Top 8 Tips to Find Real Deals When REOs are too Hot
REO prices have been rising rapidly, lenders are becoming ridiculous to work with and bidding wars are spiraling out of control as large funds bulging with cash they are desperate to put to work over pay for properties by thousands.
So how can smaller investors hone in and get their hands on viable deals for flipping?
8 Ways to Lock into More Motivated Sellers & Property Bargains:
1. Tap into Off-Market REOs
Despite Realtor’s claims analysts put the real amount of foreclosure inventory at 15 months, even if it isn’t all being marketed to the public yet. Software like BankProspector enables real estate investors to target smaller regional banks with these ‘assets’ and provides high level contact information for decision makers.
2. Educate, Educate, Educate
Struggling homeowners are paralyzed into indecision from not knowing who to believe anymore or what options can really help. Educate them, warn them of deadlines for competing short sales and strive to help them not just sell them.
3. Build Better Referral Partnerships
Referrals are easy to close because they already trust you and want your help. There are many other pros that already have databases of prospects which are perfect for you and come across new ones every day. Collaborate; it might not cost you anything.
4. Use Social & Webinars to Maximize Time
Social media and webinars are ideal for reaching masses of prospects simultaneously to get more out of your time.
5. Direct Mail
It’s competitive, everyone else is doing it but it works and generates inbound calls. Use highly targeted lists so that you can afford to make your pieces stand out more and get read.
6. Get Inside Access to the MLS
Get your own access or tap into Realtor partners to go behind the scenes and discover which home sellers are really motivated through agents comments, high commissions and bonuses being offered and use those as negotiation room.
7. Use ‘Bird-Dogs’
With so much competition out there and real estate investors trampling over each other for any deal which comes online most of the really good deals are local and found at street level. Using ‘bird-dogs’ and outsourcing screening of these ‘deals’ to a VA means you can maintain volume without working a 100 hours a week.
8. Find Buyers Willing to Pay More
If you truly can’t find viable wholesale deals in your local market that other local investors will buy due to their high cost focus on finding buyers who will pay more. It may sound crazy to some of you but there are investors who charge $15,000 as a fee to source and set up turnkey investment properties, that’s on top of what you can make on the flip and property management fees if you want to get your hands dirty.
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