First Time Buyer (How to find the right deal)

[Tim McKinnon]

Hi Everyone,

So tomorrow we’re going through our first walk through in the city we’re looking to invest and it’s one of the few multi family properties that actually make financial sense in our market. I’m wondering as a first time investor, and home buyer, is there any advice to finding a good deal besides searching the mls using a realtor or Redfin? Seems to be a good amount of properties in our market, Kenosha Wisconsin, but nothing that will make the return we’re hoping to make. I know our first one is mostly about getting experience but if we could make maybe 100/door that’d be great. Just wonder what I could do to find that deal or create that deal beyond searching listings as they become available.

Thank you!

Tim

[May Emery]

@Tim McKinnon I agree with @Scott Schultz and @Brock Mogensen. It is better to find off-market deals where people haven't done all the work needed to put the home on the market - ready for strangers to come looking.

You might try mailing to a list of motivated sellers. A list broker can help find people who are likely ready to sell but think it will be too much work. One good target is Seniors with Long-time Ownership. Another is  Owners with Low Financial Stability Scores (FSS).

Consider focusing your letter or post card on the recipients and mention benefits of working with you rather then the traditional realtor.

Selling your home can be easier than you think.

No need to fix it up or re-decorate. We'll buy as-is.

Good luck with finding your most lucrative deals.