Newbie at finding off market deals

[David Maldonado]

Hey BP community!

I decided to go give driving for dollars a try to hopefully land an off market deal. I managed to find a house that looks run down.  The backyard looks like a dump and the entire neighborhood can see it. Sits on a corner lot, front yard is hideous and when I knocked on the door, the door almost opened up. The owner wasn't home but managed to get information from the neighbors. They say the home is free and clear and the owner (obviously) doesn't maintain it. I plan on sending direct mail and from time to time pass by in hopes of him being home. How should I approach the owner if he decides to get in contact with me? 

Also anyone reccomend any books on finding off market deals?

[Abel Curiel]

Originally posted by @David Maldonado:

Originally posted by @James Wise:

Originally posted by @David Maldonado:

Hey BP community!

I decided to go give driving for dollars a try to hopefully land an off market deal. I managed to find a house that looks run down.  The backyard looks like a dump and the entire neighborhood can see it. Sits on a corner lot, front yard is hideous and when I knocked on the door, the door almost opened up. The owner wasn't home but managed to get information from the neighbors. They say the home is free and clear and the owner (obviously) doesn't maintain it. I plan on sending direct mail and from time to time pass by in hopes of him being home. How should I approach the owner if he decides to get in contact with me? 

Also anyone reccomend any books on finding off market deals?

Simplicitly is always the best strategy. Be up front and just get straight to the point. "Hey I want to buy 123 Mainstreet for X. You interested?"

I agree with you on that. But from what I have been reading and listening to the bp podcasts, isn't it important to find out what they're needs are? I just think going in like that from the beginning won't separate me from others that have probably tried to do the same. 

Hello David,

First off, I wanted to commend you for taking action!

Second, I agree with James... you don't know how long you'll have to chat with the owner so being direct and straight to the point is key.

You bring up a valid point as well. If you feel they are receptive to a conversation, you want to find out:

- When do they plan to sell?

- Where are they going to next?

- (if they're looking to sell soon) How do they plan on selling it - i.e. by themselves, with a realtor, to an investor?

- What is their "Plan B" in case it doesn't get sold in their preferred timeline?

- Would they be willing to sit down and talk to you about how you can help them out?

This will help you establish rapport but more importantly, find out what their needs are so that you can add value to them.

Best of luck to you moving forward!

Abel