Find Deals with Zero Money

The number one question that new investors and/or wholesalers ask is, “How do you find your real estate deals?” Many times I think they are searching for some sort of magic secret that leads to an unlimited supply of investment deals, but we all know there is no such thing. However, they are surprised to know that there are many ways to find deals that take little to no money but does take time and discipline.

If you have ever been in a sales position the first thing trainers ask you to do is write down everyone you know that can help you. The great thing is that you already have multiple lists in the palm of your hand, literally. Everyone in your phone contact list can be a potential seller or know someone that is selling their home. In addition, you may have social media outlets such as Facebook, twitter, google+, LinkedIn, etc. that each has more and more people that can assist you in finding deals. By only reaching out to these lists you may come across a few real estate investment opportunities that you like. All these leads at your disposal and it did not cost you a dollar. You might think that there will not be a distressed seller in your network, and while that may be true they might know someone who is. Simply telling everyone you know you are looking for investment real estate will lead to finding a deal.

Even if you don’t have too many contacts or are not a social media user, there is still hope. An easy way is to find a few good real estate agents that are willing to send you deals off MLS. They will find the deal, qualify it, and contract it for you. You can submit your own offer but buyers usually do not have to pay for a real estate agent because the selling agent is compensated by the seller, so why not work with as many agents as possible. If you give the agents a detailed explanation of what you are looking to purchase they can be a great asset. When an agent brings you a deal make sure to close on it so they can continue bringing you more deals.

Now it is time to get to work but it still will not cost you anything but time. Making ads and contacting ads on classifieds, such as Craigslist, is a great place to start. Once you get comfortable making calls you can start looking on sites such as FSBO.com, Zillow, Trulia, etc. for additional leads. On these sites you will know that the seller is looking to sell but it will be up to you to convince the seller to reduce the price so it makes sense as an investment. Do not try to convince them to sell you the home over the phone. The goal during the call is to build rapport and set a face to face appointment. During the appointment is when the selling/convincing begins.

These few free ways of finding leads, if done correctly, can keep you pretty busy and generate income. The key to all this is to create a system, follow up, consistency and follow up. The reason I stress the follow up is because not all sellers are going to sell to you on the first call or appointment. Follow up more than the competition and you will get the deal. Eventually, you will develop a marketing budget to send yellow letters, do ad words, sponsor events, etc. As always, make sure to present a win-win offer and the sellers will not have a reason not to sell to you.