The Personal Finance Podcast
26 Ways to Find Real Estate Deals (17 Are Free!)
Wed Jul 05 2023Personal FinanceReal EstateInvesting
Description
This episode of the Personal Finance Podcast discusses 26 ways to find real estate deals, with 17 of them being free. The host emphasizes the importance of off-market deals and shares personal experiences in finding properties. The episode covers various methods such as working with agents, driving for dollars, attending real estate clubs, and utilizing paid options like direct mail marketing and buying tax liens.
Insights
Importance of Off-Market Deals
The host emphasizes the importance of off-market deals and shares personal experiences in finding properties.
Free Methods for Finding Real Estate Deals
The episode discusses 17 free methods for finding real estate deals, including driving for dollars, attending real estate clubs, and searching online marketplaces.
Paid Options for Finding Real Estate Deals
The episode mentions paid options like direct mail marketing and buying tax liens as effective strategies for finding real estate deals.
Chapters
Summary
Transcript
Introduction
00:01 - 06:58
- A Chimes Online Checking account offers perks like fee-free overdrafts up to $200 and early direct deposit.
- Policy Genius allows you to compare life insurance quotes from top insurers, starting at $25 per month for $1 million of coverage.
- This episode of the Personal Finance Podcast discusses 26 ways to find real estate deals, with 17 of them being free.
- Finding real estate deals is crucial for building wealth, and there are various creative ways to do it.
- The host emphasizes the importance of off-market deals and shares personal experiences in finding properties.
- The first way to find real estate deals is by looking on the MLS with an agent, although this method may not be investor-friendly.
- The host obtained a real estate license to make offers himself but found it to be a time-consuming and non-scalable process.
Finding Real Estate Deals
06:41 - 22:24
- Finding an investor-friendly agent can help with the process of making offers on properties.
- Building relationships with foreclosure agents can provide access to properties before they hit the market.
- Driving for dollars involves searching for distressed properties in targeted neighborhoods and compiling a list of potential leads.
- Skip tracing software can provide contact information for property owners.
- Deal machine is an app that helps with driving for dollars by providing data analysis and allowing users to send letters to property owners.
- Letting people know that you are a real estate investor can lead to referrals and opportunities.
- Participating in real estate clubs can provide networking opportunities and access to deals.
- Attend secret meetups to learn from experienced investors and build connections.
- Identify pre-foreclosure properties by contacting homeowners who are at risk of foreclosure.
- Show up to courthouse steps or bid online for foreclosed properties.
- Check eviction records to find deals with struggling landlords and offer to buy their properties.
- Post on Craigslist or search for properties listed by owners or rental property owners.
- Look for 'for sale by owner' signs and websites to find potential deals
- Browse expired listings on the MLS and contact sellers to negotiate deals
- Inform your family and friends about your interest in real estate to get referrals
- Creating content and optimizing your website for search engines can attract potential sellers
- If you're interested in larger deals, work with a commercial broker
- Search online marketplaces specific to your niche, such as LoopNet or mobilehomeparkstore.com
- Consider buying deals from wholesalers who find distressed properties at lower prices
Paid Options and Other Strategies
22:08 - 32:12
- Buying from wholesalers can be a great option for finding distressed properties.
- Hard money loans can be used to flip properties acquired from wholesalers.
- Driving for dollars and searching for expired listings are effective ways to find free real estate deals.
- Checking eviction records and contacting For Sale by Owners are also recommended methods.
- Paid options for finding real estate deals include direct mail marketing, which can be expensive but potentially worthwhile.
- Buying tax liens is another interesting way to find properties at a great deal.
- Put a sign in your front yard or use bandit signs if they're legal in your area.
- Rent a billboard or use YouTube ads for advertisement.
- Get a magnetic sign for your car to attract potential sellers.
- Create radio commercials and place ads in newspapers and landlord magazines.
- Pay for ads on Google using Google AdWords.