How to Find and Flip Wholesale Real Estate Deals Fast

Want to Make a Killing in Real Estate, but don't know where to find your wholesale deals? Well, if this is you the first thing I must say is that you are at the absolute right place at the right time. As you may already know there are a million and one ways to do real estate with no money or no credit. This is heavily concentrated on finding properties deals to wholesale, but of course you can utilize these tactics in a multitude of other methods as well.

Before you continue on, I must let you know that I have set these "How-to" Hubs in a round about way. This hub is better read if you first have knowledge on how to do the do the deal, so if you did not read my hub, "The Key to Raking in a Fortune With Real Estate" yet. I highly recommend that you click the aforementioned link to start there. It has a wealth of CRUCIAL information that you just cannot miss, so get over there quick!

I am assuming if you are reading on you know the basic steps of wholesaling a deal, so let me explain how to find these stellar thrills! There are so many different ways to find and acquire these properties that I can probably write a full ebook on each individual tactic, but that is not what where going for here. Due to the nature of the online "hub" we want to make it short, simple, nice and sweet.

On this "hub" we will be focusing on finding heavily discounting properties. The following list will give some examples of where you can obtain seller leads. That's right folks, leads! You first need to contact, meet, negotiate, and structure the deal before your prospect is anything more than a lead. {Sidebar: You may want to click the subscribe button on the right and subscribe to me and follow my hub because momentarily I will be posting a new hub on the negotiation process. That is where the "Art of the Deal" really comes in and it's an absolute must that you learn it in order to succeed!}

(Some examples of where to locate your prospects are through:

• For Sale (or Rent) By Owner Signs
• Craigslist
• Newspapers
• Expired Listings
• Word of Mouth

For Sale (or Rent) By Owner Sign

If your just getting started out and especially if your on a low budget to "no" budget at all it is important that you are as resourceful as possible. When you are out shopping, picking the kids up from school or whatever it is that you do, you must ALWAYS have a paper and pen handy - ALWAYS. Whether your driving, walking, jogging or skipping down the road it should be your absolute priority to take down the phone number and address of EVERY SINGLE property you see being sold for sale by owner. If you have a digital camera or camera phone with you just snap a photo as well. It is great to capture a visual memory to link an address to a property because if your being productive you're not going to be able to keep up with all of your prospected inventory.You should also take notes on the overall look of the property ( ie did it look distressed or well maintained, etc).

You can choose to call the numbers on the "FSBO" (for sale by owner) list that you have accumulated on a daily or weekly basis. It is all up to you, but whichever way that you choose make a plan and STICK to IT! As with anything else, it's a NUMBERS GAME; the more proactive you are at doing this the closer you are to "banging" out a deal! It's a business and must be treated as such.

Expired Listings - Form an Alliance with a Realtor

You will need to form an alliance with a local realtor in order to get your hands on some nice warm expired leads. Expired listing are homes that were on the market but did not sell. Typically homes that do not sell are due to the home being overpriced so typically there is no equity in the home. If there is no equity the deal makes no sense so it would not be worth going any further. {sidebar: there are certain areas of creative real estate investing where this would make sense and be very profitable and create instant mega bucks within days! I'll expose those techniques in a future hub, but you MUST subscribe to find out.} With that being said, there are still some homes that may have expired for such reasons as the home not being move in ready. Some buyers can be particularly picky and instead of moving into a home that needs a bit of fixing up, but has great equity, they prefer to pay the extra and move in to a home ready to go. Maybe you can understand their reasoning maybe you cannot, but it is what it is. I am quite interested in what you would do, so I would LOVE it if you can answer the following poll!

There are times that working with a realtor is beneficial and there are times that they are not. I would NEVER use up my VALUABLE time looking at listing because there are too many good deals out there to be had without all of the red tape behind it. Yes, you can absolutely make these types of deals work if your dealing with a listed property, but this is not where you should expect to get the bulk of your deals from. You need homes that are for sale by owner. That is where you concentrate a great part of your time.

Word of Mouth

Now, of course we all know by now that word of mouth is an excellent source. It is good when people could recommend you because they've dealt with you in the past and they could trust you.

