RE Agent finding 70% Appraised Value Deals in Minneapolis???

[Tim Campbell]

Question for the BP community, how are you finding the 70% market value deals?

As a real estate agent and investor in the Minneapolis metro area, I'm utilizing a BRRRR strategy to build wealth. The big component of this strategy is the 3rd R ("Refi") which allows me to suck the invested capital back out and into the next property. I buy distressed properties, rehab, rent and found sources that will allow me to refi at 70% LTV to get my initial investment back.

This is the catch!!!  I must be all-in under 70% of the appraised market value in order for the strategy to work.  So where are those deals???  How are you finding them???

As a licensed real estate agent in Minneapolis, I developed a system that consist of a lead generation engine that increases my odds of finding these deals.  It is very time consuming but this is the only way that I increase the success for finding these deals.

My system centers around the goal of making 120 new contacts per week.  That's just over 17 new contacts per day.  I know my numbers and currently I find a really great deal every 90 new contacts I make.  That's a great deal every week.  

Here are a few strategies that I personally use as an investor and that I use for my investor clients as a Realtor to make my contact goals and find really great deals:

1. 1.  I knock on doors in neighborhoods I invest in.  Found some really great deals of people that want to sell fast and motivated sellers.
2. 2.  I call expired listings that didn't sell.  I have access to contact info via paid programs available to agents.
3. 3.  I also call abandoned properties and homes looking like they have been neglected.  I use my contact program to find contact information for these owners.
4. 4.  I just hired telemarketers to my team and they make calls all day long.  My business model allows for this.
5. 5.  I canvas neighborhoods with signage and mailers looking for distressed owners wanting out of their properties.
6. 6.  I have a professional network of lawyers, contractors and others that call me when they find someone looking for a buyer off-market.

There are other things that I do to find these deals.  So when I hear in the forums how hard it is to find deals under 70% market value, I believe it is only hard because you haven't created a system to find the deals.  As a real estate agent, this is a value-add that I offer to my investor clients in Minneapolis.

What do you do to find your great deals?  I'm interested in hearing...