10 Ways to Find Discounted Real Estate Deals – Part 1

One of the surest ways to make money in real estate is to buy under market value, but finding discounted deals can be harder than you think. Veteran Investor Gord Lemon shows you how to find these gems.
From Canadian Real Estate Wealth Magazine

Ever become frustrated from your latest search to find your next deal and concluded that there are no good real estate deals out there?
Many real estate entrepreneurs have shared this opinion from time to time. In reality, this thought couldn’t be further from the truth. You can be assured that no matter what, no matter when, there are ALWAYS deals out there. If you are not finding  any deals, perhaps your tactics may need some sharpening or your sights may need widening.

Sarching for properties can be a time consuming process and as a result, many investors can lean too heavily on their realtors to locate properties. Although many realtors do a great job finding good investment property, they are often limited to properties available on the MLS.

There are a number of methods to source deals which allow you to bypass the realtor and deal directly with the seller/owner, where many of the best deals can be found. The process in dealing directly with an owner can be much more fruitful because you have the opportunity in making the sales process more relationship based than when represented by, or operating through a realtor. Remember, in sales, people do business with people they like. Finding and negotiating a great real estate deal is no different… it comes down to sales and it’s all about your sales process.

The ability to ask your own probing questions to discover the underlying motivation behind the sale enables you to become empathetic to their situation wich can create the best platform for a win/win deal.

The quote: “people don’t care how much you know until they know how much you care” is very prevalent in this type of situation. There are many ways to find good deals; the challenge for many investors who rely exclusively on their realtors is getting out and pounding the pavement themselves. So
what does pavement pounding look like?

How to find elusive discounted deals

Here’s 10 ways to shake the bushes for deals. These are in no order of preference or effectiveness.

1. Call FSBOs

You can locate owners by checking out “For Sale by Owner” ads from a local major paper, a small neighbourhood publication or from online ads. They will normally be found under the “Houses for Sale” category. There are key words to look for which may be clues as to the degree of seller motivation. Ads which contain “Just reduced; Handyman Special; TLC needed; For Sale or Lease; Must Sell” are suggestive words which allude to the fact there may be some issues with the property or the seller’s “life” situation.

Secondly, there are many “For Sale by Owner” companies which provide discount flat rates to their customers who are selling their homes. These companies provide a website with pictures and property details as well as contact information of the owners. This enables you to contact the owners
directly and begin your own sales process.

2. Call rental ads

There are many landlords out there who do not want to be landlords anymore. Many don’t have the time, money or the patience to deal with tenants,
property management or maintenance. By calling rental ads, you may get a willing owner on the phone who may be more than ready to negotiate. Some people may really need to sell but have not had the time or motivation to put the property upfor sale until you call them. Timing can be
everything in finding a great deal .

Check out Part 2 of 10 Ways to Find Discounted Real Estate Deals

If you’d like more info, to find out about training/coaching or to learn about how you can participate in cash flow real estate which provide above average returns, schedule a free 15 minute call by filling out the form below. And we assure you, no pressure or sales will accompany the call.    Look forward to speaking with you!