Deals Where are they??

[Melissa Gittens]

I wanted to start a chain mostly for newbies who are looking for their first deal and are itching to get their feet wet in real estate. I wanted to know if you think the MLS is the best way to find deals nowadays or if you would recommend that newbies look on craigslist or For Sale Buyer Owner (FSBOs)? Where are you finding the most great deals in such a competitive market lately?

[David Krulac]

I use the MLS every day, however when I tracked the source of purchases for the book only 25% actually came from the MLS. I have 20 acquisition methods including Sheriff Sales, Tax Sales, Foreclosures, Auctions, FSBO, word of mouth, letter solicitation, REOs, government agencies (bought first house from Highway Department see BP Podcast #82), and Probates. I do look at Craigslist every day also, but haven't gotten a deal there. I've seen properties on CL for long times, one in particular has been on for 3-4 years FSBO. Obviously not a deal at the offered price and lower offers have been rejected.

If you are serious about buying tell everybody you know and meet that you want to buy.  Have professional business cards which tell the story of what you want and who you are.  @Joshua Dorkin brought up on BP Podcast #82, the list used by TV's American Pickers that says what they are looking for and that they hand to every prospect when meeting.  Your business card should have the same function.