5 More Methods for Finding Off Market Deals Before Your Competition | 454

Play

Finding Off Market Deals

Matt Theriault shares 5 more methods for finding off market deals BEFORE your competition on The Epic Real Estate Investing Show! Learn the 5 methods, how to approach relationships for optimal results, 2 things to consider when forming your own “media company,” and much more.

Finding Off Market Deals

What You Will Learn About 5 More Methods for Finding Off Market Deals Before Your Competition:

  • 5 methods for finding off market deals before your competition
  • How Matt got his first deal after an 8-month dry spell
  • Where to find a free course on how to match up buyers with sellers
  • A not-so-obvious relationship for finding off market deals
  • How to approach relationships for best possible results
  • A big mistake most investors make when approaching realtors
  • One of the most time-honored ways of finding off market deals
  • A great way to find off market deals if you have a lot of cash
  • 2 things to consider when forming your own “media company”
  • How to create high-converting titles for your YouTube videos

Whenever you’re ready, here are a few ways we can help:

Work with me One-on-One

If you’d like to work directly with me on your business… go to REIAce.com, share a little about your business and what you’d like to work on, and I’ll get you all the details!

  • Would you like to meet in person? Our next live event is right around the corner! Go to EpicIntensive.com for the details.
  • Become an Epic community member at The Epic Real Estate Investing Show 
    One of my favorite things to do is share with investors the latest and greatest tactics and strategic friends I make. I do it every week and you can listen in by subscribing to The Epic Real Estate Investing Show podcast on iTunes – Click Here.
  • Grab my book, Epic Freedom ($1) 
    I frequently hear from people looking into investing in real estate for the first time, “How long is it going to take?” So much so, I wrote a short book about the 2 easiest and fastest strategies to a paycheck in real estate. You can grab a copy for $1 and I’ll pay the shipping – Click Here.
  • Join our Badass Investor Program and be a Case Study 
    I’m putting together a new Badass Investor case study group at Epic Real Estate this month… stay tuned for details. If you’d like to work with me on your real estate investing, go to FreeRealEstateInvestingCourse.com to get started.
  • Also, check these out:

Thanks!

Thank you so much for joining us on this episode of The Epic Real Estate Investing Show! Please subscribe to the podcast so that you will get instant access to our new episodes.

If you found this podcast helpful, please take a few minutes to leave us a positive review in iTunes. Your reviews help to improve our search rankings so that we can spread the love. Thank you!

Transcript:

Speaker 1: This is the Epic Field Report.

Matt Theriault: Hey, Jay. Tell me, what market are you in?

Jay T. Hoey: I’m in Oklahoma City.

Matt: Oklahoma City. Perfect. I noticed your big win on our Follow-Through Friday inside of the pilot program, and you got your first deal done. It says you closed your first deal. “Got a tenant in on rent-to-own. It was a fast deal so I, unfortunately, had to put out some cash, but I broke even with the tenant’s deposit. Looking for the next one.” Congrats.

Jay: Thanks. Yeah.

Matt: Sorry I stumbled through that. The type is kind of small here, but super. So you got your first deal. How did you find this deal?

Jay: I found the deal because I’ve been networking through meetups and REI here locally in Oklahoma City and just got to know an investor. He came across it through one of his bandit signs, and he closed the deal. It was his first deal, and he got cold feet. He just was worried about it at a meeting and talking about it, and I said, “Hey if you’re looking to sell it, I’ll take it off your hands.”

So he had put some money down and stuff, so I just matched his money so he broke even on the deal and talked to his private lender, and they basically swapped the mortgage over and did a quick claim deed, put my name on it, and I posted it on Facebook Marketplace, showed it for three days straight, and then I set it up to where for two hours on a Friday, that was the last showing, and it worked out really well. Got into a little bit of a bidding war, so to speak, between people that were wanting it. So it worked out awesome.

Matt: Super. So you’re going to hold on to this property for your portfolio?

Jay: Yes.

Matt: Got it. Got it. So have you calculated your ROI? Do you know what that number is?

Jay: Right now I’m clear in $250 a month.

Matt: Okay, so how much money did you have in the deal?

Jay: $2,000.

Matt: $2,000. In eight months, you’ll be whole and complete.

