51 Ways to Find Properties
1) Have 1 to 4 Realtors on your team with specific assignments. Designate Search Criteria for Agents (See “General Criteria for Real Estate Agent Searches” supplement below)
2) For any of the blow list of free classified ads, review ads to find current postings in your local market: www.CraigsList.org
3) www.Kijiji.com
4) www.UPillar.com
5) www.BackPage.com
6) www.WebClassifieds.us
7) www.USFreeAds.com
8) www.ClassifiedsForFree.com
9) www.PennySaverUSA.com
10) www.SaleSpider.com
11) www.PostLets.com
12) www.StumbleHere.com
13) www.AdPost.com
14) For any of the above free classified ads, post your own ghost ads to get responses from property sellers.
15) Review For Sale By Owner (FSBO) listings on www.forsalebyowner.com and/or www.fsbo.com
16) Look up properties for sale on www.zillow.com
17) Find For Sale By Owner properties on www.onlinerealtysales.com
18) Find FSBO properties on www.homesbyowner.com
19) Find FSBO properties on www.fsbozone.com
20) Find properties on www.allthelistings.com
21) Research probate properties in your investing area
22) Call on rental properties to see if the landlord is also interested in selling the property (or if they are looking for other properties, they could become a cash buyer)
23) Build your own Bird-Dog Network of people whose jobs involve driving neighborhoods: postman, UPS, FEDEX, pool cleaners, carpet cleaners, meter readers, pizza delivery, other restaurant delivery, road work crews, newspaper delivery, landscapers, yard care, snow removal, painters or other contractors, etc.
24) Talk to administrators or marketing directors from assisted living facilities or nursing homes to refer potential residents who have homes to sell
25) Research Bankruptcy properties, especially Chapter 13 Individual Restructuring Bankruptcy. Over 90% of these bankruptcies fall out of protective status within one year.
26) Get County Notice of Default, Lis Pendens, and Sheriff’s/Trustee’s Sale Preforeclosure Lists
27) Drive Neighborhoods: Look for FSBO, For Rent, MLS Listed, Abandoned, Boarded Up, Signs of disrepair, foreclosure notices.
28) Check ads in local newspapers
29) Check the online classifieds for these local newspapers
30) Call property managers to see if any of their owners are looking to sell or buy.
31) Attend a meeting of the local Apartment Owners Association, find out if any of their members are looking to sell or buy.
32) Talk to friends and family members, ask them to look for properties for you, give them your criteria
33) Do google searches using motivational phrases and your area identification.
34) Ask Real Estate Agents for list of properties with exceptionally long Days on Market
35) Negotiate an arrangement with Real Estate Agent to obtain list of expired listings, agree to compensate them for any deals you can put together.
36) Ask Title Company if they can provide you with a list of non-owner occupied properties within a specific zip code area.
37) Target specific neighborhoods, and canvas these areas, talking to residents and giving out business cards, offering referral fees.
38) Target companies that transfer employees, and speak with their placement department regarding properties.
39) Talk to mortgage brokers about any failed loans
40) Contact Insurance Adjusters regarding damaged homes
41) Give out business cards generously, and have a flyer indicating what kind of properties you are looking for, and offering referral fees.
42) Research estate executors and contact them to see if there is property that needs to be sold.
43) Place Flyers on bulletin boards in: Office Buildings, Break Rooms, Grocery Stores, Ethnic stores, Cafes, Laundromats, etc.
44) Target neighborhoods and deliver flyers
45) Post bandit signs on busy corners, at entrances into subdivisions, near home improvement stores, etc.
46) Offer referral fees to contractors, handymen, and others who do work on properties for property referrals.
47) Run “We Buy Houses” ads in newspapers or other media
48) Attend Real Estate Investor Association Meetings, market in the haves/wants
49) Use Social Media to notify your network of friends and associates of what you are looking for.
50) Have a website that you use to promote to find properties and buyers
51) Do email campaigns to your growing list of contacts
Supplemental Information
General Criteria for Real Estate Agent Searches
(Note: What you should really be telling your agents to look for is the list of criteria provided by your overlapping cash buyers. The following are general criteria that will work in most markets. We would prefer to receive a few properties filtered for criteria rather than a long list of unfiltered properties.)
1) Complete listing on each property, including public notes, plus 3 or more Sales Comparables
2) Property prices—Median Price of properties for the area, Plus or Minus around $50k.
3) Property Size—3-4 Bedroom, 1 or 2 Bathroom, average square footage for these types of properties
4) Property Age—Generally properties that are 25 years or older
5) Property Characteristics—Bread and butter properties, basic housing without a lot of extra amenities—Good Rental Properties (High Demand, Good Supply, Good Sellers)
6) Property Area—Neighborhoods with around 50% owner occupied
7) Listing Criteria—Longer than average days on market (DOM), one or more previous price reductions.
