Knowing how to find wholesale deals is always key to closing more transactions, whether you are new to wholesaling real estate or have had a few closings,
Sometimes it seems like the real estate leads well has run dry, doesn't it?
If you think you've tried every strategy known to find wholesale deals that will turn fast, you may have missed some of these proven methods.
One of the most overlooked ways on how to find wholesale deals is to look into probates.
Probate real estate deals are there for the picking, however you need to do some deep research to locate them. I imagine that's why wholesalers largely ignore probates, even though there are valuable real estate deals to be uncovered. It's is a small pond. But you could easily be the big fish in that pond.
Besides the obvious, actually attending and bidding on tax lien sales, there are several different ways to make real estate tax sales work perfectly into your wholesaling business. Here's how to find wholesale deals in the tax lien arena that few wholesalers are doing.
There are two ways to approach these properties. The first would be to offer your services to house flippers in your area, and even real estate agents who don't have the time to do all this due diligence.
Your service (for a fee per property) would be to keep tabs on the properties they are interested in bidding on at the sale. The bidders need to know whether it has been redeemed or still going to sale. You could include photos of the properties and surrounding neighborhood -- anything that might deter an investor from buying.
And the second would be to implement what is called deed grabbing. Personally, I have been very successful with this cash-for-deed approach. It's a great way to help others out of a jam. Although most of the nation is in lockdown due to the pandemic, many states are still going ahead with the tax lien sales. It's yet another proven method when you are looking for new ways on how to find wholesale deals.
These quick ideas won't cost you anything but time, and have great potential for finding wholesale real estate deals. The key is to being the first person any potential seller has encountered.
A quick drive through the areas you work can reveal lots of information such as vacancies, homes in disrepair, etc.
Be sure to do your drive throughs on different days and different times of day. My favorite day is trash day. You can tell a lot from this day, because vacant homes typically won't be putting their trash out. And you can easily tell who is moving out. If they are renters, the landlord might be willing to sell right now so they don't have the job of cleaning up and finding new tenants.
Even though we are in lockdown right now (and you can use this wholesale real estate tip any time, any year), walk the neighborhood, specifically slowing down to any property you feel may be open to an offer to buy.
I like to leave post-it type notes on the door where they will be sure to see them when the residents return.
I write something simple using a sharpie = call me, I'm interested in buying your house. It's an inexpensive way to get leads. And even if they aren't ready to sell, you can bet they will keep your number.
You'll be happily surprised at the return on your time.