The current market conditions have resulted in incredible opportunities for investors. To take advantage of the oversupply of opportunities, investors must efficiently analyze the many available properties and separate the offers from the unsuccessful ones. But first, you need offers coming into your pipeline that fit your criteria. And not just a few, you need an abundance. Here are a few ways to get tons of profitable deals to choose from.
1. Have agents do the work for you – Agents are starving these days and will work hard for pennies these days.
2. Create a list of REO agents: Use Craigslist, Foreclosure.com, web searches, or even get title company agent information.
3. Give them your criteria and show them your systems – Work with agents to use your systems effectively, it will save both of you a lot of time.
4. Use multiple agents to find deals – Agents usually specialize in certain areas and types of deals, multiple agents will bring more deals into your pipeline.
5. Find agents who can provide you with properties before they are listed. Being able to get deals without competition is huge. Prove that you can close deals over and over again and still get great deals. Get out of too many deals without good cause and you risk ruining the relationship, treat the bank/sellers with respect and don’t waste their time.
6. Target a few areas or cities – Targeting multiple areas will increase the number of deals you can choose from, just don’t get late or you may end up with a few failed deals.
7. Marketing, marketing, marketing – There are so many foreclosures these days, but there are still distressed homeowners who are not in foreclosure. People face financial difficulties, divorces, probate, absentee landlords, etc. Having good targeted marketing campaigns is highly recommended to drive more deals to your channels and the opportunity to negotiate directly with the seller.
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