8) Owner Motivation Criteria—Listing contains one or more motivational phrases (Examples: Owner Anxious, Motivated Seller, Illness, Death, Lost Job, Moving, Desperate, Must Sell, Divorce, Job Transfer, Probate, Price Reduced, Priced Below Market, Below Appraisal, Fixer Upper, Estate Sale, Handyman Special, Investors Dream, Needs TLC, Owner Will Carry, Seller Financing, Financing Available, 100 Percent Financing, Assume, Take Over Payments, Investment Property, Income Property, No Credit—No Problem, Lease Option, Rent to Own, Subject to, Land Contract, Pre-Foreclosure, Foreclosure, Bank Owned, Government Owned, HUD, Fannie Mae, FNMA, VA, Veterans Administration, Priced for Quick Sale, Good Rental Property, No Banks Needed, Negotiable, Terms Available, Bring All Offers, etc.)
1) Have 1 to 4 Realtors on your team with specific assignments. Designate Search Criteria for Agents (See “General Criteria for Real Estate Agent Searches” supplement below)
2) For any of the blow list of free classified ads, review ads to find current postings in your local market: www.CraigsList.org
3) www.Kijiji.com
4) www.UPillar.com
5) www.BackPage.com
6) www.WebClassifieds.us
7) www.USFreeAds.com
8) www.ClassifiedsForFree.com
9) www.PennySaverUSA.com
10) www.SaleSpider.com
11) www.PostLets.com
12) www.StumbleHere.com
13) www.AdPost.com
14) For any of the above free classified ads, post your own ghost ads to get responses from property sellers.
15) Review For Sale By Owner (FSBO) listings on www.forsalebyowner.com and/or www.fsbo.com
16) Look up properties for sale on www.zillow.com
17) Find For Sale By Owner properties on www.onlinerealtysales.com
18) Find FSBO properties on www.homesbyowner.com
19) Find FSBO properties on www.fsbozone.com
20) Find properties on www.allthelistings.com
21) Research probate properties in your investing area
22) Call on rental properties to see if the landlord is also interested in selling the property (or if they are looking for other properties, they could become a cash buyer)
23) Build your own Bird-Dog Network of people whose jobs involve driving neighborhoods: postman, UPS, FEDEX, pool cleaners, carpet cleaners, meter readers, pizza delivery, other restaurant delivery, road work crews, newspaper delivery, landscapers, yard care, snow removal, painters or other contractors, etc.
24) Talk to administrators or marketing directors from assisted living facilities or nursing homes to refer potential residents who have homes to sell
25) Research Bankruptcy properties, especially Chapter 13 Individual Restructuring Bankruptcy. Over 90% of these bankruptcies fall out of protective status within one year.
26) Get County Notice of Default, Lis Pendens, and Sheriff’s/Trustee’s Sale Preforeclosure Lists
27) Drive Neighborhoods: Look for FSBO, For Rent, MLS Listed, Abandoned, Boarded Up, Signs of disrepair, foreclosure notices.
28) Check ads in local newspapers
29) Check the online classifieds for these local newspapers
30) Call property managers to see if any of their owners are looking to sell or buy.
31) Attend a meeting of the local Apartment Owners Association, find out if any of their members are looking to sell or buy.
32) Talk to friends and family members, ask them to look for properties for you, give them your criteria
33) Do google searches using motivational phrases and your area identification.
34) Ask Real Estate Agents for list of properties with exceptionally long Days on Market
35) Negotiate an arrangement with Real Estate Agent to obtain list of expired listings, agree to compensate them for any deals you can put together.
36) Ask Title Company if they can provide you with a list of non-owner occupied properties within a specific zip code area.
37) Target specific neighborhoods, and canvas these areas, talking to residents and giving out business cards, offering referral fees.
38) Target companies that transfer employees, and speak with their placement department regarding properties.
39) Talk to mortgage brokers about any failed loans
40) Contact Insurance Adjusters regarding damaged homes
41) Give out business cards generously, and have a flyer indicating what kind of properties you are looking for, and offering referral fees.
42) Research estate executors and contact them to see if there is property that needs to be sold.
43) Place Flyers on bulletin boards in: Office Buildings, Break Rooms, Grocery Stores, Ethnic stores, Cafes, Laundromats, etc.
44) Target neighborhoods and deliver flyers
45) Post bandit signs on busy corners, at entrances into subdivisions, near home improvement stores, etc.
46) Offer referral fees to contractors, handymen, and others who do work on properties for property referrals.
