Are you getting into your real estate investing career and feeling a little stuck on where to find great properties to invest in? Does it seem like there isn’t really anything available in your market?
That isn’t true and you just aren’t looking in the right places or looking at ENOUGH prospects.
As my brother Mark once told me, “If our students don’t have enough deals they need to either expand their MARKET OR expand their MARKETING.” Genius!
Whether you are going to buy and wholesale, or buy, rehab and sell or even buy and keep as a rental property, there are a number of different Strategic Real Estate Coach proprietary strategies you can use to secure great investment properties.
Real estate investors need to look at your real estate investing business like a funnel, lots of suspect properties need to go in the top for the really good deals to shake out at the bottom. You can’t set your heart on just one certain property and fall in love with it before you buy it, you have to look at MANY and OFTEN. You should be making bids on 10-15 different properties just to get one accepted. Once your offer is accepted, you have about two to four weeks to close on the property.
Since you need to have a lot of options when it comes to good real estate investing, I want to teach you 21 simple property acquisition methods that are FREE and ONLINE you can use on a daily basis.
Trulia and Zillow might be the two online methods that come to mind first. Both are great places to search for properties for sale, look up comps and to compare neighborhoods and they have really useful apps, BUT there are so many OTHER options you may have not even thought of.
Some of my favorites I will cover that I would use regularly if I was just starting my career in real estate investing again are HomePath.com, HomeSteps.com, HudHomeStore.com and Auction.com. HomePath is where you can find thousands of foreclosed Fannie Mae homes and HomeSteps is where you can find foreclosed Freddie Mac homes. I mentioned last week, HUDHomeStore specifically lists government forecloses, AKA HUD homes.
I also like Auction.com because you can choose to bid online OR at live auctions that may take place in your area at local courthouses, titles companies or some other public site.
There are so many different investment properties in so many different markets, there should be no reason why you can’t check out these FREE methods and be able to compile a huge list of prospects.
Let’s say you have closed on an investment home, now what? Let me walk you through a property on Miller Rd. we bought for just $75,000. It needed some serious TLC, so we put about $80,000 worth of work into it including a 1,000 sq ft addition to the back of the house. We also reconfigured the garage back to it’s original place. We were in to it all together about $165,000.
After our rehab and addition, it’s a four bedroom, three bath listed at $279,000. When we purchased it, it was a three bedroom, one bath. That’s right, we’re looking at about a $100k profit on this particular property! Since then we’ve sold Miller rd for $268,000 walking away with a $60,000 net profit.
Take a walk through Miller Rd. below:
If you’re wondering how we were able to purchase this property and put the $80k into it for rehab, I will tell you we used none of our cash or credit for this deal. Everything was paid for in advance with a method called “asset based lending”. You can learn more about how this was made possible through our Freedom Funding program. If funding is another large obstacle for you in your real estate investing career, let us know, we would love to work with you and provide the funding to you for your deals.
Now you have the resources you need to find these real estate investment properties, you have put the rehab work into it and you’re ready to list. What kind of marketing do you do to get your home the most exposure?
A method my team and I use that I also teach to my students is the Property Launch Formula. I refer to it as an Open House on steroids. It’s a two-part process, one being the “ethical bribe giveaway” and the second part is the “total home bonus package” which is a free group of bonuses when someone buys the property within the first 48 hours its listed. We normally include the stainless steel fridge, stove, microwave, washer and dryer, $1200 towards their first months mortgage payment, we pay their closing costs, we include a patio set, grill, lawn mower and the staging furniture.
The Property Launch Formula is a method we created in order to really generate a buzz about the property we are getting ready to list. The marketing of these houses is so important and it’s how we are able to sell them so quickly, sometimes even in just a few hours!
The last thing you want to do is put a ton of work into a great property and then just list it in the MLS and sit and wait. That’s how some properties end up being listed for over 180 days and the price drops, which takes away from your net profit.
You’ll never see my properties listed for that long!
The property we are preparing to launch in the video below is Bailey Rd. We bought the home for $31,000 and put about $22,000 worth of work into it. It’s going to be listed at $114,900 so have the potential to make about $65,000 in pure profit!
These Property Launches should take place on a Sunday between 2-4pm and for the two weeks prior to your launch, you need to make sure it’s properly marketed so people are interested and feel like they are really getting a steal.
We had one instance with our “good bones” property 1171 Gardner Rd. where we had planned the Property Launch and starting the marketing for the open house, but the rehabbing wasn’t done! The video was filmed on a Wednesday and it needed to be 100% and ready to go by Sunday!
We bought it for $56,905 and put about $27,000 worth of work into it. The house was listed at $144,900, so similar to Bailey Rd. above, we have the potential to make around $62,000 in profit. Take a walk through the property and see the before and after shots and what still needed to be done before the Property Launch:
There are many steps that go into being an effective real estate investor, but if you are one of my students, you’ll quickly see that I will fully prepare you for success. I not only will TELL you how I make these things happen, I’ll SHOW you how to do it for yourself too.
Leave me a comment below and let me know what your favorite free, online methods to finding real estate investments are.
CEO Strategic Real Estate Coach
CEO Freeland Ventures and Freeland Lending
CEO Yellow Jacket Properties
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