6 Smart Tips for Getting the “First Look” at Every Hot Deal

by Matt Faircloth

Perhaps you’ve heard of it. If you are getting first look at a deal, that means you are the very first viable buyer to get the chance to do a deal.

There is no other competition, it’s your deal to take or pass on.

For the really hot deals, the investor that gets first look will scoop the deal up before anyone else even hears about it! Getting first look at deals can make a world of different in your business. There are some deals that I got first look on that would have sold for much more than my “buy price,” had they gone on the open market due to competition bidding it up.

We are going to talk about what you buy-and-hold and buy-and-flip investors need to do to establish yourself as a ready, willing, and able buyer so that you get first look in your market place.

Here are six tips that have worked for me! Let’s get started!

1. Get Prepared First

So although it might be tempting to run right out and start shaking the trees to get that hot deal, you want to make sure you are in the position to act when the deal comes up.

Research your marketplace, decide what kind of deals you want to do, and most importantly get your money lined up. I can tell you that the great deals are not going to stick around for long so you better be ready to close quickly! Network with some potential private lenders and banks that will finance you quickly when that hot deal comes around.

2. Find the Deal Generators

So to get the good deals you need to know who’s generating those good deals right?

Let’s call them: Deal Generators.

These can be wholesalers and Realtors, or even other investors that are willing to pass along some deals they get for a fee. The first step to getting first look is to make a list of these people and make yourself known to them. Let them know that you are a ready and willing buyer and can close quickly. And since you did Step 1 first, this will be the truth!

It will take some time to develop trust with the Deal Generators, so don’t expect First Look after you make the initial contact. Check in with them regularly to make sure they know you are still hungry for a deal!

3. Have Integrity

So integrity is huge in this business.

Simply put, it means that you do what you say you are going to do.

In the world we live in, integrity is not a given. If you have high Integrity with your Deal Generators, they will know they can trust you. So when you tell them you are going to call them on a certain day, go and drive by a deal they have, or when you tell them you are going to do ANYTHING… DO IT!

This goes for the small stuff like “let me call you back in 5 minutes” or “I will meet you there at 10 AM”. It’s even more important on the big stuff like “I will make an offer on that deal by tomorrow” or “we will close next week”.

And avoid – at all costs – the most important integrity breach: making offers you can’t back up. If you put a first look deal under contract and then back out without a good reason, you are done. If you lose your Integrity with a Deal Generator, it’s very hard to build it back.

4. Make Decisions Quickly

Most first look deals don’t stick around for long.

I have had to make a call on a deal within 24 hours several times or the deal would go public. If you drag your feet too much you may lose the deal to the next buyer.

That doesn’t mean don’t do your due diligence, but learn how to do it quickly. Once you are under contract you can always go out for a second or third site visit before closing to make sure you caught everything.

5. Create Win / Win Situations

This phrase gets thrown around all the time thanks to “The 7 Habits of Highly Effective People”, and it still is applicable today.

No one likes to lose.

If you create a situation where the Deal Generator feels like you got the upper hand on them, you probably won’t get a call the next time they have something. Wholesalers and Realtors have to make money also. As I joke sometimes “It’s not a hobby, I’m in this to make money!

Bottom line, don’t beat up the Wholesaler too hard on their fee, and don’t stress too much if the Realtor is representing both sides and getting a double commission. If the deal works for your goals and puts money in your pocket, don’t worry about what they are making to get that deal on your plate!

I also like to reward my Deal Generators with a nice celebratory dinner or lunch once I profit from the first look they gave me. It’s a fairly cheap way to say thanks and it gives you a chance to build some relationship and trust with them.

6. Stay in Touch

The world moves quickly these days. Deal Generators receive calls all the time from prospective buyers so if you don’t stay in front of them they may forget about you. When your deal pipeline is getting thin make sure they know you are still out there and hungry for the next one.

So that’s what’s been working for me. Perhaps you have some other tactics to get the first look, so please share them below!