47) Run “We Buy Houses” ads in newspapers or other media
48) Attend Real Estate Investor Association Meetings, market in the haves/wants
49) Use Social Media to notify your network of friends and associates of what you are looking for.
50) Have a website that you use to promote to find properties and buyers
51) Do email campaigns to your growing list of contacts
Supplemental Information
General Criteria for Real Estate Agent Searches
(Note: What you should really be telling your agents to look for is the list of criteria provided by your overlapping cash buyers. The following are general criteria that will work in most markets. We would prefer to receive a few properties filtered for criteria rather than a long list of unfiltered properties.)
1) Complete listing on each property, including public notes, plus 3 or more Sales Comparables
2) Property prices—Median Price of properties for the area, Plus or Minus around $50k.
3) Property Size—3-4 Bedroom, 1 or 2 Bathroom, average square footage for these types of properties
4) Property Age—Generally properties that are 25 years or older
5) Property Characteristics—Bread and butter properties, basic housing without a lot of extra amenities—Good Rental Properties (High Demand, Good Supply, Good Sellers)
6) Property Area—Neighborhoods with around 50% owner occupied
7) Listing Criteria—Longer than average days on market (DOM), one or more previous price reductions.
8) Owner Motivation Criteria—Listing contains one or more motivational phrases (Examples: Owner Anxious, Motivated Seller, Illness, Death, Lost Job, Moving, Desperate, Must Sell, Divorce, Job Transfer, Probate, Price Reduced, Priced Below Market, Below Appraisal, Fixer Upper, Estate Sale, Handyman Special, Investors Dream, Needs TLC, Owner Will Carry, Seller Financing, Financing Available, 100 Percent Financing, Assume, Take Over Payments, Investment Property, Income Property, No Credit—No Problem, Lease Option, Rent to Own, Subject to, Land Contract, Pre-Foreclosure, Foreclosure, Bank Owned, Government Owned, HUD, Fannie Mae, FNMA, VA, Veterans Administration, Priced for Quick Sale, Good Rental Property, No Banks Needed, Negotiable, Terms Available, Bring All Offers, etc.)
FSBO Websites
· FSBO.com
· Keyzio.com – app, list/sale fsbo
· Fizber.com – no app, fsbo
· Homie.com – app, fsbo
· ForSaleByOwner.com
· Owners.com
· Zillow.com/homes/fsbo
· Trulia.com
· MyHouseDeals.com
· BackPage.com
· ByOwner.com
· 10Realty.com
· AllTheListings.com
· CraigsList.org
· HomesByOwner.com
· PropertySites.com
· iSoldMyHouse.com
· BuyOwner.com
· ForSale-ByOwner.com
· eBay.com
BROKERAGE SITES: (lower fees)
· Redfin.com
· Keyzio.com
AUCTION:
· AuctionZip.com
· Hubzu.com
· GoHoming.com
· HudsonAndMarshall.com
· RealtyBid.com
· WilliamsAuction.com
· NaaRealEstateAuctions.com/consumer/index/mls
· LoopNet.com
18 Best RE Sites:
1. Realtor.com: Most houses to choose from. This is the official site of the National Association of Realtors, which ilsts over 3 million properties for sale and rent
2. Terabitz: This is right brain approach to home shopping. Buyers can create “mashups” of data by dropping “bitz” of information they’re interested in, things like restaurants, shops, and cafes
3. Trulia: Best site to price comparable properties
4. Zillow.com: To find out what your neighbor’s house is worth. Zillow estimates the market value of more than 67 million homes. All you need is the address.
5. Neighborhoodscout.com: Find the right neighborhood.
6. eBay.com: Buy a house at auction. The world’s largest marketplace also has plenty of properties for auction in all 50 states and many foreign countries.
7. Propertyshark.com: To find a foreclosure property. This is an easy to use site with plenty of listings.
8. Forsalebyowner.com: Gives you the owners name and phone number so you can contact them.
9. Streetadvisor.com: Get Zagat-like reviews of a particular street. Local residents and visitors submit detailed descriptions and ratings of streets and blocks. It includes overall atmosphere, cell phone, TV and internet reception and whether or not the street is good value for the money.
10. Zllow.com: Snoop into your neighbor’s backyards. “Bird’s Eye View” gives high-resolution, 3D like aerial views of anyones backyard.
11. Rottenneighbor.com: Get the dish on noisy neighbors. You’ll find where the “smelly hippies”, “psycho pet haters” and the “mean old lady with no lied” live. It gives you info on your neighbors too!
12. Homefair.com: Check out the schools. Get a free school report for any city or town in the country.
13. Areaconnect.com/crime: Check on local crime rates. Compares crime rates based on FBI crime stats.
14. Familywatchdog.us: Find local sex offenders. The maps here show you where offenders live and work and the crimes they’ve committed.
