10 Ways to Find Discounted Real Estate Deals – Part 2
In Part 1 we discussed 2 ways of 10 in finding discounted real estate. Let’s look at the next 8 ways here in Part 2.
There could be potential deals within walking distance of you. Choose an area of approximately 300 houses. Become an expert in that area. Drive the area regularly and check for signs of distress.
These signs can be something like:
• Mail gathering at the front door for weeks or months
• Excessive deterioration of the house
• Overgrown grass, hedges and landscaping
• Lockboxes on doors, railing or poles
• Boarded up basement windows
• Zoning/municipal notices posted on windows or doors
4. Knocking on doors
When you see property in the condition described above, go up to the door and knock on the door. What do you say?
Something like; “Hello, my name is [your name], I am a real estate investor and I am interested in potentially buying a house in the neighbourhood and I’m just knocking on doors to see if anyone is interested in selling.” Once you have finished your conversation, go to other neighbours and do the same thing.
I suggest using the 10-10-20 principal. That’s 10 houses to the left of the subject property, 10 to the right and the 20 on the other side of the street. By doing this you establish your presence with other neighbours and you may find a sale where you least expect it.
5. Put notices or letters on doors
In a similar fashion to the above suggestion (or if there is no one home), you can attach notices or letters to the door of a property which looks to be in a distressed situation. There are many ways to word such a notice or letter, but it can be as simple as: “Hello homeowner. My name is [your name] and I would like to buy your house. Please call me if you are interested.”
6. Go to your local landlord/tenant board
There are cases which are held on a regular basis at landlord/tenant boards across the country. These happen both in the courtroom and outside of the courtroom by a mediator. Attending these hearings from time to time gives you the opportunity to meet landlords or property managers who have just come from an experience they probably wish they had not had to go through. They may be very willing to talk to you about selling their property.
7. Go to foreclosure court
Going to foreclosure court (or where Power of Sales happen) can be a very interesting experience. You can witness foreclosure hearings which will be at various stages in their processes. Sometimes the owners are in attendance and sometimes not. The reason for attending, other than for your edification, is to potentially meet owners and be able to provide them some help. This may be financial help, advice to save their property or a deal to buy the property. Sincerely providing options to owners who are unfamiliar with the process can be invaluable to them. I encourage you to understand the foreclosure (or Power of Sale) process in your province.
8. Place ads
Utilize local papers and online ads like Kijiji and Craigslist to get your message out. Simple messages like: “I can buy your house fast!” “Need to sell your house today?” It can be as simple as “I Buy Houses.” These ads work well under the “Money to Lend” sections and attract people who are looking for cash to keep their houses. They may read your ad and realize if they just sold their house, it may relieve their financial pressures.
9. Email Realtors
Create a simple message. “I am looking for distressed houses in [your area of choice] that I can get for a minimum of 10% (or whatever your number is) under market value. I can buy cash and close quickly.” When you email this to all the local real estate brokerages, you should get calls. This can be the initiation to creating some great relationships with Realtors who may be able to find you some great deals.
10. Word of mouth
There is no better advertising for you than word of mouth. Just like in any type of sale, when a trusted friend, neighbour or business associate passes
along your name to someone they feel can benefit from what you do, it comes as a great recommendation to the person receiving it. This can dramatically help in your sales process as your service and credibility have perhaps already been addressed. All you have to do now is fill the need and make the sale. When it comes to finding more deals, it is not the lack of resources, but rather the lack of resourcefulness that truly prevents real estate investors from reaching their investment goals.
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!