Beginner Tips Needed

[Aidan Sorenson]

Hi all my name Aidan, I'm new to the business and work as an acquisitions associate at a realty company in Tucson Arizona. I'm mostly just looking for any tips in finding off-market (single and Multi-family) properties. I know finding distressed sellers is the best way get a good deal, what are your techniques or tools for finding these. Anything helps, thanks!

[Justin Reed]

Hi @Aidan Sorenson - I recommend direct mail and NOT driving for dollars, haha.

I'm direct mail acquisition machine. I pull assessor data (with a direct link) of the type of properties in the areas I want and send ALL the property owners an offer. I scrub the list to remove things like properties with a mortgage, duplicates, etc. and spend a tremendous amount of time on pricing, because although these offers may be a lot less than retail, they are not out of the question. I explain in my offer letter to sellers that I am a serious investor, not and agent/broker, I pay cash, and are prepared to close as soon as x days.

Then I sit back and wait for the motivated sellers to call us. You can of course edit this model to fit how exactly you plan on purchasing and what specific property type you are looking for. Believe me - it works like a charm. That is how I GET THERE FIRST. By the time a deal reaches the MLS or a lead source, someone else has already beat you to it. Also, knocking on doors (aka "driving for dollars") is an outdated way of doing this and honestly isn't worth your time. It's no longer about possible subject to leads - we now have DATA and computers and direct mail to get there first. Please feel free to reach out to me if you have any additional questions - I would love to help!