15. Bls.gov/eag/: Check out the local job market. Statistics and charts are easy to read.
16. Meetup.com: To talk with your soon to be new neighbor before you buy. Whether you are interested in politics, dogs, poker or physics, it will connect you with a group of like-minded souls in the neighborhood.
17. Craigslist.org: Gives you the price and lets you contact the owner directly.
18. Homelink.org: Swap your house with someone else. This is the largest international house-swapping site.
31 Ways to Find “OFF” Market Deals
1. ONLINE SEARCHES
a. Classified sites: eg: Craigslist.org
b. Google search – “real estate fsbo + zip code”
c. Bigger Pockets
d. Connected Investors
2. REAL ESTATE AGENTS
a. Pocket listings
b. Expired listings
3. FSBO
a. Drive-bys: red and white “For Rent” signs in yard
b. Websites
c. Social media
d. Sphere of influence: Family, Friends, Church acquaintances
e. Newspaper ads
f. FSBO Home Bargains
4. VACANT
a. Drive-bys
b. Overgrown grass
c. Piled up newspapers on doorstep
d. Boarded up windows
e. Get mailing address to contact them
f. Google search
g. County records
5. RESPONSE PRODUCTS:
a. REMS: Vacant, High Equity
b. FSBO Home Bargains: fsbo’s
c. RPP: Foreclosures, Pre-Foreclosures
d. DDT PRO/ELITE: Foreclosures, Pre-Foreclosures, High Equity
6. NETWORK / REFERRALS:
a. Cash buyers
b. Wholesalers
c. Real Estate Clubs
d. Family
e. Friends
f. Neighbors
g. Sphere of influence
7. DRIVING-BY’S
a. “For Rent” signs – take pic of number with phone
b. Vacant homes – get address
8. APPS – IOS/Android
a. Zillow
b. Trulia
c. HUD
d. HomePath – Fannie Mae
e. HomeSteps – Freddie Mac
f. Lovely – apartment hunting app – For Rent by Owner - LANDLORDS
g. Fizber.com
h. Homie.com
i. Movoto –
j. Rent.com -
k. DwellOwner – fsbo listings
9. AUCTIONS
a. County auctions
b. Private auctions
c. Auction.com
d. Williamsandmarshall.com
10. LANDLORDS
a. “For Rent” ads – craigslist.com – list all for rent websites
b. Padmapper.com
c. Hotpads.com
d. Buy lead list of landlords from AgentPro247 or RealQuest by CoreLogic
e. Landlord website – www.socialserve.com
11. SOCIAL MEDIA
a. Pinterest
b. Linkedin
c. Facebook
d. Youtube
e. Bigger pockets
f. Connected investors
12. BANDIT SIGNS
a. “We buy Houses”
13. DIRECT MAIL MARKETING
a. Pre-foreclosures – NOD lists from title companies
i. RPP
b. Landlords – 60 yrs plus demographics, ready to retire
c. Out of State landlords of multifamily houses
d. Absentee owners
e. Vacant land owners (only in specific areas in the path of growth)
f. Vacant homes
g. To specific zip codes asking if they want to sell or know someone who does
h. To divorce attorneys who can refer clients
i. FSBO’s
j. To properties purchased between $3k - $20k within last five years (the owner might be a novice flipper who never did anything with the property)
k. Send to Estate / Probate Attorneys (if you have an attorney, consider having them send the letter, because attorneys tend to open mail from other attorneys)
l. To owners who have owned for 15 yrs or more (these properties tend to be owned “free & clear” = more flexible with their sales price)
m. to Credit Repair Agencies & Credit Counselors – referrals
n. to people arrested for violent crimes (going to prison for a long time)
o. to employees who have been laid off (ie. Corporate downsizing in the news)
p. owners of Section 8 properties
q. to owners of properties with liens: mechanics, tax liens, HOA liens
r. to Bankruptcy Court Listings
s. Accountants and CPA Firms: Have clients with financial problems where an investor can be of help
t. to real estate attorneys
u. to addresses of people having Garage Sales: Are they moving?
v. to Insurance Brokers: Policy changes from owner occupant to landlord or vacant house coverage.
w. to owners of multiple properties (target them to offload portfolios)
14. FLYERS:
a. Post on bulletin boards at large stores, gyms, community clubs
b. “We Buy Houses” flyers at unemployment offices – people there could be having trouble with their homes and need a solution.
