exit strategy.  I c ur a realtor, I'm not but I do get paid when my broker friend lists a hosue I bring in.  Now, regarding equity, some have it and some don't.   If you're looking to do a pre-4closure deal, equity is only important if ur looking to buy then sell it, or wholesale it.  My goal for these types of leads are to ie. get the deed and take over the payments OR, negotiate a shortsale with the lender and then buy it.  I love that strategy because I sometimes get immediate possession.  But, even if neither one of those work, if the owner lets me in the house, then when I bid at the 4closure auction, then I've been inside and I know exactly what work needs to be done.

I love bidding on the steps.   Where else in America can instant equity be created?  I've seen loans discounted over $100k at the steps.  I'm sure other opportunities are out there, but I've never seen this type of wealth created in a split second.  Most of the horrible lenders have already been bailed out so it's of no importance to them anyway.  Literally hundreds of thousands of dollars of equity can be created within the foreclosure process.   It's mind blowing if you think about it.  I know you'll do well. If this info helps you in anyway, pls vote for my post...  thnx

Kris Haskins · Answer

Hey Luther, it's good to see you're seeking knowledge.  We all need more of it.  All investors have a favorite type of lead.  For me, i love pre-foreclosures.  These are the houses that are not yet at the courthouse steps, but are going there soon.  I like to knock on their door, or send them a letter.  You can strike a deal with the seller before it goes to foreclosure.  These peeps are very motivated to save their credit so you can mold a good deal.  You can find these sellers in the local publications.  GOod luck and if this info helps you in anyway, pls vote for this post...  You're going to be great...

Jason Fraser · Answer

I'm searching Craig's list in the For Rent sections for ads that appear the person.isnt a professional landlord or investor. I'll look for things such as fair housing no nos, poor quality photos, lack of a website, subject lines such as 4 bed room house for rent instead of spacious home for rent in x neighborhood. I'll call or email to see if the house is for sale.

I'm also reviewing expired listings to see  why they didn't sell originally. I'll look at the remarks and photos for things such as outdated kitchens etc.

Account Closed · Answer

Get the seller to call you before they list with an agent.

Network, bandit signs, etc.

Best regards

Account Closed · Answer

Hey Kris,

What kind of deals are you finding with these guys? I used to send letters and such to pre-foreclosures but the issue was they never had equity. Figured I'd ask since maybe I was approaching it wrong?

Luther M. · Answer

@Kevin Fletcher

& @Ky Sharp

Thank you both for the replies!  What are you thoughts on searching on for sale by owner... is that considered "listed"

Kevin Fletcher · Answer

@Luther Maday There are many ways to find unlisted properties, they just generally take a little more work to find. @Ky Sharp is right you gotta catch them before they are listed with an agent.  Networking and advertising that you are willing to buy houses helps. Many people starting out do "Driving for Dollars" campaigns where they actually pick a target area and they just drive up and down the streets looking for signs that a property is distressed i.e. Trash, cars on the lawn, bad roof, un-kept lawn, broken windows. Then writing down the addresses and send letters to the owners expressing your interest in buying. Some of the owners will need to be tracked down using county records. There are also Craigslist ads, wholesalers, public trustee auctions, web auctions, and much more. Good luck finding a deal

Where to find Unlisted Properties

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