A Real Estate Investor will find a good flip deal in any market, whether they know how or where to find the deals. The majority of deals are achieved through perseverance, and an outside the box kind of mentality. The days of waiting for a realtor to send you the latest foreclosure listing is over.
If you were to go through that route with a realtor, it may be too late. Real Estate Investors are proactive and find truly motivated homeowners who want to work with you as much as you’d like to work with them.
All Real Estate Investors will know that deals don’t just fall into your lap. You need to put in time order to get to those deals. When building your pipeline, there’s going to be particular strategies that will produce real leads.
Finding A Motivated Seller
Real Estate Investors will learn through trial and error on how to target the right people. To get good deals you have to target vacant properties, disgruntled landlords or sellers who are late on their mortgage. If they let it get to foreclosure, they will get chewed up by the banks. Try not to focus on large lists and expensive marketing, doing so will narrow your focus. Real Estate Investors know that there are a few landlords who start off by renting their primary residence. Unfortunately, these are not real landlords, but may have been forced into it because they need money.
Real Estate Investors have known that every rental listing that is seen online should be met with an email and a phone call. Sometimes it takes twenty emails to find one prospect, but competition will be reduced. It’s the same with vacant properties.
Developing A Strong Backbone
Real Estate Investors know too well that rejection plays a major part in the real estate business. As much as an optimistic Real Estate Investor as you might be, everything you’d like to go your way, rarely will do. Don’t stop after your first or second rejection, finding a good rehab deal is a numbers game. Real Estate Investors contact a lot of homeowners, this creates greater chances that someone will want to work with you. This means that Real Estate Investors put themselves out there and learn to deal with rejection.
There will be the occasional homeowner that will be frustrated with their situation and they may even take it out on you. Don’t view this as a personal attack. It really takes one or two good deals a year to completely change the business. Once you get past rejection, it gets a little easier.
Real Estate Investors Continued Success
After a couple of deals, you may be starting to make some headway. Once you succeed, you need to incline your actions. Too many Real Estate Investors get a small piece of success and put what they have on the back burner.
A key to a successful real estate business is to keep your pipeline filled. You need to stay consistent with what you are doing. Try to allocate some time every day, or once a week to find a new deal, no excuses.
No Is Just A Word
One reason why new investors aren’t more successful at finding deals is because they don’t make offers enough. Now, this doesn’t mean offering 20 cents on the dollar of every new listing is a good idea, although you can pick and choose your spots. A home on the market for 120 days could be ready to take any offer that will come their way.
Try not to insult the homeowner, be comfortable with the asking price. All in all it’s up to them to reject it if they want to. Once you target the right properties, you should feel comfortable making any offer really. Real Estate Investing is largely about leverage.
If there weren’t any good deals available then there probably wouldn’t be all theses fix and flip shows. A great thing about Real Estate Investing is that you can do it however you’d like. Flip deals are bound in every market if you go out and look for them.
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