c. Nursing & Retirement Homes: Frequently residents need to sell a house
15. EMAILS:
a. Send emails to “For Rent” ads on craigslist – email will go to owner who may want to buy or sell
16. WHOLESALERS
a. Network – reic’s, online ads, bandit signs
b. Investors over buy – sell unfinished properties because they need cash to finish project
17. BANKS – REO’S
a. Stages of foreclosure: default, auction or bank owned
b. Connect with the Asset Manager
c. Email list of new foreclosures
18. BUY BAD MORTGAGES – CASH ONLY
a. Propertyshark
i. Names of lenders, liens, attorney and title histories
ii. County Property details
19. LOCAL BUILDERS
a. Homes that buyers couldn’t finish paying for
20. COUNTY RECORDS
a. Absentee owners (aka Landlords)
i. Mailing addresses
ii. Send letter
21. NURSING/REHAB FACILITIES
a. Contact person in charge of Admittance
22. FUNERAL HOMES
a. Postcard – funeral home marketing – Carol Stinson’s technique
i. Pic of sympathy card
23. CITY VIOLATIONS
a. Properties red-flagged by city – violation
24. ESTATE SALES – www.census.gov/popclock
a. Purchase lead list of people who inherited homes
b. Look up estate sales in classifieds
25. ATTORNEYS
a. Probate
b. Divorce
c. Pre-foreclosures
d. Auction
e. Estate
f. Bankruptcy
26. NEW HOME SUBDIVISIONS
a. Contact sales people at New home subdivisions (their clients will want to sell their OLD houses)
27. MORTGAGE COMPANIES
a. They may know of people wanting to sell their old house/last house
28. APPAREL
a. Advertise “We Buy Houses” using Apparel with Logos: Hats, T-Shirts, Golf Shirts
29. CHURCHES / CHARITABLE GROUPS
a. They frequently receive gifts of real estate, but they’d rather have the cash.
30. CITY & COUNTY INSPECTORS
a. Code violations and red tags. (If you develop a reputation of buying distressed properties and improving them, you become an asset to the community)
31. BUY LEADS:
a. www.listsource.com
· FSBO.com
· Keyzio.com – app, list/sale fsbo
· Fizber.com – no app, fsbo
· Homie.com – app, fsbo
· ForSaleByOwner.com
· Owners.com
· Zillow.com/homes/fsbo
· Trulia.com
· MyHouseDeals.com
· BackPage.com
· ByOwner.com
· 10Realty.com
· AllTheListings.com
· CraigsList.org
· HomesByOwner.com
· PropertySites.com
· iSoldMyHouse.com
· BuyOwner.com
· ForSale-ByOwner.com
· eBay.com
BROKERAGE SITES: (lower fees)
· Redfin.com
· Keyzio.com
AUCTION:
· AuctionZip.com
· Hubzu.com
· GoHoming.com
· HudsonAndMarshall.com
· RealtyBid.com
· WilliamsAuction.com
· NaaRealEstateAuctions.com/consumer/index/mls
· LoopNet.com
18 Best RE Sites:
1. Realtor.com: Most houses to choose from. This is the official site of the National Association of Realtors, which ilsts over 3 million properties for sale and rent
2. Terabitz: This is right brain approach to home shopping. Buyers can create “mashups” of data by dropping “bitz” of information they’re interested in, things like restaurants, shops, and cafes
3. Trulia: Best site to price comparable properties
4. Zillow.com: To find out what your neighbor’s house is worth. Zillow estimates the market value of more than 67 million homes. All you need is the address.
5. Neighborhoodscout.com: Find the right neighborhood.
6. eBay.com: Buy a house at auction. The world’s largest marketplace also has plenty of properties for auction in all 50 states and many foreign countries.
7. Propertyshark.com: To find a foreclosure property. This is an easy to use site with plenty of listings.
8. Forsalebyowner.com: Gives you the owners name and phone number so you can contact them.
9. Streetadvisor.com: Get Zagat-like reviews of a particular street. Local residents and visitors submit detailed descriptions and ratings of streets and blocks. It includes overall atmosphere, cell phone, TV and internet reception and whether or not the street is good value for the money.
10. Zllow.com: Snoop into your neighbor’s backyards. “Bird’s Eye View” gives high-resolution, 3D like aerial views of anyones backyard.
11. Rottenneighbor.com: Get the dish on noisy neighbors. You’ll find where the “smelly hippies”, “psycho pet haters” and the “mean old lady with no lied” live. It gives you info on your neighbors too!
12. Homefair.com: Check out the schools. Get a free school report for any city or town in the country.
13. Areaconnect.com/crime: Check on local crime rates. Compares crime rates based on FBI crime stats.
14. Familywatchdog.us: Find local sex offenders. The maps here show you where offenders live and work and the crimes they’ve committed.
15. Bls.gov/eag/: Check out the local job market. Statistics and charts are easy to read.
16. Meetup.com: To talk with your soon to be new neighbor before you buy. Whether you are interested in politics, dogs, poker or physics, it will connect you with a group of like-minded souls in the neighborhood.