Jay: Well, and the rent-to-own, I made them put down $2,000, so I got my money back.

Matt: Oh, so you’re already complete.

Jay: Yeah. Yeah.

Matt: That’s what we call an infinite return, Jay. Good job. So what’s your biggest lesson that you learned in this transaction?

Jay: The biggest lesson is just the importance of networking. I started doing some of the bandit signs and things like that, but really, as you talk about, it’s all about relationships, it’s all about just meeting wholesalers, meeting other people, because this particular individual, his wife was looking to want to move and so they basically, he kind of got scared and needed to get rid of it quickly. He knew me and confided in me, and so I was able to step into the deal. So it was a great thing.

Matt: Sweet. That’s great. So how are you going to celebrate?

Jay: I’m going to celebrate by actually going to look for the next deal.

Matt: I love it. I love it. That seems to be a common celebration these days.

Jay: Right.

Matt: Good. All right, buddy, so keep doing what you’re doing. Stay in touch. If you need any help, just let us know, okay?

Jay: Thank you. I appreciate all that you’re doing. You’re helping us out, and it’s been great being part of this community.

Matt: Ah. It’s been a pleasure to have you. Thanks, Jay. Take care.

Jay: All right. Bye-bye.

Matt: Bye.

Speaker 1: This is Theriault Media.

Matt: Yeah. Hello, and welcome. Welcome to the Epic Real Estate Investing Show, where we meet here each and every week to help everyday people escape the rat race using real estate. Sorry about that. Every once in a while that beat just … it grabs me, and it takes me to another place. Anyway, thanks for listening to the show, and if you haven’t done so already, make your way over to Instagram, follow us @epicrealestate. Turn your notifications on because we give stuff away there all the time now. So you don’t want to miss out on that.

And then coming up, as you have probably heard, I’m getting together with a group of aspiring investors to turn them into badass investors at the next Epic Intensive in Boston. If you’d like to join us, go to epicintensive.com. You can get all the details there. I hear Boston in October is absolutely stunning. I’ve never been. I can’t wait to go, and hopefully, I’ll see you there as well.

Alrighty, so two weeks ago, episode 442, number 442, 15 Methods for Finding Off-Market Deals Before Your Competition. Very popular episode. It was so popular that I had to go back and listen to it myself, and while I was listening, I thought, “Well, duh, you didn’t mention this, and you didn’t mention that, and we got these other methods that we use here at Epic.” So I’m going to share those with you today. So there’s going to be five more methods for finding off-market deals before your competition.

Alrighty, so number one, other investors. As you might have heard a couple episodes back on one of the Epic Field Reports, Josiah landed a killer deal just from contacting other investors on Craigslist, and then Jay, in the Epic Pilot Program that you heard in the Field Report at the beginning of today’s episode got his deal from another investor at REI club.

This is exactly how I got started. Well, I mean, after my first deal, then when the well went seemingly dry on me and I went eight months without a deal, how I got back into it and regenerated everything is I started calling investors on Craigslist to represent their properties at REI meetings. I’d call them up. They’d have a property for sale. I’d say, “Hey, if I’m able to find a buyer for you, do you have room for a finder’s fee in it for me?” Those that said yes, I went ahead and I put together flyers and went to REI meetings and represented their properties, and I made a bunch of money that way, and I got started.

So just keep in mind every investor is at any given moment either a buyer or a seller, and networking and interacting with other investors is a very solid way of finding off-market deals and collecting a check. Inside the free real estate investing course, there is a lesson on exactly how to go through classified ads and match up buyers with sellers and vice versa and the exact words and everything. It’s right there in the free course, and you can access that at freerealestateinvestingcourse.com, freerealestateinvestingcourse.com. Alrighty, so that’s number one, other investors.

Number two, realtors. I can’t believe I didn’t mention this. Well, I kind of mentioned relationships in that last episode, but realtors specifically. And it seems obvious, but the approach in making realtor relationships work for off-market deals, it’s not so obvious. It’s why so few are successful at it, and why people get very frustrated with realtors. When you’d think that realtors would love investors because they buy all the time, right? Wrong. The truth is, most realtors hate investors, or I should say hate people that call themselves investors because they mostly talk a really good game or a big game and never follow through.

