All Forum Posts by: Doug Pretorius

No, my deals all come from FSBO and MLS now. Tenants and buyers all come from online marketing.

@Account Closed My bandit sign journey: I put out 100 or so signs, got a few calls, got a deal, wholesaled it for $40k profit and then got the call. I was OK with that though because I didn't really care for the outlaw feel.

I continued to use signs for selling locally but those never got "the call". Eventually I stopped that as well because I ended up with more tenants and buyers from my websites than I have houses.

Fun times though. Sorry to hear you didn't get a deal for all of your efforts!

Hi @Chaitan Lakkireddy welcome to BP! Toronto is one of the markets I operate in and it's a great place to invest, assuming you're thinking about investing close to home. It's a very competitive market but with high prices comes high profits.

To build capital faster you can get into wholesaling. With average prices in the GTA over $850k now, it's not unusual to make $50-$100k+ on a single wholesale deal.

I do wholesaling, wholetailing, lease option wholesaling, sandwich lease options, installment sales, sub2, and owner financing.

Just shout if I you have any questions or need to be pointed in the right direction. Good luck!

@Anita Parsa Sellers sell for all kinds of reasons, sometimes they're absolutely unbelievable but still true. Vacation rentals can be much more profitable than regular rentals so it's not hard to believe this seller wants to move equity in that direction.

That said. Don't believe anything a seller or their agent tells you. Do your own due diligence until you're confident you have a deal you're happy with. Also just in case you're worried about 'missing out', don't be. There are 10 million more deals to be had, take your time and if you get this one great, if not that's OK too.

@Benjamin McGuire A few of my favorite sources:

1. MLS
Not going through agents like everyone else does mind you. But reaching out directly to the owners. You can do this by knocking on their door, or sending them mail. Target listings that are over the average days on market. Agents typically pressure their clients for price reductions every 2 weeks, so if you can time your contacts to match that you'll improve your response rate.

Your Offer: Sell to me and I'll pay your agent for you.

2. For Rent by Owner (FRBO) listings on Zillow/Facebook/Classifieds
This is more of a long-term approach. You're looking to build your network with local investors and position yourself to acquire multiple properties when they're looking to adjust their holdings, or their entire portfolio when they're ready to retire.

Your Offer: I'll buy everything you've got.

3. For Sale by Owner (FSBO) listings on Zillow/Facebook/Classifieds
These are still a great source of deals but they require a lot of digging through realtor spam, especially on sites like craigslist.

Your Offer: Selling to me is cheaper, faster and easier than hiring an agent.

I take the 'Plan B' approach: "Hi my name's Doug, I was just passing by on my way to (wherever) and noticed the sign (gesture toward for sale sign). I don't have time to talk right now (take away) but wanted to leave you my card (non-threatening). I'm looking for an investment property so I probably can't pay you top dollar (qualifying), but I can close fast (main benefit), so if the sale takes longer than you were hoping, give me a call (call to action)."

The idea is to be totally non-threatening and not sound like some slick salesperson, you're not stalking their house and you aren't trying to get them to commit to anything. You just wanted them to know that you might be able to help if they have trouble selling.

Your card should hit the main points:

1. I buy houses fast!
2. I can pay your agent for you!
4. No obligation--guaranteed written offer!
CALL or VISIT

Some will call back the same day, others days, weeks or months later. Sometimes they'll get their agent to call, which usually means they aren't motivated.

When I'm expanding into a new market for cash wholesaling I reach out to every landlord with an ad on craigslist, zillow, kijiji etc. and build up a network. This combines buyer and seller sourcing into one. When one of them raises their hand that they want to sell something, or more likely, their entire portfolio. I already have a massive list to email the deal(s) to.

I also email FSBOs every day and door knock (local) or mail (remote) MLS listed homes looking for sub2/lease option deals. Some of these people inevitably want to sell for cash and are willing to do so at a price that makes sense.

Networking with fellow investors takes a long sustained effort to see results though. So if you want to close a deal in the next 30 days I would door knock every MLS listing in the area until I found someone who needs their payments to go away.

Don't do what everyone else is doing. Direct mail has way too much competition for someone just starting out.

@Tony Marcelle If you want to become an investor, start with that. Don't get distracted by jobs that are only vaguely related.

You said you're having a hard time with wholesaling. How many sellers have you spoken to today? How many offers have you made this week? I recommend you speak to 100 sellers a day if you want to close a deal or more a month.

@Quentin Noah I don't know what program that is, but wholesaling doesn't require any cash investment regardless of where the property is located. All you need to start wholesaling is the ability to do thorough research to understand all the ins and outs or a mentor to walk you through the process, a willingness to work, and in some states a real estate license.