Doing things the cheap way, I have found that this works for me, and gives things a genuine touch that brings really good deals in:
Drive/bike/walk your dog for dollars (houses with unkempt yards, look vacant, ugly-ish rentals/multis, etc)
Make a vocal list using your mobile's voice recorder of the addresses
Check them out on your property appraiser's site for your city/town (I find that making a spreadsheet in something like Excel or Google Docs helps keep track of this info)
If the property looks good (was purchased a while ago, mortgage is underwater, owned by a trust or by someone not living in the actual house, etc) save it in the dossier for a letter
Write a letter (by hand) stating your name, that you want to buy their house, can close fast, pay cash, etc (whatever your buyers are capable of doing; it's good to know who those people are &/or how to find them FAST), leave your number &/or email (I use Google Voice - it's free and has TONS of goodies)
Send it out with a stamp and follow up in 3 weeks if you don't hear back from them (as in, send a follow up letter, not the same one)
This is just one way of doing things, but I know it can be stressful when someone says "just find a deal and get it under contract then go from there". Sounds a little scary and involved. Take it slow, go to REIA meetings in your city/town, meet buyers and other wholesalers and be a team player, learn, but be weary of shelling out money.
If you need help with "judging a deal", that was my main focus getting into this business and I'd be happy to share what I know so far. Always learning!