I mean investors have this experience like, “This realtor will never give me a deal,” and realtors have this experience with investors that, “Wow, they never actually buy and follow through.” So they don’t really click too much, but it still can be an extremely invaluable relationship and a great source of off-market deals. So to make it work with realtors, as with any other lead source, I mean they’re no different, you must always be focused on what’s in it for them. So many people go into these relationships like, “What can you do for me?” No, you got to go into these relationships, all relationships, all business relationships, the most fruitful ones come to you if you go into them what’s in it for them, the person you’re talking to. I mean it’s everybody’s favorite radio station, WIIFM. What’s in it for me? That station is playing in everyone’s head around the clock.

So you’ve got to focus on what’s in it for the realtor. You got to focus on their commission, and you got to show them how it’s going to come to them fast, it’s going to come to them easily, and they’re not going to have to prospect for it. They’re not going to have to knock on doors. They’re not going to have to hold open houses or anything like that, and then you have to actually follow through. You’ve got to be prepared to follow through.

So just as you don’t want your time wasted, don’t go in wasting realtors’ time, and don’t say, “Hey, I’m looking for anything that makes sense.” Don’t say that. “I’m looking for anything that pencils.” Don’t say that. “I’m looking for a deal.” Don’t say that because it’s too general. They’re not going to know, and you sound like every other investor.

You got to go in specifically, “Hey, I’m looking for a three-bedroom, two-bath house, single family, built between 1950 and 1970, and I want it in the such and such park area and I want one with just moderate rehab or better.” Get specific with them. Let them know exactly what you’re looking for. Sound like you know what you’re talking about, and then when you find it, “I’ll make sure that you get your commission. I’ll make sure that you get it fast and easy. I’ll follow through. I got cash. I’m ready to pay. I’m ready to go, and then if it ends up being a property that I’m actually going to fix and flip, I’ll give you the listing too.”

So there. You got really specific. You told them what you’re looking for, and how they’re going to benefit from finding it for you, alrighty? Then grab their card, grab their information, put it in your follow-up system, and keep reminding them what you’re looking for. We have an automated action set inside of AREI Solutions just for this purpose where it’ll just stay in contact. It will send that realtor an email every single week reminding them of what you’re looking for and how they’re going to get paid nice and easy and quick.

You walk into enough open houses, you interact with enough realtors at the chamber of commerce or your networking groups, and you got those all on autoresponders. You’re constantly reminding them of what you’re looking for. You’re constantly reminding them of how they’re going to be paid and compensated and what the benefits are of working with you, and one day, that phone’s going to ring and say, “Hey, I got a deal. It’s exactly what you’ve been looking for. You’ve been reminding me about this for weeks, and here it is.” And boom, there you go. So you can totally automate that process as well, but really, to make the realtor thing work, you have to focus on what’s in it for them. They want their commission. They want it fast. They want it easy.

Number three, the courthouse. I can’t believe I skipped over this one. I mean it’s one of the more time-honored ways of finding off-market deals. If you remember that you are a problem solver before you’re an investor, you want to go where the problems are, and the courthouse is loaded with problems. It’s got records and records and records of people with problems, problems like code violations and probate cases and bankruptcy and divorce cases and weed abatements and sewer lines and lis pendens. I mean, it’s the source from where all of your lead aggregators pull from as well.

So when you go to something like a list source, you’re buying from them the stuff that they just pulled out of the courthouse that you could have gone over there and done it, and you’d have got it for free. So if you’re willing to do the work and you’re willing to put in the time, you can get to all of that information first by visiting your local courthouse. Maybe you can make some friends with the courthouse clerk or two there for some extra attention and some favors when it comes to finding some opportunity, and just as you’re doing that, as you’re making friends and creating relationships, remember, remember everyone’s favorite radio station, WIIFM, what’s in it for me? Okay, so focus on the courthouse clerks, what’s in it for them, should they find an opportunity for you and want to share it with you, all right? So, the courthouse.

Number four, auctions. Great source for off-market properties. You can go to your local courthouse or, I don’t know, your county fairgrounds to get involved in a traditional live auction, or there’s lots of different types of websites online, auction-style websites, like auction.com, hubzoo.com. If you plan on purchasing investment properties at auction, understand it’s important to stay up to date on auction information, and it’s important to act quickly. Every auction is going to have slightly different rules and nuances, and you can take part in traditional courthouse auctions as I mentioned.

