Finding First REI PropertyLet’s say you’ve decided to start with single-family homes rather than apartment buildings or commercial/industrial property. How do you find someone willing to work with you? Here is a list of possibilities:

13 Ways To Find REI Deals

  1. Classified ads
  2. Flyers
  3. FSBO signs (For Sale By Owner)
  4. Driving through good areas finding run-down or vacant properties
  5. Looking for For-Sale signs
  6. Word of mouth
  7. Advertise that you buy houses
  8. Signs announcing that you buy houses
  9. Magnetic signs on your car that indicate you buy houses
  10. Business cards stating you buy houses
  11. Billboards that you buy houses (recall the “We Buy Ugly Houses”?)
  12. Out-of-town owners of local properties
  13. Send postcards/letters to selected neighborhoods that you buy houses

Driving For Deals Example

In our case, we were driving through a neighborhood in which we would like to purchase a single-family residence (number 4 above). We notice a corner house where the grass has not been mowed and there are a few pieces of furniture in the driveway.

Generally, the place looks a little ‘seedy’ but it is not a junker. We have no idea whether or not it’s for sale but we can see through the windows that it is unoccupied. We note the street address and then proceed to the Tax Assessor’s Office (or County Recorder’s Office).

Sample Real Estate Marketing Letter

yellow letter rei dealAt the Assessor’s Office, we find that the owner’s name is Ida Mae Fuller. We then draft a personal, hand-written letter to Ms Fuller, as follows:

Dear Ms Fuller:

My name is Don. My wife’s name is Jean. We’d like to buy your house at 123 Main Street in Anytown, USA. Please call us at (123) 555-5555.

 Sincerely, Don

Why such a simple letter? I’ve tried formal letters and they do get results, but I’ve found that a hand written, simple letter does not frighten the recipient, as might a formal, typed letter. Furthermore, our approach is non-threatening. We’re just stating a fact: We’d like to purchase your house. We send the letter to the 123 Main Street address with a notation at the lower left hand corner of the envelope: “Please Forward.”

Hang tight Investors – I’ll be back real soon to share the next steps to “Making Your First Offer”.

QUESTION: How long do you think it will take you to find your first property? COMMENT with answer below.

 

Author Note: This is just the beginning, I wrote a book, “Pssst – Wanna Be a Real Estate Millionaire?” to familiarize investors like you with all of the techniques you can use to purchase- or make money in real estate.  I plan on sharing it freely and take you step-by-step through as many transactions as possible so that you will know what to expect in each instance.

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