In the beginning, before you gain a solid reputation the only voice out there for you is none other than,you've guess it, YOU! It is absolutely VITAL that you create an "elevator" speech. You need to be able to convey to people in 30 seconds or less who you are and what you can do for them. They need to know how you can help them or someone else they can influence and what makes you superior to the competition. In order to see great success you need to do this (money making) routine Every Single day (or as much as possible). Typically it doesn't bring you in the big bucks overnight, but doing this consistently will help build your confidence and establish trust with prospects and/ or their possible referrals. After a matter of time people will know who you are and eventually (not overnight..it can take a while). You Will see RESULTS and in the end your practices will be well rewarded and your bank account will thrive!

Another great way to find highly discounted properties steep in equity is to pay close attention to the homes on the road when your out and a bout. Have you ever noticed the properties with the overgrown lawn and chipped up siding? They usually stand out like a "sore thumb". They are screaming out loud, "SOMEBODY PLEASE HELP ME, SOMEBODY, ANYBODY!" Ya know the ones that looks like the owner took a leave for vacation say, sometime last year. Well those can be Goldmines! Also, property that has been left abandoned can fall into that same category. You can tell an abandoned home from a mile away. The generally look distressed, are obviously vacant and there is absolutely no sign of life there. Those, my friends, can be GOLDEN, but you never know what is what until you do your own research. I'll discuss how to do your "Due Diligence" (property research) in future hubs so do stay tuned by "subscribing" to my hub on your right hand side.

Please do not get me wrong, a distressed situation does not necessarily mean that the property is distressed. Most properties that I have acquired was in great shape and a lot were impeccable, I mean absolutely spotless with no signs of repairs needed! You have to remember that the issue is not necessarily the problem of the property being a "lemon", so to speak. The issue is the owner's financial situation, in other-words, the owner's situation is distressed and not the property. Some people refer to these properties as distressed when there is absolutely no sign of the property lacking in any area. You have to be able to tell the difference between the two and be able to communicate it to your investors as well.

The reason that "distressed owners" and abandoned property deals are out of this world is because you have a 50/50 chance of being able to get a property under contract for some really SWEET terms! Usually if the owner has purchased the property 3 or more years ago there is some equity to be had and they would gladly (well sometimes anyway) sell to get rid of the debt hanging over their heads. As a matter of fact, you are actually helping the seller(s) out in a Big way because there is a really great chance that the home will soon be threatened with a foreclosure, if the process has not been started already. If it goes up for foreclosure there credit is SHOT and typically they do not want that. So they want to sell it quick fast and in a hurry, sometimes they offer to pay you. It's that bad ( NO JOKE!!!).

So say for instance your prospects bought their home for $200,000 years ago, but it is now worth $260,000, but due to credit or whatever it may be she was not able to refinance. Let's say there was a death in the family (not to be an ambulance chaser, but the reality is it happens) and the husband who payed all the bills died. If the wife cannot afford to keep up with payments then the property is only becoming more of a burden for her. Not to mention, she is unable to refinance. Hey, she cannot even keep up with the lawn anymore. Can she just quickly sell it and try to make a profit? Yes, she can, but let's say she has run out of time and it just wasn't feasible, she's just pissed off and wants out (believe me guys, this happens all of the time). The bottom-line is she is behind on payments and is running out of time! She cannot have it sit on the market so instead you offer her a cash deal on her home and because there isn't many contingencies and she can have cash in her pocket in no time she is willing to sell way below market value. Cha-Ching! Because it is a distressed situation you are able to take advantage of the equity in the home. This is just one of hundreds of scenarios that I can throw your way. Please do not ever think of yourself as taking advantage of the seller. You should always be up front and let them know that this is the only way you do business. Let them know that the numbers have to make sense to you and those are your terms (in a later hub I will explain why you need to buy so low). These sellers need to sell one way or another and are going to do just that or lose it to a foreclosure, so why shouldn't you be the one to make the profit?

Secrets of the Newspaper & Online ads

When seeking a deal from the newspaper it is important to know who your attempting to deal with. If you remember the type of sellers that you are seeking it makes your search for them that much easier. In this niche of the real estate business it is essential that you ONLY work with MOTIVATED Sellers. Many homeowners say they are motivated, but that is simply not the case. Being able to discern who is seriously motivated from who is not can mean the difference between low-to-no profitability and the difference in a profitability overflow. The overflow profitability method will generate you hundreds of thousands of dollars a year if not millions, whereas the low-to-no profitability will generate you just that, no real money in the bank.

