Deals — How to Find Real Estate Deals Worth Investing In
By: Jim Pellerin
Tags: Leaseoptionprogram, Realestateinvesting, Jimpellerin, Deal, Property Investment

August 4, 2020

Posted by: Jim Pellerin

Categories: Control, Educate

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So, how do you find properties that are worth investing in? I guess that’s the thing keyword “worth” investing in.

First, you have to figure out what that amount is and what the condition of the property is. There are a lot of places where you can go to search for properties that are generally available to most people.

The problem is people do not want to put in the effort to look for good real estate deals.

For example, a lot of my properties I can find on MLS. I can find them on the For Sale by Owner sites. They are on Kijiji or Craigslist or Zillow. All these properties are there.

What happens though is that people will respond to a couple of ads, you know, maybe one, two, three, and then they say, “yeah, I tried looking for its properties and they’re just not there”. That is just not true.

When I was looking for motivated sellers to enter into my lease option program, I responded to every single new listing every day. Meaning, if somebody listed property and I had never seen it before, I would send a quick email to them saying, “Hey, I’ve got this lease option program and I see that you’re looking to sell. Would this be something that might be of interest to you?”

And then I would start a dialogue with them or I would move on to the next ad and see what new listings came up. Most people in these listing sites repost. I wouldn’t send out another question on any reposting.

Maybe I would do a follow-up in a week or two later saying, “Hey, I hadn’t heard back from you. I’m wondering if you’re still listing your property. Maybe you want to have a conversation.”

I used to spend about 10 to 12 hours a day contacting every listing on Kijiji or Craigslist.

Finding motivated sellers is a lot of hard work, but you can put a process in place.

After a while, I stopped doing that myself and I just hired a virtual assistant to do it, or actually I had an intern to do it. And they would send out those emails for me. At one point, I think I had 7,000 entries in my Excel spreadsheet of people I had contacted. And then he would just go and do follow-ups. This database was huge.

Now it is a lot of work. But it pays off in the long run.

So don’t think that just because they’re listed in the public that they are not going to be motivated or don’t think that calling a couple of people or 10 or 20 people, that’s going to get you a property.

The thing about real estate is it’s a numbers game, right? You talk to a hundred people, this is a hundred people that are going to reply to you. This is after you have contacted a thousand people via email. So, let’s say you talked to a hundred people. You work through the details on maybe ten. You are in the final negotiations on maybe three and you close a transaction on one.

So out of a hundred, you get one deal. And that’s a hundred responses, not a hundred contacts.

Okay. So you can find properties on MLS. You can find properties in the For Sale by Owner sites. You can find properties in the classified sites. Auctions are also a good place to find deals. I’ve never dealt with auctions, but I hear from people all the time that get properties at auction. You can look at properties going into foreclosure. Talk to your banks. Some realtors have relationships with banks for their foreclosures.

Yes, you can buy discounted properties from realtors. Just because they’re listed on MLS for a certain price doesn’t mean they won’t sell at a discount, meaning the owners won’t sell at a discount. And the realtors have to present any offer to their sellers. A listing price is just a suggested price that somebody came up with between both the realtor and the owner.

So, there are several ways where you can find real estate investors.

So if you like what you heard and you want more information on how to invest in real estate and become a mega real estate event, go to invest.JimPellerin.com.

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