15 ways to find discounted real estate deals in 3-6 months
Ever dream of having a steady stream of real estate deals just waiting in your back pocket?
Well, you’re in the right place! Finding discounted real estate deals is like striking gold in the property world. It’s essential for investors looking to buy low and sell high.
In this guide, we’re exploring 15 ways to uncover those hidden gems in just three to six months!
But here’s the kicker – all these methods boil down to two main types: on-market and off-market. Intrigued?
Let’s dive in and start uncovering those treasures!
Off-Market vs. On-market
First things first, what does “off-market” even mean? Well, it’s pretty straightforward – off-market properties are those not listed on the usual real estate advertising sites or the Multiple Listing Service (MLS). They’re like the secret menu of the real estate world, offering deals you won’t find in plain sight!
Now, let’s check out the differences and why off-market might just be your golden ticket:
Cost-Cutting: Off-market deals often mean fewer bidding wars and lower prices. It’s like grabbing your favorite snack before it hits the shelves!
Exclusive Access: With off-market, you get to the deals before the crowds. It’s like VIP access to the best real estate concerts!
Time Saving: No need to wait around for the right deal to pop up. Off-market gets you straight to the source, saving you time and energy.
But here’s the deal – having both on-market and off-market strategies in your toolkit is key. It’s like having both a fishing rod and a net; you’re bound to catch more!
Inbound vs Outbound
Before we dive into out 15 ways, know that marketing efforts can also be broken down into inbound vs out bound marketing.
Inbound marketing is a strategy that focuses on attracting customers, or leads, via company-created Internet content, thereby having potential customers come to the company rather than marketers vying for their attention. This type of marketing tries to make it easier for customers, who are already actively looking for goods or services via the Internet, to find what a company offers.
Outbound marketing is a traditional form of marketing where a company initiates contact with potential customers, or leads, and sends its message out to an audience. This strategy uses advertising methods such as TV commercials, radio ads, print advertisements, telemarketing calls, and direct mail to promote products or services.
15 ways to find deals:
The Multiple Listing Service (MLS) is your primary gateway to listed properties. Dive deep into your research, focusing on properties labeled as “distressed”, “ASAP”, or “handyman special”. The key here is persistence – the more offers you make, the higher your chances of landing a deal. Set up alerts, and be the first to approach sellers with a compelling offer.
2. Direct Mail:
Direct mail requires a strategic approach. Start by pulling niche lists of potential sellers and consistently send them tailored mail every month. Craft compelling messages that address their pain points and showcase how you can provide a solution. Track your results and refine your strategy over time to increase your response rate.
3. Cold Calling:
Cold calling is about building rapport and uncovering opportunities. Craft a friendly, straightforward script that quickly gets to the point, and don’t be afraid to address objections. Practice active listening, be empathetic, and focus on building a relationship rather than just closing a deal.
4. Networking with Agents:
Building solid relationships with real estate agents is invaluable. Regularly reach out through emails, calls, or meetups, and express genuine interest in their listings. Provide value by sharing market insights and showing appreciation for their efforts. The stronger the relationship, the more likely they’ll bring you exclusive deals.
Participate actively in Real Estate Investment Associations (REIA’s). Attend meetings, engage in discussions, and share your knowledge. By establishing yourself as a credible investor, you’ll naturally attract deals and partnerships. Don’t be shy about asking for advice and offering your expertise in return.
6. Other Wholesalers:
Collaborate with other wholesalers to expand your deal sources. While you might pay a premium, conducting thorough due diligence ensures you’re still getting value. Communicate your criteria clearly, and be open to negotiations to secure mutually beneficial deals.
7. Networking with Other Professionals:
Forge connections with professionals like attorneys and property managers who have access to potential deals. Regularly check in, offer your services, and express your interest in any available opportunities. By being proactive and maintaining these relationships, you can uncover deals before they hit the market.
Network with service providers such as locksmiths, cleaners, and maintenance workers. They often encounter vacant or distressed properties, making them excellent sources of leads. Establish trust, offer incentives for referrals, and maintain regular communication to keep the leads flowing.
9. Driving for Dollars:
Explore neighborhoods, keeping an eye out for signs of distressed properties, such as overgrown lawns, boarded windows, or accumulated mail. Note down the addresses and conduct research to reach out to the owners directly. This method requires time and effort but can uncover hidden gems.
10. List Stacking:
Utilize software like REISift to stack different lists and identify properties with multiple distress indicators. This method requires a targeted approach, involving skip tracing and personalized outreach to connect with owners and express your interest in purchasing their property.
11. Digital Marketing:
Invest in a robust digital marketing strategy, leveraging platforms like Google AdWords and optimizing your website for search engines. Focus on attracting motivated sellers by offering valuable content and solutions to their problems. Monitor your campaigns, adjust your strategies based on performance, and maintain a strong online presence to capture leads.
