by Sam Kwak, @samkwakofficial
Are you tired of looking for real estate deals in the MLS? Chances are, you’ve been fishing for real estate deals in Zillow, Trulia or even Redfin. While those are great sites for buying properties for retail, it always appears as if all the great deals disappear within days! What if there was a way to be a step ahead of all the investors out there? What if there was a way for you to find deals that almost feels like you’re the only investor in the world? I’m about to share with you a method. A method in which you will always be on top of your real estate investing game if you use this method instead of feeling like you’re always behind the 8-ball. Let’s not let luck determine the success of our real estate business!
Put Your Focus ELSEWHERE
Instead of looking at places where EVERYONE is fishing, why not create your “own pond” so to speak.If you’re a new real estate investor, chances are, you’re fishing at the pond where all the new investors are fishing. This can create one or two things. One, a new investor almost always rely on emotions to make decisions or they make decisions out of lack of experience. This creates competition and artificial demand as offers are made without proper analysis. As an educated investor, this can be frustrating when looking through deals in the MLS because most sellers will take a higher offer in which the new investors typically make higher of without much thought. There is nothing wrong in making higher offers, but the offer must be justified with proper analysis in numbers, your exit strategies and your resources that you can leverage. So let’s look elsewhere and focus our energy devoting your time by creating your own proprietary leadflow.
Here’s a cool trick about For Rent Signs. Most investors today don’t know the value of a For Rent Sign. Anytime I see a For Rent Sign, I call the number on the sign immediately to ask the owner if he or she is interested in selling that particular property. When is the most frustrating time for a landlord? It’s when the property is vacant, right? If you can call these signs and ask if they’re interested in selling, you’ll eventually hit a gold mine. Even if the landlord doesn’t want to sell that particular property, he or she may have another property in mind that they want to sell immediately. In most cases, these properties are not listed in the MLS just yet or they will never be. If you get a ‘no’ from them, ask them if they would be interested in buying properties in the future. That way, you’re collecting additional contact for your buyers’ list. Calling For Rent signs can give you multiple options to create a network of sellers and buyers in the future.
Attorneys are NOT just for closing….
First of all, if you’re not using an attorney for your business… you have no business doing real estate. You MUST have an attorney representing you at all times in this industry. With that said, attorneys can be a great source for real estate leads! Especially the divorce attorneys and the probate attorneys. They have clients that need to sell a property and if you can create a great relationship with your attorney, he or she would likely send their clients to you to sell their properties! That is an AWESOME way to build a different type of real estate lead source instead of fishing at places where everyone is.
If you can do just those TWO things, you’ll see an increase of real estate deals coming in your way! It takes patience and time to build but I promise you that you’ll have better deals coming in your way and no one else may have a shot to even look at them!