17. Craigslist.org: Gives you the price and lets you contact the owner directly.
18. Homelink.org: Swap your house with someone else. This is the largest international house-swapping site.
31 Ways to Find “OFF” Market Deals
1. ONLINE SEARCHES
a. Classified sites: eg: Craigslist.org
b. Google search – “real estate fsbo + zip code”
c. Bigger Pockets
d. Connected Investors
2. REAL ESTATE AGENTS
a. Pocket listings
b. Expired listings
3. FSBO
a. Drive-bys: red and white “For Rent” signs in yard
b. Websites
c. Social media
d. Sphere of influence: Family, Friends, Church acquaintances
e. Newspaper ads
f. FSBO Home Bargains
4. VACANT
a. Drive-bys
b. Overgrown grass
c. Piled up newspapers on doorstep
d. Boarded up windows
e. Get mailing address to contact them
f. Google search
g. County records
5. RESPONSE PRODUCTS:
a. REMS: Vacant, High Equity
b. FSBO Home Bargains: fsbo’s
c. RPP: Foreclosures, Pre-Foreclosures
d. DDT PRO/ELITE: Foreclosures, Pre-Foreclosures, High Equity
6. NETWORK / REFERRALS:
a. Cash buyers
b. Wholesalers
c. Real Estate Clubs
d. Family
e. Friends
f. Neighbors
g. Sphere of influence
7. DRIVING-BY’S
a. “For Rent” signs – take pic of number with phone
b. Vacant homes – get address
8. APPS – IOS/Android
a. Zillow
b. Trulia
c. HUD
d. HomePath – Fannie Mae
e. HomeSteps – Freddie Mac
f. Lovely – apartment hunting app – For Rent by Owner - LANDLORDS
g. Fizber.com
h. Homie.com
i. Movoto –
j. Rent.com -
k. DwellOwner – fsbo listings
9. AUCTIONS
a. County auctions
b. Private auctions
c. Auction.com
d. Williamsandmarshall.com
10. LANDLORDS
a. “For Rent” ads – craigslist.com – list all for rent websites
b. Padmapper.com
c. Hotpads.com
d. Buy lead list of landlords from AgentPro247 or RealQuest by CoreLogic
e. Landlord website – www.socialserve.com
11. SOCIAL MEDIA
a. Pinterest
b. Linkedin
c. Facebook
d. Youtube
e. Bigger pockets
f. Connected investors
12. BANDIT SIGNS
a. “We buy Houses”
- Place a sign near a new home subdivisions that say “Sell Your House Fast” with your phone number. Often times, these new owners will be desperate to sell their old houses ASAP.
- Busy intersections – eg: McDonalds, Walmart, Home Depot
13. DIRECT MAIL MARKETING
a. Pre-foreclosures – NOD lists from title companies
i. RPP
b. Landlords – 60 yrs plus demographics, ready to retire
c. Out of State landlords of multifamily houses
d. Absentee owners
e. Vacant land owners (only in specific areas in the path of growth)
f. Vacant homes
g. To specific zip codes asking if they want to sell or know someone who does
h. To divorce attorneys who can refer clients
i. FSBO’s
j. To properties purchased between $3k - $20k within last five years (the owner might be a novice flipper who never did anything with the property)
k. Send to Estate / Probate Attorneys (if you have an attorney, consider having them send the letter, because attorneys tend to open mail from other attorneys)
l. To owners who have owned for 15 yrs or more (these properties tend to be owned “free & clear” = more flexible with their sales price)
m. to Credit Repair Agencies & Credit Counselors – referrals
n. to people arrested for violent crimes (going to prison for a long time)
o. to employees who have been laid off (ie. Corporate downsizing in the news)
p. owners of Section 8 properties
q. to owners of properties with liens: mechanics, tax liens, HOA liens
r. to Bankruptcy Court Listings
s. Accountants and CPA Firms: Have clients with financial problems where an investor can be of help
t. to real estate attorneys
u. to addresses of people having Garage Sales: Are they moving?
v. to Insurance Brokers: Policy changes from owner occupant to landlord or vacant house coverage.
w. to owners of multiple properties (target them to offload portfolios)
14. FLYERS:
a. Post on bulletin boards at large stores, gyms, community clubs
b. “We Buy Houses” flyers at unemployment offices – people there could be having trouble with their homes and need a solution.