You can browse the auction websites, and if you see a property that’s a good fit, confirm the auction status, the location and bidding procedure, and then just get ready to act. Got to act fast, and you’ve got to have some cash in your pocket too. Yep, you’re going to need cash. Typically, you’re going to need a cash deposit and the balance in cash within a very narrow, short window or small window, like 12 to 48 hours. It’s a little bit of a different game, but if you’ve got the means or if you’ve got someone that can back you with finances, then that’s a great place to go. But just make sure that you know the rules of the auction before you go. It’s a little bit different in every auction that you’re going to attend. So that’s number four.

Number five, you can start a media company, a whole company. Yeah, like back in the day this would really translate to you running radio or TV commercials, which you can still do today, but unless you have a hefty marketing budget, it’s probably going to be out of reach for you to do it on a big enough scale to where it would be cost effective. But today, you’ve got YouTube, and you’ve got podcasts. This could be your media company, not just placing ads on YouTube and on podcasts, but I mean you can create a media company out of it that you can leverage to relay your message. You can build an audience and relay that message.

How this works for finding motivated sellers and off-market deals is by showing distressed sellers how you can help them by actually helping them. We talked a little bit about this last week on the Facebook strategy, remember? Yeah, you’re going to show people how you can help them by actually helping them first. For example, if your market is, say, Dayton, Ohio, you could create a video on how to stop foreclosure in Dayton, Ohio. It’s very specific, how to stop foreclosure in your market, in Dayton, Ohio.

I wouldn’t expect this giant windfall from one video. Don’t do that. I mean that’s unlikely, but there’s two things to consider here that’s even more powerful than TV and radio. First, the majority of the people that are going to see your video are the people that are actually looking for it. They’re people that are looking for you. They’re looking for that answer. The second thing is it lives forever. The video on YouTube, the podcast, they live forever. Someone could find that two years from now, and you got a deal just out of the blue. Yeah, I mean you can do that with the video. You can do it with a podcast, and at the end, you can provide your call capture phone number and or your website so that these motivated sellers can then contact you. So you show them how you can help them by actually helping them, and then let them know how they can get in touch with you if they actually want you to help them some more.

There’s another thing to this strategy over TV and radio, which is probably one of my more favorite. It’s free. Yeah. Put it on your to-do list to post one video and podcast per month. As far as posting a podcast, it’s really simple. You can do it right from your cell phone. There’s an app called Anchor.FM and you can just record the podcast right there on your phone, push a button, and boom, you’re live on iTunes.

Then my other tip for that would be just to get really specific with your titles because you want to attract the person that you’re looking for. You don’t want a big, giant audience for this purpose. You want that one person that was just looking for, “How do I stop foreclosure in Dayton, Ohio?” That’s the person you’re looking for, and the person that’s looking for you is going to be attracted by that title more than, “How to stop foreclosures and save your credit score,” by trying to go really broad. Go real specific in your niche. “How to stop foreclosure on single-family residences in Dayton, Ohio, in 2018.” Get so specific because the person that’s looking for you, that’s the title that they’re going to be attracted to.

So understand that only the people that are going to watch that or listen to that are the people that are actually looking for you. They’re searching for you first. Second is, it lives forever, and third, it’s absolutely free. So put on your to-do list. Just do one video, podcast per month. One video is probably not going to make a difference. It’s something you want to do generally, or you can play all out and just you can float them out there into cyberspace one at a time, one a month in just going about your business, or you can just go crazy and create a bunch of them. It’s just another way to find off-market deals. You don’t have to. This case though, I like this type of lead because they’re off-market deals that are actually looking for you, alrighty?

So let’s recap. Other investors, realtors, the courthouse, auctions, and starting your own media company. So those are five other additional methods for finding off-market deals. Okay, so that’s it for today. If you’d like to do deals, stay tuned right here on the Epic Real Estate Investing show. If you’d like to go fast, go to reiace.com, and we’ll help you go fast.

God bless. To your success. I’m Matt Theriault, living the dream.