Lesson 1 - FINDING DEALS
This is the single most challenging task for new AND experienced investors. Without deals the rest does not matter. I recently had 2 very successful investors call me and ask for help in finding deals. After the real estate collapse these guys started buying off the court house steps. This is actually how we met. This was wildly successful for us for years. Than banks got smarter, hedge funds came in, and so did more regular investors. These guys just weren’t getting the deals (or the margins) they were used to. My point is, everyone struggles to find deals. If it was as easy as they say it is on TV, everyone would be doing it!
MLS is the traditional route and hands down the first stop for new investors. We either log onto our local MLS or we contact an agent to set us up on an auto-search to mindlessly feed us potential deals. It’s not a bad place to start. To this day I still buy deals off MLS. However, it’s tough and rife with competition. Any investor out there who has ever bought a deal off MLS knows this to be true. If the deal is really good, you aren’t the only one watching, be prepared to swim with the sharks. You and 5 other guys will be submitting your offers and crossing your fingers.
After MLS, it is a mixed bag. Buying tax liens, probate attorneys, craigslist, court house steps, word of mouth, monthly mail campaigns and the list goes on. Inquiso is one of many ways (in my opinion the best) to find deals in real estate.