Ok, so you haven't made a dime in Real Estate yet right? You want to be a Real Estate Investing Millionaire, but for some reason you can't seem to find good deals on houses. Well, I can tell you what your problem is.
You are doing all of the things that don't make you money in real estate! Going around with a Realtor, looking on the web, driving around nice neighborhoods looking for For Sale signs, telling a few people that you Buy Houses....it's a major waste of time.
That's just keeping yourself busy! Do you want to "PLAY REAL ESTATE" or do you want to be a "Real Deal" Real Estate Investor? If you don't want to do what it takes, do yourself a favor and go down to Toys R' Us pick up a game of Monopoly and call it a day. If you're more interested in the latter, then you need to listen up! Spend that time knocking on the doors of homeowners in foreclosure. Quit doing all of the "Safe" things like meeting with Realtors. That's why they're safe, because you're not going to make any money. If you don't put yourself out there...YOU'LL NEVER GET A DEAL!
What you're doing is looking for deals on houses & not looking for people that need their problems solved. No one sells their house at a serious discount unless they HAVE TO! Would you sell your house to me for 50 cents on the dollar because I'm a nice guy? Of course not, you worked hard for your home and you don't HAVE TO. But if you had lost your job, were 30 days from losing your home, and I showed you how I could put immediate cash in your pocket, wouldn't you consider it?
As investors we buy houses from people that NEED TO SELL, NOT PEOPLE THAT WANT TO SELL. When you're dealing with a Realtor, 9 times out of 10 they're going to show you nice houses, owned by people that are in no urgent rush to sell. I hardly ever deal with Realtors. I'm not saying to completely alienate yourself from them. That would be foolish. Simply network with them, and let them know that if a killer deal comes along, you can close with cash quickly. Explain what you're looking for and that's when they will call you. I wouldn't go around looking at houses with them. Most Realtors are not trained to look for the types of deals that we're looking for. Actually, they'll probably tell you that it's NOT POSSIBLE to find the kinds of deals that we do.
There's a few things that you need to be looking for..THESE are the things that will lead you to the good deals that you're looking for:
2. Imprisonment or Court Costs
3. Loss of Job - Foreclosures
6. Job Transfer
7. Bad Tenants - Contact Landlords who have filed evictions
Most of these types of people can be searched by looking through the public information on your local courthouse records. Depending on your location, most of the time these are available online. Situations like Loss Of Job would be discovered by looking through the foreclosures and knocking on their door. You need to focus your attention on people with these types of situations.
These people usually have serious issues that need to be solved. They at one time had the cash to pay for their mortgage and the expenses associated with it. Now due to circumstances beyond their control, things have been thrown out of whack and they need someone to get everything reorganized for them. That's your job...Solve their problem and you'll get a good deal.
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