Yup, I get that question all the time!
The first question that I usually get is, “How do I get a deal funded?” I usually respond, “Just get the deal, if it’s a true deal, meaning there is enough profit margin for everyone to make money, the money will come!”
The next question is always, “Ok, so, how do I find deals?” I am a firm believer in having many different fishing lines in the water. First, you need to have an online presence. That’s where people are looking. They are typing “sell my house fast in Medford” and those types of things. If they don’t find you online when they are looking, how are they going to find you? I consider a website and an online presence your store front, so to speak. It’s also great for credibility purposes. You come across a deal and you schedule a time to view the property and get in front of the owner, guess what? They are going to research you. If all they can find online is that goofy drunk picture you took and posted on FB, what are they going to think? They certainly aren’t going to believe you are a serious investor who can purchase their property and close quickly with a cash offer. If you need help with setting up a website and getting found online, that’s my expertise, just reach out to me at Bernadette@BostonAREIA.com .
Now, there are a bevy of others ways to find properties at a deep discount, you just have to figure out what works for you! The cheapest way is to go door knocking, but, most investors won’t do that. It is too far out of their comfort zone, but, it works! Mainly because most won’t do it. The biggest problem is, “Ok, so, I’m knocking on a door, WHAT DO I SAY?” You really just let them know that you were at the courthouse doing some research and noticed that there is a pending problem (never mention foreclosure, the “F” word). As them if they resolved the issue. If they say, “Yes.” Ask how they resolved it, did the file an answer, sell the property or become current on the note. You can tell really quickly if they did nothing. Let them know you are there to help.
Now, a few months back in March, we had Chris Chapin, I like to call him the original Joint Venture Student with Brownstone RG. I introduced him to them about 2 years ago and in less than a year he went from working full time doing marketing for a company to managing 5-7 projects a month with Brownstone. The room was jam packed and everyone LOVED the information Chris brought to the table regarding finding deals. So, I thought a little replay was in order. Take notes, this is good stuff guys!
Bernadette Trafton, Boston AREIA Chief Connector