Top Tier Tips: Creating your Off-Market list for free
Whether you are new to REI or have been buying properties off the MLS for awhile there comes a time when you just cannot find any deals.
Welcome to today's market. I am sure I am not alone when I see a property on the MLS with one open house booked for one hour only with no other showings offered get under contract the same day as the open house. You may have even optimized your deal system enough to have been one of the 40 offers the day of the open house. But no luck on an acceptance.
This is a very familiar story and what has led me to search for an off-market deal, but what is the best way? There are a TON of different ways to find off market deals. Some of the main ones being: Acquiring a list and sending Direct Mail, Driving for Dollars, Networking with local agents/investors, building a website and having people come to you, working with wholesalers etc.
Early on in my investing journey I heard that Direct Mail was successful, but it requires a lot of up-front money and you need to consistently send them out. I do not have the resources or capital to set up a large direct mail system and I really wanted to target a handful of properties and have a direct conversation with the owners, not count on them to call me.
This led me to a pseudo driving for dollars style – I would go to showings on the MLS and would see other Multi-family houses next to the property and wonder if they would be willing to sell. Naturally I asked my self.
Q: “How do I find out who owns a property?”
A: The best way I have learned to do this (by myself and for free!) is by looking up the address on the city/town sites
- Googling “Zoning map of (City)” will most likely bring you to the right page
- Another great tool is to use GIS (Geographic Information Systems) mapping, most city/towns have one and you can pull up a property card of every address and see who the owner is. Google “GIS (city)”
So now you have the owners name and potentially their home address (along with a bunch of other great info!). You may choose to stop here and just send them a Direct Mail letter, but I wanted to talk to these owners as it is more personal. Every owner gets a crap load of mailers every week, and my mindset is that I will stand out more if I call.
To call, you will need to acquire their cell phone/home number. Now there are paid services out there that you can give them your criteria and they will spit you out a list of names and numbers, but you must pay for them. My mindset, again, is if I can do it myself for free, why not. I learn from the process and I am just beginning and do not have capital to utilize on a marketing system. That led me to the second Question –
Q: “How do I find their phone number for free?”
Quick Answer: Use https://www.fastpeoplesearch.com/
I am sure there are other sites out there that provide this service, but this is the one I have found that is pretty accurate and free!
So, there you have it. I normally set up an excel sheet with a couple of columns and do a handful of properties at a time. I will then call each owner and focus on creating rapport with them and getting an idea of how they have been liking REI and if they would be interested in looking at an offer I have put together for their property. I try to not just be another person calling to see if they want to sell. Be personable and network.
I hope this helps; I look forward to doing more of these as I keep learning.
Let me hear your favorite off market strategies and what you found works best in your area
-RT
I do not have any affiliation with any above links or products
