Which Websites to Subscribe to for Off-Market Deals??

Question

Hi everyone!  I'm currently working on my first deal to flip a property here in central Virginia.  Narrowed it down to 3 properties, have financing lined up, just working on some deeper analysis to determine the best exit strategies.  I've been finding deals on the MLS, hudhomestore.com, networking with real estate agents locally, Trustee sales listed in the newspaper, some wholesalers with deals and what Brandon Turner calls "Driving for Dollars."

All are great sources, but there are so many other sources for finding deals and I have always been tempted by the websites with subscription services.  Foreclosure.com is $40/mo.  Seems a little high and I can only guess the quality of their information, unless I sign up for the Free Trial.  There are many other subscription services I've come across while searching online, but I've yet to take the plunge on any of them.

• Which companies/websites/services are worth the monthly cost?  
• What information on those sites do you trust or not trust?
• Do you subscribe to list services?  If so, which ones and what's the quality of information you've received?  
• Have you closed any deals that you found from an online subscription or list service that was not available anywhere else? 
• How did the deal work out?

Thought I'd ask around in the best community of real estate investors I know.  The wealth of knowledge here on any topic is amazing!  Love reading all the posts.  Love BiggerPockets!

Looking forward to the feedback!  Thanks everyone!

Chris Lopez · Answer

@Christina Morgan All the flippers I know find deals from

• networking w/ agents, wholesalers, and other investors, 
• The MLS 
• their own marketing to find motivated sellers

I'm not a flipper, but the deals I find are from the MLS and networking. I've yet to hear one investor say "I found my deal from using this website!" I've talked with hard money lenders (who see a lot more transactions than me) who say not one client has found a good deal from the subscriptions. Clients have brought them properties, but the numbers didn't work.

Network, do your own marketing and scour the MLS.

Eric M. · Answer

I think the problem was that your title didn't really match your post. Yes, there are many services online. The auction sites, and a bunch of other sites like privy, dealcheck, kuba's, which analyze deals and may mention "Off-market" but they are really dealing mostly with MLS listings.

Your title indicated websites for off-market deals and other than FSBO, the only one I know of is My House Deals and it has been well documented here as less than stellar.

The point is there is no website that is really going to get you the kind of off-market deals everyone is looking for. Once they are on a website, they are essentially on the market. Your title asks for Off-market and those are found by your own marketing or finding good wholesalers, not by signing up for a website.

Barry Pekin · Answer

@Christina Morgan,

I can't blame you.  I followed this to see if there were any golden nuggets dropped in here.  I guess not.  :(

So, here are my thoughts.

I don't plan on using these sites.  I just get a feeling that they are selling the same data to a lot of people.  It seems to me that the marketing to these leads would get rather saturated.  It also just might be a trust issue for me.  I feel like there are so many people out there trying to find RE leads that it attracts a lot of people who want to sell "leads" to them no matter what the end value really is.  Again, it just might be a trust issue for me.

That said, you need some sort of data if you're going to market.  I signed up with ReboGateway.  They can be pricey, but they give you live data that you can search ongoing.  I have access to several counties in my area. (hint: call and negotiate with them instead of paying what their site says)  They provide canned searches that you can modify based on their access to data in those areas.  It's updated regularly, so you're not buying a snapshot of data that starts getting stale as soon as you get it.

I also suggest picking your top few marketing channels and hitting them consistently.  Do spread yourself too thin.  I am doing DM to two target audiences, then targeting local distressed properties through D4D, bird dogs, newspaper announcements and searching county websites for delinquent property taxes.

But I'm just starting.  What makes me an expert??

Best of luck!

Christina Morgan · Answer

That's a relief to hear.  It's not just me and some of these Wholesalers might be pretty good.  Some of their deals might work for someone looking to be a slumlord, but can't be flipped for any profit.  Thanks for the feedback Eric!

Eric M. · Answer

You are in the vast majority with this struggle. Good Luck. I am told I am hooked in with the best wholesaler in my large city and still 90% of his deals don't seem like deals to me.

Christina Morgan · Answer

So true!  Once a website has information on a property, it's basically not an off-market deal anymore!

Looks like I'm going to stick with local networking, which seems to provide the best leads (and is the most fun anyway).  I'm just struggling to find that awesome Wholesaler.

Thank you for the response!

Christina Morgan · Answer

Not 1 single response?  I'm shocked.  Thought someone would have some opinion on something.  Anyone?

Which Websites to Subscribe to for Off-Market Deals??

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