In the first part of this article, we have covered the first five methods of finding deals. Deals are the air for real estate investors and are the first step towards a successful real estate career.
Brandon Turner from the "Bigger Pockets" coined the LAPS system - get Leads, Analyze them, make an offer (or Propose), and eventually Succeed.
In this article, we will explore five more methods of finding deals. Be sure to visit our blog to find the first article on the first five methods. And now, let's get into it.
6th Method: Finding real estate deals through traditional advertising.
This is the oldest trick in the book for finding deals. There are numerous ways to advertise the fact you are buying houses and reach potential sellers.
In this method, you will buy an ad in the local newspaper, buy a slot on the local radio, buy a sign, etc., and will try to reach the masses. Be sure to have a supporting system as a lot of calls can get to you. Have a call center that can take the calls, a call script, a CRM to track and follow up with the callers, a system to analyze and make offers fast, etc.
7th Method: Finding real estate deals through cold calling.
Cold calling means that you will call homeowners that might want to sell. Why might they want to sell? Well, this is what you think based on various decision indicators. I.e., if the house is vacant, if a house is late in paying taxes if a house belongs to an out-of-state owner that inherited it and doesn't know what its condition is, and more.
How will you know which house answers your criteria? Luckily, several websites solved it for us.
8th Method: Finding real estate deals through direct listings.
Some people prefer to list their house themselves without the help of an agent. While listing the house themselves saves them the 3% commission of the real estate agent, it also prevents us from getting the deal through the MLS (as explained in the first part of this article.) These houses can be found on zillow.com, realator.com, redfin.com, and more. They are listed under FSBO which is an abbreviation for For Sale By Owner.
Set an alert every time an FSBO house that meets your criteria is listed and get ahead of the competition.
9th Method: Finding real estate deals through flyers.
Flyers are an easy way to get attraction from sellers. Design a memorable flyer on fiverr.com, or work with an online template. Be sure to explain who you are, what are your buying terms, and your contact information, and spread them away. Focus on your niche zip codes and be ready to answer calls.
10th Method: Finding real estate deals through bandit signs.
Do you know these 'we buy houses' signs? Well, this is it. You can find them cheap on Amazon or other websites. Here's an example from Amazon.
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