How to Get Started and What to Look For
The most successful real estate investors I know realize that we are in the business of helping people. The more you can help someone (or the bigger their problem) the more you are rewarded financially. This means that you are actively looking for problems to solve – either with the property itself, or that the homeowners are experiencing, for example financial problems.
First and foremost, you are looking for OFF market or unlisted properties. If a homeowner doesn’t have a problem they call an agent, and list their property on the multiple listing service for top dollar. I have agents and assistants scouring the MLS for fixers all day long, and we write dozens of offers up each week. It’s highly competitive and by the time a property hits the MLS a few investors have already passed on the deal… BECAUSE IT’S NOT A DEAL. Scouring the web, craigslist, Zillow etc and trying to buy properties that everyone else has access to is a guaranteed way to get burned out and frustrated. Trust me, I’ve tried.
You want to become the eyes and ears of your neighborhood. While you’re driving around, walking the dog, talking to whoever will listen, tell them that you are working with an experienced investor and that “we are looking for our next property to buy and fix up”.
Types of Houses
- ugly houses: generally the worse they are, the better!
- burned down
- foundation problems
- overgrown yard: grass, trees, bushes, etc.
- boarded up or broken windows
- mailboxes filled to the brim
- piled up newspapers
- code enforcement taped to the door
- foundation problems
Types of People / Situations
- family facing foreclosure (house going to auction)
- liquidating assets to pay bills
- job loss
- troublesome mortgage terms
- need for cosmetic fix up
- relocation or job transfer
- retirement or downsizing
- death of a loved one
- tired of living in an ugly house
- undesirable neighborhoods
- inheriting a property they can’t keep or don’t want
Once you have found a house or family that you think we can help here is what you do:
- Make contact
- Schedule an appointment (phone or in person) for us to sit down with the homeowner.
- Submit your deal to us for review!