While we are always networking and farming for new deals, we really turn up the marketing machine when we have time off between rehabs. Since the sale of the Hat Trick House, which is due to close next week, we have launched a full assault on distressed properties in our target areas. We thought we were rolling right into a nice duplex conversion to SFR in a historic area but when out of state family members decided not to sell it put us back to square one. Some of our methods of deal finding are driving, leaving notes, pre-foreclosures, mail shots, FSBO’s, networking with neighbors, talking to the mailmen, calling expired/cancelled listings and last but not least MLS and Craigslist. Our “We Buy San Antonio Houses” website leads have also been increasing. The courthouse steps can also be a great resource but make sure and do your due diligence before bidding on properties sight unseen. Local Realtors will also bring you deals that are not in MLS if they know you are a cash buyer and can close as promised. We frequently get offered these “pocket listings.”
I was recently asked what the best way to find a deal is. The answer I gave was there is no single best way, you have to do all 10 different things and then start weeding out your leads. To rely on one single source like MLS for instance, wouldn’t get you the good deals and frequently enough. Your acquisitions should be handled the same way as your sales, from all possible angles. Should you put your house for sale in MLS?, Craigslist?, Open Houses? Newspaper? I say you should do them all if you want the best results. I had a Realtor friend ask me this week if I still used Craigslist. She feels it’s blown out and full of spam and scam. I told her its still a valuable avenue that cannot be ignored. An investor friend posted a probate deal on there this week and has had great response with calls from motivated cash buyers. Bandit signs also still work in any market. Don’t overlook any of these avenues and you’ll increase your chances of making your deal work, whether buying or selling. Any given week we consider about 100 properties through our methods, this week we made 6 offers and got counters on 3. We think we have landed our next rehab and have a verbal offer accepted, hopefully the deal will go to contract next week when out of state family members arrive so stay tuned.