Off the radar deals are properties that are not listed with an agent. They have the potential to be more profitable because there is less competition. Obviously, being able to notice these quickly is critical because if it is a good deal it will go quickly.
The ability to find deals is critical, and it is equally important to find either buyers or investors for your deals. Hence, you will want to work on both areas all the time. In many cases, you can earn a year’s pay on a single deal!
Here are the six areas of focus to find Off the Radar Deals:
- Out of the Box Deals (Off Market)
- Nursing homes (make certain your sellers are not senile!)
- Funeral Parlors
- Preforeclosure: You can buy property with a built-in mortgage by getting a quit-claim deed. A properly drawn up Power of Attorney for your “mortgage assumption” can open the communication door with the mortgage company for the duration of the mortgage. A good attorney can help you put your property in a Land Trust where you become a beneficiary and executor. Good marketing will find buyers who love the fact that their down payment is their credit approval.
- Vacant Observation: You will want to learn how to spot vacant properties and then find the owners through software like “Real Estate Pro.” You can find cell phone numbers and even email addresses, in many cases, using websites like www.Intellius.com for $20.00 a month or less.
- “Don’t Wanters”
- Investor Clubs – Learn how to use and exploit these clubs.
- People with Money: Everyone you know either has money or knows someone who does. “Ask, seek and knock!”
- Hidden Deals: Watch how quickly inside secrets are shared as you smile and greet others.
- Rehabbers & Contractors: These people go to the meeting and could be your inside track to future success.
- Buyers: People who are looking for deals you can easily find will be there.
- Landlords – Key to the Mother-Load.
- Find Signs: Take pictures of “For Rent Signs.” Call them. Some will be looking for more deals, and some will have deals to sell you.
- RE Pro Software: Ask your sales person to cut you a deal.
- Lists Anywhere: Start looking for lists. Just about everything is in a list somewhere.
- Serious Marketing – What It Is and Why It Wins.
- Yellow Signs: More testimonies of success with “Yellow Signs” than anything else.
- One-on-One Visits. Go and see the people who can help you. Remember, people like to do business with people they like. Become a friend.
- Free Marketing: Learn to use emails, text messages, Facebook, Craigs List, YouTube, Smart Phones etc.
- Reticular Awareness – Develop a sense of what a good deal looks like. Learn how to smell the money.
- After They Say NO! – Master the art of offer resubmission. Change nothing! Resubmit offers every two weeks. Between two out of three and three out of four offers we initially rejected! Ask to be a backup offer on deals under contract. Sixty percent (60%) of deals under contract fall through. Your chance of getting a good deal is much better once a deal falls apart. Always do a thorough “dead deal autopsy.” Find out what the winner of the deal is doing with the property and who they are using to help them. How did they beat you?