Finding off market properties to fix and flip

[Justin Wiesehan]

Hey everyone! I am trying to figure out the best way to find off market fix and flips that are in line with the 70% rule. I have the opportunity to buy properties with cash in the greater Charlotte area and looking to start soon. 

Any suggestions on best way to find? I am going to attend to some REI meetups and also have contacted a few wholesalers about buyer lists.

Thanks for any direction you can provide!

Justin

[Van Blackman]

Hi @Justin Wiesehan!

Have a few pointers for you. You're looking for the best way to find off-market flips. The best way to find great off-market opportunities is to do a combination of several things every single day until you start achieving the desired activity level you're looking for.

Here's a few strategies:

1. Bandit Signs - you've seen these everywhere, I'm sure. "I buy houses cash" signs, "handyman special" signs, etc. Don't expect for your phone to go crazy on these, but you may get 1-2 leads per week if you throw 20+ signs per day. FYI, I'm not sure what the laws are in North Carolina, so double check on those before you start throwing signs. You could get a ticket or two if you're not careful. 

2. Real estate license - get this if you don't have it already. This will give you access to the MLS and all the agents on the MLS. Offer on these houses to get you started

3. Offers - write as many as possible. You'll find that it could take up to 20 offers just to buy one! It's all a numbers game, remember that. Remember to track these offers, too. It's rare that an offer will be accepted immediately. Maybe the seller wanted 100k a month ago, but now will accept 80k because you held firm at your number? Track these, and you'll buy houses.

4. Relationships - talk to everyone! Call agents every day and tell them your business plan. If you're good enough they will bring you their beat up listings BEFORE they list it. Go to REI meetings like you mentioned above. Build your sellers and yours buyers list daily

5. Door knock - found an ugly house? Knock on their door. Knock on their neighbors door. If they're not looking to sell, ask, "Do you know anyone that IS looking to sell?" You need to get uncomfortable every day.

6. Send letters - start a letter campaign and stick to it. Persistence is the key here. Don't stop because you're phone doesn't ring like crazy initially. Locate a few subdivisions that you're buyers like and zone in on those.

7. Talk to neighbors - I covered this above a little bit, but you sincerely need to talk to everyone! Talk to other people at the gas station when you're filling up. Talk to the people in line when you're at the post office, etc. Can't stress this enough.

8. Persistence is key - anything worth doing is worth doing everyday. You can't turn this on and off. Wholesaling is much harder than people think. It's the ones who stick it out and do it for 4+ months with no deals under their belt that finally start to get some serious traction.

Hope this helps! Let me know if you have other questions, I'd be happy to help! Also, my company has a location in Charlotte. If you start to get a few deals, we will buy them ALL form you! 

Good luck!

Best,

Van