Thanks for reading!

Interested in Finding out More? Reach out below

Shawn Ireland

Phone: 913-225-6231

Email: Ireland_Investments@yahoo.com

Address: 1415 Main St. #823, Grandview, MO 64030

Website: www.irelandinvestmentsllc.com/

Facebook: @IrelandInvestmentsLLC/

Instagram: @irelandinvestmentsllc

Twitter: @IrelandLlc

Tumblr: ireland-investments.tumblr.com/

Ireland Investments llc

This information is intended only for the use of the intended recipient(s) and it may be privileged and confidential. Please note that any views or opinions presented in this post are solely those of the author and do not necessarily represent those of the company. This is reposted information and is not original thought of Ireland Investments or anyone associated with the business.

Popular areas we service;

Kansas city Missouri, Overland Park Kansas, Kansas city Kansas, Olathe Kansas, Independence Missouri, Shawnee Kansas, Blue Springs Missouri, Lenexa Kansas, Leavenworth, Kansas, Leawood Kansas, Liberty Missouri, Raytown Missouri, Gladstone Missouri, Grandview Missouri, Belton Missouri, Prairie Village Kansas, Gardner Kansas, Raymore Missouri, Grain Valley Missouri, Ottawa, Kansas, Lansing Kansas, Excelsior Springs Missouri, Merriam Kansas, Harrisonville Missouri, Cameron Missouri, Mission Kansas, Kearney Missouri, Smithville Missouri, Pleasant Hill Missouri, Oak Grove Missouri, Bonner Springs Kansas, Roeland Park Kansas, Parkville Missouri, De Soto Kansas, Richmond Missouri, Greenwood Missouri, Paola Kansas, Basehor Kansas, Tonganoxie Kansas, Odessa Missouri, Peculiar Missouri, Platte City, Missouri, Higginsville Missouri, Lexington Missouri, Edwardsville Kansas, North Kansas City Missouri, Osawatomie Kansas, Louisburg Kansas, Fairway Kansas, Mission Hills Kansas, Sugar Creek Missouri, Riverside Missouri, Buckner Missouri, Pleasant Valley Missouri, Lawson Missouri, Plattsburg Missouri, Lake Lotawana Missouri, Weatherby Lake Missouri, Wellsville Kansas, Edgerton Kansas, Westwood Kansas, Garden City Missouri, Gower Missouri, Claycomo Missouri, Lone Jack Missouri, Drexel Missouri, Lake Tapawingo Missouri, Glenaire Missouri, Dearborn Missouri, Avondale Missouri, Osborn Missouri, Sibley Missouri, Oaks Missouri, Unity Village Missouri, Levasy Missouri, Randolf Missouri, River Bend Missouri, Jackson County Missouri, Johnson County Kansas, Clay County Missouri, Wyandotte County Kansas, Cass County Missouri, Platte County Missouri, Leavenworth County Kansas, Miami county Kansas, Lafayette County Missouri, Ray County Missouri, Clinton County Missouri, Bates County Missouri, Linn County Kansas, Caldwell County Missouri, Crossroads Real estate, 18th and vine Real estate, Hospital Hill real estate, library district real estate, longfellow real estate, dutch hill real estate, quality hill real estate, river market real estate union hill real estate, Greater downtown KCMO real estate, East Side KCMO real estate, Midtown KCMO real estate, Westport Real estate, Hyde Park real estate, Northeast KCMO real estate, Northland real estate, Plaza Real estate, South Kansas City Real estate, Fairway Kansas real estate, Kansas city Kansas real estate, lake quivira Kansas real estate, Lenexa Kansas real estate, Mission hills Kansas real estate, overland park Kansas real estate, prairie village Kansas real estate, Shawnee Kansas real estate, weatherby lake Missouri real estate, westwood Kansas real estate

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Website Built with WordPress.com.

Up ↑

%d bloggers like this: