Finding Real Estate Deals

| January 21, 2008 | Reply

Today I provide some examples of how you might go about finding some good deals:

  • Look at bulletin boards, local papers and small independent publications. 
    • REO stands for Real Estate Owned. Make friends with your local lenders and let them know you are the one to call when they have a foreclosure looming or in progress. Hint: If you prequalify with lenders beforehand, they may call you sooner.
      • Real Estate Auctions.  See your local newspaper.
        • Real estate agents.  When you approach them be very specific with them and tell them to call only if they have an absolute steal. Ask agents to give you those expired listings since they couldn’t sell them. 
          • Join organizations of all types. The sky is the limit. There are so many—just pick the ones that you would be interested in truly being a member in and let it be known you pay bounties for consummated (closed) deals.
            • Everyone should know they can make $500 if you end up buying a property they tell you about. Enlist your army! Give each of your soldier’s stacks of your cards for exponential growth.
              • Put up signs telling people you buy real estate.
                • Make multiple lowball offers on overpriced properties and walk away. Don’t deposit earnest money but they may stew on your offer and call you a month later accepting your deal. Leave the offer with them.
                  • Try offering 15 percent less than what you intend on paying. You never know; they may accept it. If they don’t, you can still negotiate up to 15 percent more and get it for what you originally were willing to pay. If it’s any higher, walk away but leave the offer on the table (the offer stands).
                    • Make your offer easy for the seller to understand. Get the option to buy but use a contingency to protect yourself. Iron out the details later but lock it up now!
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                      Category: Interest Rates, Investing, Real Estate

                      About the Author ()

                      Rob Myrick is a entrepreneur, web designer, and blogger who resides in Phoenix, Arizona. He works with entrepreneurs who have the need to take their product to the Internet, or who simply need marketing skills as a supporting strategy to their existing business. Rob has worked for several well-known entrepreneurs such as top blogger Katie Freiling, and also businesses such as The Startup Garage located in San Diego, CA.

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