I’ve got a few tips today on ways to find real estate properties to invest in with low competition.
If you’re like me, then you prefer to be different than the mainstream when it comes to finding deals that not everyone knows about.
There’s less competition and this makes it easier to purchase great investment deals.
So how do you find these deals other people haven’t found?
Let’s first define deals that most people have found. These are usually properties that are listed for sale online where anyone can see them. Websites such as Zillow, Realtor.com, Trulia, and others all act as powerful platforms that the average person can go on to find properties for sale and access public information about these properties.
The next mainstream method is the MLS, Multiple Listing Service, that real estate agents have access to. Most investors will have multiple realtors they are working with to send them deals that fit their search criteria.
The non-mainstream methods?
Driving for Dollars
Driving for dollars is the term for when you physically go out and drive neighborhoods looking for properties that are not listed for sale that could be potential investment properties. These houses often have boarded up windows, appear vacant, have overgrown landscaping, and other signs that indicate it’s a problem house that needs fixed up and would make a great investment candidate.
Once you find distressed properties, you can leave a note on the door or get in contact with the owner about selling their house to you.
Direct Mail Marketing
Direct Mail Marketing is mass mailing letters out to owners of houses in a specific neighborhood or area you are targeting. These letters communicate your interest in buying that persons home with a cash offer and inform them that if they ever decide to sell to give you a call first to make them a cash offer. The goal is to get motivated sellers to call you interested in selling their home and then you’ll have to run the analysis and learn more about the property to see if it’s even worth pursuing.
You also combine these two methods by finding properties through driving neighborhoods, writing down the address, and then adding them to your mailing list.
Pro Tip: You want to mail to these houses multiple times. Send them a letter once per month for 5-6 months and eventually you’ll get phone calls. You should know that it takes multiple contact points to make a sale. People don’t buy from you on the first go around usually so you’ll have to be persistent keeping in touch with them each month until they see your serious and come around to see what cash offer you have to make.
I hope these two methods help you find more deal flow. The key is consistency. Marketing takes time to do its magic.
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