By Ashley Kehr
Powerful deals can be made via word of mouth. You can tell everyone and anyone what you do and what you are looking for. Deals brought to you can be like presents, and having even one deal brought to you is worth the extra breath it takes to mention that you want to be or are currently a real estate investor.
However, please don’t make this the only way you are trying to source deals. This should be a secondary or even tertiary source for you. Taking action and actively seeking deals will be your best bet. Word-of-mouth deals are just an added bonus!
Hand It Out
There are several ways to get the word out there without having to talk about yourself constantly. Even though we all typically only want to talk about real estate!
My first recommendation is to differentiate your business card. If you don’t have one, they are pretty affordable to acquire. On either the front or the back, put something along the lines of, “I buy houses,” “I buy duplexes,” or “Cash offers for houses.”
As a rookie investor, you might not have a lot of reasons to actually hand out a business card, but there are many ways to “litter” your card around (without actually littering). Restaurants and convenience stores often have public bulletin boards where you can leave one of your business cards. Hand one to your Uber driver along with a nice tip. You never know when they might come across someone talking about a property and they can say, “oh, hold on! I have a card for someone who might be able to help you.”
Any time you complete a transaction with a sales associate, whether it’s for an appliance, a car, or a service for your house, hand them your card. Thank them for their assistance and encourage them to call you if you can ever be of help to them. Yes, they would really be helping you by bringing a deal, but often, you are helping the seller more than you know.
There is no shame in acknowledging the fact that you can benefit from helping someone in their unique situation.
Use Social Media
My next recommendation is my favorite: social media. Even if you don’t want to spam your friends and family with real estate content, there are very subtle ways to name-drop your real estate investing.
If you have an investment property already, create a post about anything regarding that property. It could even be a simple picture of the kitchen saying, “I am still in love with this kitchen. I hope to do another rehab soon, just need another property!”
If you are looking for your first investment, try, “This real estate market is making it hard to find a property!” Just a simple sentence can make a statement.
During your active inquiries on MLS deals or other leads sources, inquire on bad deals. Even if you know it’s not something you are interested in or already know it is a bad deal, send an email or make a phone call to the realtor/seller. This is where you are going to find portfolio deals.
Talk to the realtor or seller and inquire about their current listings. More often than not, you will find them asking questions about you or telling you about other properties they have. Always ask if they don’t bring it up. Tell them what you are interested in purchasing.
There are so many possibilities for where this could lead. I have had this happen to me twice. I didn’t have to ask either time. Both realtors asked questions about me when I inquired about a property. Then they told me about the additional properties that weren’t listed but the owner would be willing to sell.
I always like to ask up front if the seller is interested in holding the mortgage. It’s always nice to know if there is that option so I can run the numbers with bank financing or seller financing.
Lastly, expand your real estate investor network in the areas you want to buy. Once again, there are so many word-of-mouth possibilities with this. An investor may not be in a position to purchase a property but come across a deal. That deal could be passed onto you because they know you are looking to buy.
Networking is a great tool for finding vendors, resources, and a mentor. If you aren’t already actively networking (even if it’s not for deals), start now. Join virtual meetups or local meetups. Message other investors on Instagram and create your own virtual meetup. The BiggerPockets forums are a great source for looking for meetups.
A couple of years ago, an investor and I connected. Several months later she offered me two duplexes that were completely remodeled. She and her sister owned them and it was causing disputes in the family. The issue could have been resolved by outsourcing property management but they decided to sell.
I offered $88,000 for both and they eagerly accepted. The properties each bring in $1,200 a month. They were willing to sell fast at a low price rather than go through the hassle of finding another buyer or listing the property to potentially get more.
This was a deal that was brought to me and a great addition to my portfolio. Don’t forget the credibility that comes from word of mouth as an asset to you too.
There are a lot of different strategies for finding deals. Word of mouth is a relatively inexpensive way to source deals that requires little effort or time. You never know, it could be your best deal yet.
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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.
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