c. Nursing & Retirement Homes: Frequently residents need to sell a house
15. EMAILS:
a. Send emails to “For Rent” ads on craigslist – email will go to owner who may want to buy or sell
16. WHOLESALERS
a. Network – reic’s, online ads, bandit signs
b. Investors over buy – sell unfinished properties because they need cash to finish project
17. BANKS – REO’S
a. Stages of foreclosure: default, auction or bank owned
b. Connect with the Asset Manager
c. Email list of new foreclosures
18. BUY BAD MORTGAGES – CASH ONLY
a. Propertyshark
i. Names of lenders, liens, attorney and title histories
ii. County Property details
19. LOCAL BUILDERS
a. Homes that buyers couldn’t finish paying for
20. COUNTY RECORDS
a. Absentee owners (aka Landlords)
i. Mailing addresses
ii. Send letter
21. NURSING/REHAB FACILITIES
a. Contact person in charge of Admittance
22. FUNERAL HOMES
a. Postcard – funeral home marketing – Carol Stinson’s technique
i. Pic of sympathy card
23. CITY VIOLATIONS
a. Properties red-flagged by city – violation
24. ESTATE SALES – www.census.gov/popclock
a. Purchase lead list of people who inherited homes
b. Look up estate sales in classifieds
25. ATTORNEYS
a. Probate
b. Divorce
c. Pre-foreclosures
d. Auction
e. Estate
f. Bankruptcy
26. NEW HOME SUBDIVISIONS
a. Contact sales people at New home subdivisions (their clients will want to sell their OLD houses)
27. MORTGAGE COMPANIES
a. They may know of people wanting to sell their old house/last house
28. APPAREL
a. Advertise “We Buy Houses” using Apparel with Logos: Hats, T-Shirts, Golf Shirts
29. CHURCHES / CHARITABLE GROUPS
a. They frequently receive gifts of real estate, but they’d rather have the cash.
30. CITY & COUNTY INSPECTORS
a. Code violations and red tags. (If you develop a reputation of buying distressed properties and improving them, you become an asset to the community)
31. BUY LEADS:
a. www.listsource.com
Real Estate Offer Formula
ARV (after repair value)
Add the sales price of all comps together
Add the square footage of all comps together
Divide the total sales price of all comps by the total square footage of all comps = average price per sq. ft.
Multiply the average price per square foot by the square footage of your subject property = ARV
Example: Subject property sales price is 150,000, and the square footage is 1700
Comp 1 – 200,000, 1650 sq ft
Comp 2 – 215,000, 1710sq ft
Comp 3 – 209,000, 1450sq ft
200,000 + 215,000 + 209,000 = 624,000 total sales price of all comps
1650 + 1710 + 1450 = 4810 total square footage of all comps
624,000 divided by 4810 = 129, average price per sq ft
129 x 1700 (square footage of subject property) = 219,300 = ARV
ARV
X 80 % (investor profit, realtor fees, holding costs, closing costs)
- repair costs
- your profit = mao (maximum allowable offer)
- a few thousand = first offer
ARV (after repair value)
Add the sales price of all comps together
Add the square footage of all comps together
Divide the total sales price of all comps by the total square footage of all comps = average price per sq. ft.
Multiply the average price per square foot by the square footage of your subject property = ARV
Example: Subject property sales price is 150,000, and the square footage is 1700
Comp 1 – 200,000, 1650 sq ft
Comp 2 – 215,000, 1710sq ft
Comp 3 – 209,000, 1450sq ft
200,000 + 215,000 + 209,000 = 624,000 total sales price of all comps
1650 + 1710 + 1450 = 4810 total square footage of all comps
624,000 divided by 4810 = 129, average price per sq ft
129 x 1700 (square footage of subject property) = 219,300 = ARV
ARV
X 80 % (investor profit, realtor fees, holding costs, closing costs)
- repair costs
- your profit = mao (maximum allowable offer)
- a few thousand = first offer
Avg. Cost for Rehab
· Light Rehab: $12-15/sq. ft. (95% of properties need this)
· Paint
· Floor
1. Carpet
2. Tile
3. Peel & Stick
4. Refinish Hardwood
· Doors
· Lights
· Plugs & Switches
· Medium Rehab: $20-22/sq. ft. (70% of properties need this)
· Everything in the light category
· Kitchen
· Bath
· Windows
· Heavy Rehab: $30-35/sq. ft.
· Everything in the low and medium category
· HVAC
· Plumbing
· Electrical
· Roof
· Foundation
· Mold
On average rehab costs, use the high number for east/west coastal states (CA, NY, etc.) and the low number everywhere else.
· Average for landlord buyers to get the property in rent ready condition is $8-$10 per sq ft.
· Average for rehab buyers is $20-$30 per sq ft.
· If you’re doing an offer sight-unseen, figure Medium rehab costs for your offer. You can renegotiate price after offer is accepted if rehab turns out to be more than you estimated. You should look through the first 15-20 properties to learn what to look for unless you are remote investing.
