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Updated over 10 years ago,
How I have found my latest deals??
I was recently having a discussion with a fellow investor friend in Charlotte, North Carolina, on how we are acquiring deals. I thought it'd be interesting to lay out how I've found my current deals, and see some feedback on how others around the country are getting their deals as well. So the following deals we are currently doing work on:
Deal 1- Networking. Bought a property from an investor that I had purchased from before. Both were financed by the seller/investor.
Deal 2- Networking. Had an investor friend doing a project in a transitional area, and he got the one across the street from his project under contract to purchase. He wasn't able to do both simultaneously, but knew it'd be better for the street if both were done at the same time. So he wholesaled it to me, trusting we'd do a good job.
Deal 3- Networking. At this point I had done a few projects on this particular street, so when someone was willing to sell, they approached me directly at the job site.
Deal 4- Networking/marketing. I passed a great lead to a friend of mine a few months back, and in return some time later, he passed me this lead. I mailed the owner that I'd like to buy his property, and we made a deal.
Deal 5 & 6- Networking. Had coffee with a realtor who knew about someone trying to sell some lots side by side. We went and looked at them after coffee. The realtor collected a commission from the FSBO seller for bringing me as a buyer.
Deal 7- Networking/MLS. An agent that had a client purchase one of my properties knew I was always looking for lots. She texted me the night before she was listing one on the MLS, and I put it under contract that Friday night in the movie theater (please don't hate me-- it was still the previews) My wife was not impressed :)
Deal 8- Neworking/MLS. An agent who knew I was looking for deals called me when he found out about a stale listing in his office. A fellow agent in his office had listed a tear down too high, and they weren't getting any bites as they kept dropping the price throughout the months. He called me when he heard they were doing yet another price reduction, and I was able to go under contract before they ever made the reduction official on the MLS.
Deal 9- FSBO/networking. I called a FSBO sign for an empty lot. He wanted too much, but we agreed for me to have a 2 month option to shop his lot around to potential customers for a custom build. We currently have a buyer and are waiting for their construction loan to come through to close and begin work. If this deal actually closes, I'll write a separate post on it, as it will be a very cool story :)
Deal 10- Networking- met this seller on the street at a jobsite. He mentioned his mother passed away and owned a home the next block over, and he was getting tons of postcards and yellow letters. There's nothing like a face to face interaction! I put it under contract asap.
So, 2 years ago my deals were mostly coming from marketing. I am definitely seeing a shift towards lots of networking. I'll also add that when I started in this business, I was young and nervous that people wouldn't take me seriously. In the last year or 2, I have put that fear to the side and grown some confidence to get out there and meet people. I have to say, the results speak for themselves. I still look young, but now am proud when people question my age. What are ya'll doing/seeing?