4 Places to Pick up Deals

9 years ago


We all need to find deals. That is the very beginning of each and every transaction that we have. Where to find them is really what is key. One of the things that you have probably heard several times over about this business is that it is cyclical.

For ages we relied on foreclosures and REOs to find our deals. Later, we relied on the MLS. The question is: where are they now? As I said, this business is cyclical. Let me go through 4 avenues through which people are starting to find deals again.

I’ve loved HUD homes for ages and have picked up a couple to flip. They give you lots of information up front about the property and they level the playing field for new investors, provided you know how to capitalize on the situation. You can start by going to HUD’s website. I’ve blogged on HUD homes before, so I won’t go through the entire process. But, as a refresher, make sure that you have the “Buyer Type” as “Investor” and then fill in the rest of the criteria. You cannot put the bid in yourself, so find a HUD approved agent and put the bid in through him or her. The beauty of HUD is that the earnest money deposit (EMD) is set, so the investors who look to put a higher EMD down to make it more attractive cannot do so. They have to put the same amount as an EMD as you. If anyone wants more information on bidding on HUD homes, drop me a line and let’s talk. This is one of the best leads in today’s market.

Second, and almost as much fun, is mining Craig’s List. It seems that the site is very popular with people who are looking to sell their house and avoid pay Agent fees. You have to be careful, though, since there are a lot of wholesalers out there looking to sell their homes as well. Wait, scratch that, you don’t mind buying from wholesalers, right? So, Craig’s List is still good for finding deals. Just make sure that you get all of the right key words. Look for things like “handyman special” or “TLC.” When doing work with people who are unknown – as opposed to Real Estate Agents – remember to do your due diligence with title to ensure that they actually own the house or have it under contract. There are plenty of scams with people looking for new investors. Due diligence is essential in any business, but especially so when you are dealing with people that you only know through an ad on the Internet.

You can also find the “For Sale By Owner” houses. It used to be that you had to do what I called “driving for dollars” to find these houses. Now, there are a few websites that can help with that. Fittingly, one is called “For Sale by Owner” and another is simply called “Owners”. These sites are specifically set up for people to sell their houses without an Agent. If you were, or are, in the military, like me, you can also visit “Military by Owner” to get houses that military members are selling. I’ve found that these three sites get good properties on a regular basis. Since they are all fairly new and small, they don’t have nearly as many as HUD,  Craig’s List or the MLS. But, you are also dealing with people who don’t have Agents, so there are no Agent fees for the buying of the house. That reduces your purchase costs and increases your profits.

Lastly, for those who love foreclosures, there is Property Radar. Foreclosures went away for a while, and now they are back. That helps us A LOT! Property Radar bills itself as: “The data, software and analysis Real Estate Professionals need to find opportunities, reduce risk and increase productivity.” It does produce a TON of data for you go to through. At $39, $49 or$59 a month, it’s not the cheapest option. However, depending on what services you get, it could prove to be worth the price. Try the free trial for three days to see if it is worth it for you. You can also hit up your area’s County Records to do the search manually, but it is very time consuming. Unless you have lots of free time, use Property Radar to search for the foreclosures.

We have to keep our eyes on what is working now and what has changed over the years. Every year – sometimes every few months – things change. We need to know what is new and what is working. Study the market and the marketplace. It is important if you are going to create the successful business you want.

If anyone has more questions or wants more one-on-one coaching, don’t hesitate to contact me. This is a passion for me and I truly enjoy sharing what I know with others. Thanks for coming by and getting a bit of the education. Until then, remember that you, too, have that inner warrior that it takes to achieve greatness and success. Feel free to drop me a line at Coaching [at]


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