· Use brushed nickel throughout on all hardware and knobs.
Individual Costs
· Flooring:
- Carpet: $2 sq. ft. carpet/8 pound ½ inch padding installed.
- Tile: $6-7 sq. ft. installed. “Terracotta Clay” or “Patina Shale”
- Laminate Tile (peel and stick): $3-4 sq. ft. installed.
- Hard wood $8-9 sq. ft. installed (avoid laminate wood).
· Paint: $2 sq. ft.
- Kilz for primer. Eliminates odors and dark stains.
- 3-tone paint job (walls/ceiling/trim).
- Sheen: egg-shell or satin
- Colors: light grey or tope on walls, white ceiling/trim.
· Lighting:
- Ceiling Fans: Contractors special w/lights $52. Choice of 36”, 42”, 52” White. Otherwise $200 installed
- Flush mount lights: 6-pack contractor special $50
· Doors:
- Interior Doors: 2 -panel $225 installed. Get pre-hung/ brushed nickel hardware.
- Exterior Front: $700 installed
- Storm Doors: $350 installed.
· Bathroom:
- Vanity: $650 installed
- Surround tub/shower: $600 tiled
- Tub: $350 reglazed
- Toilet: $350 installed “American Standard Cadet”
· Kitchen:
- Cabinets: $300 liner ft installed. Colors: White, Cheyenne, Denver
- Counter Tops: installed with cabinets. Add $50 sq. ft. to cabinet price for low grade granite.
- Sink (8 inch deep) with gooseneck faucet: $500 installed
- Appliances: (fridge (18cubic ft)/microwave/oven/dishwasher) white/black $2,100 installed. $2,500 for stainless steel.
· Water heater: 50 gallon $1000 installed.
· Windows: $250 per vinyl window. (www.windowworld.com)
· Landscape: $500 basic
· Light Rehab: $12-15/sq. ft. (95% of properties need this)
· Paint
· Floor
1. Carpet
2. Tile
3. Peel & Stick
4. Refinish Hardwood
· Doors
· Lights
· Plugs & Switches
· Medium Rehab: $20-22/sq. ft. (70% of properties need this)
· Everything in the light category
· Kitchen
· Bath
· Windows
· Heavy Rehab: $30-35/sq. ft.
· Everything in the low and medium category
· HVAC
· Plumbing
· Electrical
· Roof
· Foundation
· Mold
On average rehab costs, use the high number for east/west coastal states (CA, NY, etc.) and the low number everywhere else.
· Average for landlord buyers to get the property in rent ready condition is $8-$10 per sq ft.
· Average for rehab buyers is $20-$30 per sq ft.
· If you’re doing an offer sight-unseen, figure Medium rehab costs for your offer. You can renegotiate price after offer is accepted if rehab turns out to be more than you estimated. You should look through the first 15-20 properties to learn what to look for unless you are remote investing.
· Use brushed nickel throughout on all hardware and knobs.
Individual Costs
· Flooring:
- Carpet: $2 sq. ft. carpet/8 pound ½ inch padding installed.
- Tile: $6-7 sq. ft. installed. “Terracotta Clay” or “Patina Shale”
- Laminate Tile (peel and stick): $3-4 sq. ft. installed.
- Hard wood $8-9 sq. ft. installed (avoid laminate wood).
· Paint: $2 sq. ft.
- Kilz for primer. Eliminates odors and dark stains.
- 3-tone paint job (walls/ceiling/trim).
- Sheen: egg-shell or satin
- Colors: light grey or tope on walls, white ceiling/trim.
· Lighting:
- Ceiling Fans: Contractors special w/lights $52. Choice of 36”, 42”, 52” White. Otherwise $200 installed
- Flush mount lights: 6-pack contractor special $50
· Doors:
- Interior Doors: 2 -panel $225 installed. Get pre-hung/ brushed nickel hardware.
- Exterior Front: $700 installed
- Storm Doors: $350 installed.
· Bathroom:
- Vanity: $650 installed
- Surround tub/shower: $600 tiled
- Tub: $350 reglazed
- Toilet: $350 installed “American Standard Cadet”
· Kitchen:
- Cabinets: $300 liner ft installed. Colors: White, Cheyenne, Denver
- Counter Tops: installed with cabinets. Add $50 sq. ft. to cabinet price for low grade granite.
- Sink (8 inch deep) with gooseneck faucet: $500 installed
- Appliances: (fridge (18cubic ft)/microwave/oven/dishwasher) white/black $2,100 installed. $2,500 for stainless steel.
· Water heater: 50 gallon $1000 installed.
· Windows: $250 per vinyl window. (www.windowworld.com)
· Landscape: $500 basic