I know how it is when you’re looking for your next real estate deal…
You’re perched in your chair in your home office, playing on the net and looking at properties here, there and everywhere. Now don’t misunderstand me, the net is a wonderful, technological tool, but it’s still a tool, nonetheless.
But you know what? It’s not enough to do all your deal hunting on the net. You need to get out there amongst other people to find the really great deals.
Besides, it’s not much fun or healthy to be glued to your computer all the time…
Put yourself out there!
The truth is, great deals come from all sorts of venues and meeting places. That’s why it’s important to put yourself out there!
Join groups and let people know what you’re doing and what kind of deals you’re looking for.
More great deals come from one person knowing another person who wants or needs to sell a property. That’s why you need to let other people know what you want and what you are looking for.
Now, when you’re meeting people in the groups you’ve joined, or even at a gathering of friends, tell them what you are doing. Not only should you tell them about what you do, but also let them know that you will pay a finder’s fee if you end up buying a property they referred to you!
Make it worth their while as well—offer a substantial finder’s fee, such as $5,000 paid upon settlement. You might just be surprised how $5,000 will motivate quite a few people to send deals your way.
Build your network of the right people…
Do you see what this does?
Actually, it accomplishes several things at once. By offering a referral fee, you connect in a very real way with many more people than you would otherwise.
But just as importantly, you validate what you’re telling them about you. You’re building a network of people that know who you are and what you want.
The point is, it doesn’t matter how much time you spend on your internet connection, it’s the people connection that will bring you your best deals! You’ll be astounded at what happens when you’re being a bit social about what you’re looking for…
In addition to building your deal network, by announcing your goals and intentions, you are also activating your reticular activating system. You’re stating what you want to achieve, you’re projecting your intentions of what it is you’re wanting to achieve!
This is how your dreams come true and financial rewards come your way.
There is also another type of networking you should be doing that can lead you into some terrific deals on properties…
Probated estates and Public Trustee sales
Sometimes, when I have a certain property type in mind, I take a bit of time and peruse the PROBATE OFFICES for deceased estates. You should do so as well.
All of the solicitors put the properties of deceased estates through probate. You can see what’s available every day.
An extension of the probate offices are the PUBLIC TRUSTEE SITES. Every state has public trustees that manage a lot of deceased estates. Normally, they will sell off the properties and divide the proceeds amongst the beneficiaries.
To see what’s available, I also look at public trustee auction sites. Some truly excellent opportunities are to be found there.
You should check those sites at least once a week in the state or states in which you’re active.
Developers’ losses your gains!
Finally, when you’re driving around the areas where you want to invest, take a look construction projects. Depending upon the area, you may still see quite a few partially completed projects.
This is often occurs when a builder either runs out of money or has other problems, perhaps related to the GFC, his bank closed his credit line and all the rest. You can often pick up these incomplete projects at a fraction of their value.
You have to do a little due diligence in these instances, but who’s afraid of that?
And speaking of construction projects, how many times have you seen completed construction projects that sit empty or only partially occupied?
Quite a bit in some areas. This is another opportunity to cut a good deal with the developer.
Remember, just like the rest of us, time is money to a developer. He’s paying interest on unsold inventory of units, or at least he’s not making any money on them.
Meanwhile, he’s still paying local property taxes and all the rest on units that are sitting vacant. That’s where there’s a deal to be made!
Do some digging, find out what the other units sold for, how long the empty units have sat, and figure out a discounted price that will tempt the developer to unload them to you.
All of these deal-finding strategies take a little bit of effort on your part, but that’s to your advantage, isn’t it?
When nine out of ten real estate investors are happy just to spend their days and nights on the internet, going the extra mile will get deals that will never make it to most of the popular sites.
You’ve heard it said that the best deals are the ones you never hear about? Well now you know why…
Now go and get yours!