Concept 8 - Hunt 'Em Down
The 10 Essential Concepts Behind DeedGrabbing:
When I was first getting started in real estate, I didn't even want to talk to owners personally. I figured the easiest way to get property would be to watch the MLS for bargains. I could even put in some lowball offers and see what happened. It seemed very "safe", and within my comfort zone.
You know what the problem with buying from any publicly-known source is (and this includes buying directly at tax sales)? When you get an offer accepted, you've just paid more than anyone else in the entire world for the property!
How are you going to profit? You'll have to improve the property in some way or wait. This violates several of the concepts we've discussed so far.
So, you say, let's get people calling us. Sounds good! Maybe we can put up some bandit signs (those ugly yellow things you see on poles that say "I Buy Houses")...maybe run a classified ad in the paper...maybe leave our "I Buy Houses" business cards everywhere...tell everyone we know we're in real estate and wait for the deals to roll in.
We know that tax-delinquent owners are going to be the ones who will give us killer deals, and we cannot rely on them to find us - especially the walkaway owners.
The 8th DeedGrabber Essential Concept is -
"We cannot rely on owners with high equity (EV) AND motivation to find or contact us - WE MUST FIND AND CONTACT THEM".
For years, I ran a classified ad that cost $250 per week that said "We Buy Houses Blah Blah Blah". I did a couple deals from it, but I think after spending $25,000+ on it over the years, I broke even at best. And I spent countless hours wasting time with unmotivated sellers.
The nice thing is that the local government creates and maintains the lists we need, in order to start contacting these owners who we already know have a good likelyhood of having equity and being motivated.
Now, instead of sifting through hundreds of calls from "tire kickers" and finding the diamonds in the rough, we just go right to the source of diamonds - the property owner at risk of tax foreclosure.
We're going to find a certain percentage of these delinquent property owners, and make profitable deals with them.
That leaves a whole bunch of delinquent property owners we don't end up making deals with. Many of those owners whom we can't connect with, will end up losing their property to tax sale.
The good news - for a DeedGrabber, it's not over...in this arena, there's often a "second chance". Even though the owner has lost their property.
The tax sale auction bidding system that exists in many states, which kept us from getting good deals at the tax sale, can now lead to more HUGE profits for us.
I'll let you in on that strategy in a few days.
|"Marketing Madness" -|
Get your name and number out there to anyone and everyone, no matter what their situation - NOT! Yet another "Real Estate Myth" is debunked in Joe Kaiser's groundbreaking course, 'Gonzo Investing'. Get it today, and stop fooling around! I've secured an exclusive digital download of the course that you can get right here.
Everything You Need to Know to Profit From
Tax Property Before the Sale -
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