Experts Poll - Best Place To Find Properties
Here in Dallas, in my continued analysis paralysis, I have come down to the realization as to why I have stalled. I have learned a ton from many different websites, books, mentors and programs. However, I finally realized I just need to make a decision and run with it.
So I would like to poll others who have succeeded. Initially I need to create some cash, so wholesale or the likes is the intention, though ultimately I am looking for a monthly cashflow situation from the properties I own. Below is a list of all of the possible ways I could think of that I have learned about to find properties.
If those willing would please let me know which of these options they started with and possibly why and the result that would assist greatly in me focusing my efforts.
- Searching the MLS
- Real Estate Agents
- Newspaper Classifieds
- Preforeclosure list
- Foreclosure auctions
- REO’s directly from Banks
- Hud and other listings
- Driving your Farm
- Placing Ads in Newspaper and Online
- Internet Property sites
- New Builder discounts
- Networking
Obviously as a newbie networking and the MLS are still areas I need to develop more contacts, the others seem to be simply due diligence.
Thanks for your responses in advance.
MG
Searching the MLS
- Real Estate Agents
- Newspaper Classifieds
- Preforeclosure list
- Foreclosure auctions
- REO’s directly from Banks
- Hud and other listings
- Driving your Farm
- Placing Ads in Newspaper and Online
- Internet Property sites
- New Builder discounts
- Networking
The one thing that grabs me is that you need to decide what your goals are... How much money do you want to make, then divide that by how much you can make per transaction wholesaling... With that number in mind you then can determine which one or two, maybe all methods of prospecting will get you to your goals.
Just don’t forget the 80/20 rule in real estate... Only 80% of your transaction will close so keep that in mind..
The two most popular marketing methods are missing from your list..
Mail and bandit signs,,,
Good luck
Most of those things you listed are just generating lists of available properties. If you want deals, you have to find motivated sellers.
you forgot, divorce lists, deaths listed in newspaper, lis pendins, friends, neighbors, strangers. I personally start my work with the Sunday paper real estate SOLD section when I am doing anything. Gives me actual prices and such before I hit the MLS as I am a Realtor. Just pick a property, buy it the best you can, make a profit do it again and try another method till you find something you like. Newspaper ads always got my attention when I first started. Then foreclose lists and auctions. When you want to buy a nice house try to look at it in stormy weather, that will always bring something up for a price reduction! Get hard work divorces for some money from equity lost due to wanting to sell in a hurry. I am still learning, bought and sold plenty but evryones ideas help me to look at something a little different and make me want to try something new too. START with a purchase immediately if not sooner!!!
I started with some local RE sites and the Sunday paper. I found plenty of properties I was interested in purchasing. However, not knowing much, I first read a few books to learn the lingo. I retained a RE broker to help. She is the best and has helped me alot. Also, talking to lenders, the insurance agents, contractors, can be and education in itself. Alot of these folks are also rental property owners so they can be a wealth of knowledge, but also competition.
Beware, I am actively hunting the Dallas/Ft. worth area for property as we speak. I plan on moving their in the next few years so I want to get started buying up some properties.
What is typical appreciation for the dallas area?
From my experience, the appreciation rates are around 5% - 7% per year(depending on the area). But these rates are increasing in my opinion.
Nate