Interesting Ways To Find People Willing To Sell Their Property Cheap
We use these approaches to source our Professional and Social HMOs.
Without leads, you don’t have deals.
Without deals, you don’t have profit.
Without profit, you don’t have a property business.
It seems like most property investors want to chase after houses that are listed for sale with Estate agents or Rightmove. This is the low hanging fruit in that they are very easy to find.
The problem is if you are looking for a great deal…good luck….so are the thousands of other investors…including the ones with much more experience than you.
That’s why I’ve always preferred to track down people that want to sell their house but haven’t made the decision to do so yet. These are typically called motivated sellers.
Motivated Sellers can be found
4. Probates – Probate leads are leads for properties owned by estates. We used this method for years in the US. When someone dies and leaves a will, the executor of the estate will have the will probated at the county courthouse. The county courthouse keeps these probate cases in files that are public record. We have not used this process in the UK for our Professional HMO & Social HMOs
3. Driving For Dollars – This is where you drive neighbourhoods looking for run-down vacant properties.
We have found some of our best and biggest property deals simply by driving early Sunday mornings. I would drive with my mother for hours and then have a nice lunch….or at times when our children were little…put a video in the back seat….drive and have a pancake run! We made it like a treasure hunt to find beaten up properties. One deal we purchased was land in which we sold to a property developer. We bought the land for 150k and sold it for 500k. No exaggeration! It was an old rusted sign on the property in an area near the water in Florida. My mother called and we ended up going to the gentleman’s house in Palm Beach on the water and signed a contract. I was lucky my mother was there and she could relate to this man. It was almost more important to speak to us than the property deal.
2. Bandit Signs – These are the plastic corrugated signs that you see nailed to telephone poles all over the place. You see them everywhere because they work. I recommend 18×24 white or yellow with black blocky bold text stating ‘We Buy Houses CASH XXXXX’. Make sure to get horizontal flutes if you are going to be nailing them to telephone poles (so that they don’t bend in the wind) and vertical flutes if you are going to get wire stakes to stick them in the ground. Also be aware that in most places these are illegal and you can get fined – some investors just see that as a cost of doing business. Many times I notice they crack down on signs in cycles. Wait for a cycle where you see signs staying up for more than 3 days and put some out.
1. Real Estate Investor Website – This one is my favorite. Websites give credibility, allow people another way to find out more about you and what you do, asks the right questions of sellers in the right order so that you get all the information you need to determine whether a deal is possible…Obviously we did not post our site…but you can easily do internet searches and buy google add words or simply write blog posts.