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Hey Jackie and all,
I just read your book Real Estate Profits on Steroids and it was great. I did have a few questions. Since I live in Italy for most of the year I can’t actually go and see the properties. I have a good idea on the market because i own a few rentals already. My question is do you think its better to get the help of realtor to find deals through MLS. I plan on getting licensed later just for access to MLS.
Also you constantly stress distressed seller would bank REO be included in this strategy? Since most of the listings in MLS for my price range are bank REO’s. What other methods would you suggest to find motivated sellers if you cant actively survey the neighborhood?
Thanks
PASS on all listed properties. Investors i the area already have access to all of them. Most everything on MLS is way overpriced.
to make a good living with wholesaling, you need to find the really great deals other investors can’t find.
There are a couple of ways you can do that from Italy, but you’ll still need someone in the place where you want to market to be your eyes and ears on the ground.
You could divide up responsibilities, that you’ll be the lead generation guy and the person on the ground will eyeball the property, get the contract and help get it sold.
Your best bet for finding wholesale deals are:
1. code violations –
2. inherited properties including probate but not only probate
3. using bird dogs to drive neighborhoods looking for vacant, run down houseswith code violations, your boots on the ground person could email or efax the list to you, then you could do the research on the tax records to get address for owner and determine if there is equity. Then you can use the USPS to upload the list and a postcard to do a direct mail campaign.
If you have magic jack or vonage, you could even have the calls go to you to prescreen before the local person sees the house and makes an offer.
Same with inherited properties. You can get probate lists from the court house. And watch the OBITS, then do research to see if they have a house with equity.
My MEGA LEAD generator system works great. You’ll get 10 leads a day usually. I think there’s info about it in the marketing section.
When do you come back to the States?
Hey Jackie thanks for the quick response. I will take your advice and do what u say. Although where do I find this list of code violations and inheritance.
I have my father who is a broker who would be willing to act as a bird dog and also one or two other people at this time to bring me deals. Im sorry for the question but what is OBITS?
I play pro basketball here in Europe from late August to May so Im only town for 3 months out of the year.
Im working hard as I love the passive income I have generated so far in real estate. I just need a way to generate some quick cash that i will then invest into my own properties. This is why I’m looking at wholesale strategies, master leasing, and lease options.
I feel I have been successful in buying and holding property but I’m only hitting a tip of the ice burg in the money and freedom that can be had in real estate.
Cant thank you enough for your videos, courses, books, etc… Its a bit overwhelming and a lot of info but I’m dedicated to being successful.
Thanks
Code violations you get from the CITY code violation office. Someone will need to go IN to ask for and get the list.
Probate you get from the COUNTY clerk AND do a search in the tax records for ESTATE
OBITS = obituaries ( people who have died) published in the newspaper
Another source for wholesale properties is to contact property managers to see if they know any landlords who have properties they won’t keep up & might want to sell out. I’ve been able to get 10-20 at a time that way
The information is available for any locale, what varies is how accessible Code Enforcement chooses to be with their data.
Two things are working for me now:
1) Code Enforcement invariably offers some type of appeals process where the owners may ask for reduced fines, more time due to illness or infirmity, or address some other issue entirely. The cases to be considered are scheduled several weeks in advance and what is on the agenda for the next meeting is not too difficult to come by, it is a public forum after all. I have never been to a board meeting (bet I’m really missing something there — too lazy), I use that information as a contact list. At that same meeting decisions are made regarding unresponsive owners as to proceeding with condemnation, or city work orders to demolish, remove debris, mow the yard ….. etc, and is a matter of record.
2) Once the City/County actually do any physical work and/or levy fines, a lien is placed on the property and recorded. In the Recorder’s Office liens are indexed by type and origin ….. it is relatively easy to sort out. Also a Condemnation Notice eventually becomes and Order to Demolish, which is also recorded prior to the event.Consider it a BIG plus that there is no ready “list” in your chosen area — “the harder it is, the easier it gets.”
You just need to find the sweet spot where no one else is looking, which shouldn’t be too difficult.Finding good prospects is the easiest part of this house stuff, negotiating skills and the ability to close the deal with the correct paperwork are what matter most, and that requires education and practice. CashFlowDepot has the best information available anywhere at any price, and the reccomended books and seminars can’t be beat.
Norman
Great advice!! And thanks for the compliment about CashFlowDepot.
In the Dallas area, there were monthly hearings for code violators. It is a great place to go to get option contracts. It does not matter what amount you write on the contract because it’s all subject to inspection and approval – so you can negotiate a better price or terms after you see the house.
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