The key to finding flips really is to find motivated seller leads, people who are ready to be out from under the burden of a property they can’t (or don’t want to) pay for any longer. Check out these great tips I use all the time when we’re on the hunt for great real estate deals.
1. Get in the car and start driving neighborhoods
At the very most, this will cost you a tank of gas, and you won’t have to pay anyone else a finder’s fee when you purchase the house, either. First, do some research on neighborhoods that aren’t incredibly wealthy and may have been through some hard times but are now making a comeback.
Then take a drive around those neighborhoods and look for vacant houses. You can often tell immediately if a house is vacant if you go for your drive in trash pickup day. Look for run-down houses with no trash cans out front waiting to be emptied, and you’ll almost always find a vacant house.
Have postcards made for your flipping business. These should clearly state who you are, what you do, and how to contact you. Don’t send them out to a generic mailing list, though. This is a waste of money. You want to send them to motivated sellers. You can actually do this as an extension of your driving for dollars.
Whenever you make note of a vacant address, look it up on the local tax assessor’s website, and you should be able to find the owner’s current mailing address. Send the owner a postcard to show them that you would love to help them by purchasing their house.
3. The Phone
If you’ve found a particularly promising property, don’t hesitate to call the owner. Between foreclosure listings and the tax assessor’s website, you shouldn’t have much trouble finding their phone number. Give them a call and introduce yourself. Ask them if they’re interested in selling their home, why, and how much they’d like to get for it as-is.
4. Social Media and Newspaper Ads
Newspaper ads in the real estate section are really cheap, and setting up social media profiles for your flipping business is completely free. Use both of these outlets to do some real estate marketing and get the word out about your business. You might be surprised how many leads come to you with great deals.
5. Go to a real estate training class
Finally, if you watch our show you know how much fun Christina and I have getting great deals and transforming run-down houses into beautiful, livable spaces. You’re reading this blog post so I’ve got to assume you’re in the real estate business too (or wanting to be). Investing in real estate can be scary. You’re doing deals involving sometimes hundreds of thousands of dollars. If there’s one tip I can give you it’s get yourself some proper training and cut your pain and learning curve short. Whether you attend a real estate class at Success Path, or somewhere else – it really pays to invest in yourself and set yourself up for success. That way when you find those motivated seller leads you’ll know exactly what do to with them!