How is it that people in different parts of the country are completing their 3rd, 5th, 7th deal etc.? I'm still trying to get that elusive first deal done in California. I think for the most part I am doing what I should be to make this work. I have 20 plus people on my buyers' list. I asked them all the prequalifying questions to find out what they want. I'm working primarily with Real Estate Agents. Initially, my focus was on newly listed property with the following criteria: 1)AS IS, 2) Price Reduction, 3)Vacant, 4)Starter Home, 5)Three bedroom. Each property I wanted had as many 25 other investors engaged in a biding war. On average it appears properties are selling for $30,000 more than the list price. My search now includes properties listed 180 days. The agents aren't finding much of anything. My 90 day cash buyer search in Los Angeles County netted 1,132 cash buyers, 180 were LLC's with multiple purchases. The Assessors Office doesn't update new ownership info for 6 months. I'd prefer calling the investors over sending them a letter. I googled the LLC's and found no contact information. I cant even add them to my buyers list. HELP! If you've done some deals and have any suggestions on how to get my first deal done, I greatly appreciate it. I am working hard.
Thank you,
Greg
My suggestion would to ask yourself if you're working with the right people. Some Realtor's might seem nice, but they don't match the type of Realtor you need to be working with.
To find buyers: Call 20+ For Rent ad's per week. Ask them if they are looking to sell their property. If they say yes, you have a potential deal. If they say no, ask them if they want to add more properties to their portfolio. Either way you'll get a buyer or a seller. You will rarely get nothing out of calling For Rent Ads.
To find sellers: Keep making offers off of the MLS, but start putting out at least 25 yellow bandit signs that say "WE BUY HOUSES / ANY CONDITION / XXX-XXX-XXXX" in a black sharpie. Use a Google Voice number, put them on busy intersections, and just watch as your calls start rolling in! Then you have this leadflow of desperate sellers calling in.
Hope you can find some use from that info!
Dominic
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Greg,
try to join a rei club in your area; you'll meet lots of investors there, bring your business cards, and pass them out; ask other investors if they can recommend an agent.
To get buyers on your list, look for bandit signs that say I Buy Houses; many times you will see them posted on houses that are being rehab; those are investors who are looking to buy more properties...
Wishing you success,
Valerie
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