6 Different Ways To Find Wholesale Deals
Wholesaling has become one of the most popular strategies for new investors to get their feet wet. Successful wholesaling hinges on the ability to finding deals, where no one else is looking. There are always deals to be found, regardless of the competition in the market. Below are six different ways to find wholesale deals.
- Vacant/Abandoned Properties. These are properties that have been abandoned by their homeowners and could be weeks away from foreclosure or bank possession. To capture these properties, you need to write down the address, take a trip to the tax office, and find out who the owner is. The odds are that you may only speak to one homeowner who is willing to sell, out of the 10 property owners you talk to. Fortunately, all it takes is that one deal to make it worth your while.
- FSBOs. For Sale By Owner or FSBO is the process of selling real estate, without being represented by a real estate broker/agent. With these type of properties, it is difficult to tell what the homeowner is looking for, out of the transaction. They may be looking for a quick transaction, that can close quickly and in cash. You need to reach out to them, start a dialogue and of course, learn about their motivation. Once you uncover their motivation, you will know what kind of a deal it is.
- Craigslist. There are still deals to be found on Craigslist but instead of looking at property listings the focus should be on landlords, who have grown tired of landlording and would strongly consider selling, should a right offer come along. You may need to send emails to, twenty to thirty different landlords each week, and stress on the various drawbacks of owning a rental property and how you can help them. While you may or may not, get an immediate response, the key is to be persistent and follow up consistently with them for weeks, if not months.
- Classified Ads in the Newspaper. Reliance on newspapers for information has greatly declined over the past decade, while people have moved on to the internet. This does not mean the newspaper is extinct. It is encouraging to note that the newspaper advertising is still alive and well. There are still people, who look at the classified section of a newspaper, over the weekend.
- Divorce Attorney. The wholesaling business is all about making important contacts, that will help you grow the business. One such contact that stands out is a divorce attorney. One of the biggest issue in a divorce situation is, dividing up the property. Often times the parties want to sell the property quickly and for cash, rather than have to wait for a traditional offer to come through. A good working relationship with a divorce attorney, can go a long way, in helping your business grow.
- Networking. Showing up at local networking events, driving to the local REIA groups, talking to local real estate agents, mortgage brokers, builders, accountants, and contractors greatly improve the number of leads, that come your way. Your network is your net worth. So, the more time you spend meeting and networking with new people, the better and stronger your wholesale business will be.
The more the number of options at your disposal for finding deals, the more consistent the business will be. Never put all your eggs in one basket. The key is to diversify. Focus on the above options for a few weeks and you should see a jump in your leads.