When you speak to or research prospects you need to know that they are highly motivated. I ALWAYS ask how motivated they are on a range from 1 to 10 (1 being the lowest and 10 being the highest). This is a way to "pre-qualify" them so to speak. Everybody is not going to be a match for you and it is important for you to distinguish that, quick, fast and in a hurry, so that you can move on to the next prospect. As the 'ole saying goes, time means money, if your time is not spent wisely it is slowly but surely creating holes in your pockets whether you realize it or not. It is a waste of your time working with anyone lower then a 7. You would just be wasting their time as well as yours and not making one red cent.

Usually "7's" won't work, but you never know, so don't get rid of them so fast, see what you can do to make it happen, problem solve a bit. Here's the deal. those 8 to 10's have a lot of potential and out of every 10 people in that range, you can expect to do business with at least 50% of them! That is a high turn over rate I know, but you have to remember that this is your specialty so for you they are easy to come by.

Now finally for the first time ever, let me leak the trick to finding these motivated sellers online or in the newspaper SUPER Fast! But before I expose this VALUABLE piece of information I encourage you to take this really quick poll without going any further till your done. Go ahead and Take the Poll!

Thanks for voting!! Now that you have taken the poll, you qualify for me telling you the Secrets to almost instantly finding a dream deal in the making! Seller's who MUST  (*hint hint, it's in BOLD so it's important) sell fast usually are in a financial crunch and there is not a lot of money to go around. Advertisements can be extremely expensive so instead of opting to leave a long descriptive ad they decide to make it short and sweet. Besides it costs a ton of money for the ad, the seller has most likely already figured out a pre-determined budget for the advertising fees. What is most important to the seller is the ability to list the ad everyday or ever week on a monthly basis until the home is sold and in order to stretch out the money spent this is the best way to go.

In summary, you are seeking short advertisements that are sweet and to the point. In addition, you are looking for Keywords that SCREAM....Motivated! Some keywords and phrases most commonly uses are as follows:

• motivated
• must sell
• retired / retiring
• relocation
• death / probate
• health problems
• need cash
• behind on payments
• divorce
• equity
• willing to negotiate
• bankruptcy

and the lists goes on and on, but I am certain that you get the general gist of it. Just skim ads for these attributes and eventually you'll find your charm.

BEST KEPT PROSPECTING SECRET YET!

After you find out this highly guarded secret, you are going to wonder why you had to learn all of the above information in the first place. What I am going to teach you is sweeter then sugar and will make your mouth water for years to come! The content is juicy and the results produce million dollar income producers. What is the secret you ask? Stay with me and you will see that it's really the best knowledge you could have. None of the gurus want you to know this. They want you to stress out to find your next lead and they want you to be exhausted by the time you have your next prospect. While your still searching for your next prospect they have gained 10 more and have already closed 3! Doesn't this make you down right angry? Well, just know it doesn't have to be that way!

If you remember in one of the aforementiond paragraphs we discussed how time equates to money. The more time you have on your hands means the more time you have to work "on" or "in" your business. The reason I didn't reveal this secret from the very beginning is because it is extremely important to know the fundamentals of the business instead of just one part. Makes sense on many levels I'm sure you see.

Question: Why in the world should you work so hard for prospects. I mean it is so tedious and overwhelming at times. You literally have no time for anything else, so why don't you free up the most priceless thing you've been given, and that's time.

Here's the way that you do it. Because this is a niche it is very time consuming UNLESS you, Have the Prospects Find YOU! Too Easy, now that you think about it, eh? lol... Instead of contacting 100 people, 85 who aren't interested at all and out of 15 only 8 have potential, and 3 to 5 close, Wow, that ratio is low! Now, if you have your prospects contact you the ratio increases substantially because you have already advertised to the type of (motivated) people you work with. They already know that you need to get the property for pennies on the dollar. They already know that if you cannot buy wholesale you DON'T buy, therefore, your closed deals increases drastically! This is considered concentrating on your Target Market!

Why waste time? Time means money! Put an ad in the newspaper and online telling people you buy homes. Any source that you can use as an outlet to advertise...USE IT!

I highly recommend that you subscribe to my hub and follow me because I will be shortly writing a hub revealing the marketing and advertising secrets that have been yet to be told! In addition, I will be giving out tons of FREE stuff. You can also visit my other hub to get my free E-book, How to Make $10,000 This Month in Real Estate With No Money or Credit.

Last but not least, I'm thinking (*hint hint) about giving away a home valued at $200,000 for one of my first 500 followers who subscribe to my hubs. If you don't join you can't qualify, so stop what your doing, vote me up, subscribe to my hubs, and follow me now!

I hope this hub was useful!!!