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Hi All,
I’m Joe and I have been in real estate for about 5 years now and have aquired 7 properties using tradiitonal techniques. I am new to cash flow depot and consider myself to be a beginner. Our local market is very competitive and I am looking forward to seeing what results I can achieve using these new techniques. If anyone has any suggestions on where to start in a hot market (where houses sell for asking price or higher) it would be greatly appreciated.
I look forward to being a part of this online community!
Hi Don,
Thanks for the reply! Please, call me Joe. I am 30 years old so my current game plan is to buy and hold. I have a small but diversified portfolio of single family residential houses. Most are blue colar properties but the last two have been white colar and are well located so they are easier to manage. I would love to buy more well located houses like these but they seem to be hard to buy right now. I would like to learn more about doing owner financed deals and master leases to grow my business. I’m struggling to decide on where to start looking for the kind of motivated users/owners that could do a creative deal.
Joe
Joe, You will do much better deals when you cut out the middle man and work directly with the principal. After you formulate your plan get back to us and lay it out. Better to run it by us first than run with a faulty plan. You sound like a man of action. Good luck
Don
P.S. Joe I forgot to ask, where is your market?HI Joseph
Even in hot markets, people die, people lose their job, people get a great job offer in a different state & need to move asap, people get a divorce, landlords have to evict tenants who don’t pay, etc. etc…
All of these things create motivated sellers. Your job, as a creative real estate investor, is to get in front of as many motivated sellers as possible. This is also the place were creative deals can be made — like buying subject-to the mortgage, master leases, seller financing, options & highest bidder sales. Creative deals always start with a very motivated seller.Jackie
Don,
Thanks for the advice! I am in southwest and north central ohio. I’m planning on walking door to door in the target neighborhoods that I would like to buy in. I can think of 6 properties that are currently vacant in these areas, I plan on leaving a door hanger, with my information, on the doors where no one answers. I thought about mailing postcards but thought I would try something different since I know other investors in my area are already doing this. I own one rental property in the neighborhood and have received a dozen or more postcards/yellow letters in the last year. Should I be doing anything else to reach motivated sellers?
Joe
Joe,
Good idea to walk the neighborhoods. Jack Miller use to do this and call this his farm. Why fall in line with what everyone is doing with the mailings. To much competition there. I would focus in on those 6 vacant properties. Do what ever you can to get a hold of the owners. Check the courthouse, talk to the neighbors. Do what ever you have to do to find the owners. Send them a letter or postcard. Give them a call. Stop by and visit with them. These properties could be gold.
Joe I would strongly suggest that you get an internet presence going. I am sold on Investor Carrot for the best real estate investor based web developer.
Keep in touch.
Don
Hey Joe,
It is important for you to talk to the neighbors on either side and across the street from the vacant houses. You may have a hard time reaching the owners of the house with a letter or postcard but the neighbors may have their phone number or new address. Or, perhaps the owner died and there are heirs involved.
When you farm a neighborhood it is a good ideal to talk to as many people on the street as possible. Tell them you really like that neighborhood and would like to buy a house there. Ask if they know anyone who needs to sell and who is not listed with a real estate agent. You’ll get a lot of information about who is getting a divorce, who is moving, who’s spouse passed away, etc.
When everyone else ZIGS, you need to ZAG. Doing what the competition is not doing is the best way to get deals.
A website presence will give you credibility AND help you get leads too.
Jackie
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