Auctions are a hotspot for distressed properties, but competition can be fierce. Do your homework, set a budget, and be disciplined in your bidding. Research the properties beforehand, assess the potential for profit, and be prepared to act quickly when you spot a good deal.
13. Classified Ads:
Scour online classifieds like Craigslist and Facebook Marketplace for FSBO (For Sale by Owner) and FRBO (For Rent by Owner) listings. Reach out directly to the owners, inquire about their motivations for selling, and negotiate terms that are advantageous to both parties. Patience and persistence are key in this method.
14. Door Knocking:
Door knocking can be highly effective if done right. Arm yourself with a well-crafted script, be respectful, and listen actively to the homeowners’ needs. Approach with empathy, offer solutions, and follow up diligently to build trust and close deals.
15. Organic SEO:
Invest time and effort in optimizing your website for search engines to attract organic traffic. Create valuable, relevant content, build backlinks, and target keywords that motivated sellers are likely to search for. While it may take time to see results, the investment can pay off with a steady stream of inbound leads.
Combination of all
Don’t get lazy.
Use a combination of all them.
That’ll give you the best success.
You either have time, money, or both.
Utilize your resources for the biggest punch and use as many of the 15 ways as you have resources for.
Consistency and volume is key
Let’s get real for a moment. Finding discounted real estate deals is akin to hunting for treasure, and in this game, consistency and volume are your trusty maps and compasses. It’s a common pitfall for many to underestimate the sheer volume of effort required to unearth those golden opportunities. Think knocking on 10 doors is enough? Well, it’s time to shift gears and multiply that by ten!
Consistency is Key
Imagine sowing seeds – if you plant today and forget about it tomorrow, you’re unlikely to see a garden bloom. Similarly, in the realm of real estate investing, consistent action builds momentum and creates opportunities. Whether it’s making calls, sending mails, or attending networking events, the regular rhythm of your actions sends ripples into the market, making your presence known and opening doors to potential deals.
Volume Packs a Punch
While consistency lays the groundwork, volume supercharges your efforts. It’s a numbers game – the more doors you knock on, the more calls you make, the higher your chances of landing that coveted deal. A high volume of effort helps you cast a wider net, catching opportunities that a lukewarm approach might miss.
Underestimation: A Silent Deal Breaker
Here’s a nugget of truth – many budding investors grossly underestimate the effort it takes to find lucrative deals. It’s not a stroll in the park; it’s more of a dedicated marathon. The market is bustling with competition, and a sporadic approach can see you trailing behind. Amping up your efforts, staying committed to the process, and embracing the grind are the secret ingredients to staying ahead.
Striking the Right Balance
Marrying consistency with volume is like crafting a fine cocktail – it requires the right balance. Too much of one can overshadow the other, leading to burnout or missed chances. It’s about finding that sweet spot where consistent action meets voluminous effort, leading to a harmonious symphony of opportunities knocking at your door.
A Real Deal Finding Strategy for Small Budgets
Navigating the real estate landscape with a small budget? No problem! Success in real estate doesn’t always have to break the bank. With a combination of clever strategies like utilizing the MLS to make offers every week, cold calling niche lists, driving for dollars, door knocking on stacked lists, and regular attendance at REIA meetings, you can maximize your deal-finding potential without stretching your budget. Ready to dive into a practical, budget-friendly action plan? Let’s get started!
Weekly Action Plan:
1. Monday: Dive into the MLS
Allocate 1-2 hours to scour the MLS for potential deals.
Look for properties with keywords like “distressed”, “ASAP”, “handyman special”, etc.
Make at least 5 offers, adjusting based on response and feedback.
2. Tuesday: Cold Call Niche Lists
Spend 2-3 hours cold calling niche lists.
Craft a straightforward script, introducing yourself, stating your intention, and asking open-ended questions.
Keep track of responses and follow up accordingly.
3. Wednesday: Drive for Dollars
Dedicate 3-4 hours driving around target neighborhoods.
Look for vacant, distressed, or abandoned properties.
Take notes of addresses and any visible property details for later research.
4. Thursday: Door Knocking and Calling Stacked Lists
Set aside 2 hours for door-knocking in the morning.
In the afternoon, spend another 2 hours calling stacked lists.
Be polite, clear, and concise. Gauge the interest and note down the details of potential leads.
5. Friday: Attend REIA Meetings
Locate and attend local REIA meetings happening on this day.
Network with fellow investors, agents, and wholesalers.
Collect contacts, share your interests, and explore potential deal opportunities.
6. Weekend: Follow Up and Research
Use the weekend to follow up on leads generated throughout the week inside your CRM.
Research the properties noted down during the “Drive for Dollars” day.
Plan your strategy for the next week based on the responses and leads acquired.
Embarking on this weekly plan will set you on a path of disciplined and consistent action, two cornerstones of success in real estate investing. The small-budget nature of these tasks ensures that you are continuously sowing seeds for future deals without causing financial strain. So roll up those sleeves and dive into the week with enthusiasm – every day is a new opportunity to uncover a hidden gem!