Finding Off Market Deals

[Kyle Chadwick]

Hi everyone!!

I'm from upstate NY (Saratoga area) and not completely new to REI. I have 2 rental properties with a total of 4 units that are cashflowing nicely and I "flipped" a property. The property that I flipped was a HUD foreclosure that I completely renovated but decided to keep and live in instead of selling it. Now I'm looking for my next deal and after listening to pod casts and reading on BP it seems that the greatest deals come from off market properties.

However all the properties that I've done have been on market deals. I set up a website through Carrot with SEO that ranks on the 1st page of google about a year ago but I've only received 1 lead which didn't work out. There's also at least 2 other investors in my area using Carrot and 1 is a biggest investor in the area. I'm wondering what you all are doing to find off market leads and which strategies work best and are the most cost effective...or should I continue to find on market deals??

Thanks for your time and thoughts!!

Kyle

[Joe Gonzalez]

Whats going on guys,

Let me chime in and give you my .02 cents.

Will you find off market deal on the MLS? Absolutely not, why? because the MLS is the definition of ON market deals. In order to land the best off market deals you will have to use the exact same methods that a wholesaler uses  (if you are a flipper/buy and hold investor you simply just close on the asset instead of assigning it) 

Nothing and I mean NOTHING will ever beat calling a homeowner directly. Keep in mind this is the cheapest form on entry since all other marketing methods are pricey. 

Action steps: Buy a list (wholesalingdata.com comes with addresses and phone numbers, Listsource is great too but you will have to skip trace it) Make sure the property has enough equity or else you will be wasting money/time.

Make calls and find motivated sellers - keep in mind this is a lot of work and you may delegate this, however I would still recommend you do this to learn the ropes before hiring someone. 

Best of luck.