Sixty Days to Your First Bargain Purchase

Nothing happens and nothing matters in real estate until you find a deal. You need to master the art of finding good deals. Your primary seller is one who is motivated to sell below market value. Finding sellers requires advertising, marketing, salesmanship and keeping your noise to the ground.

Most new investors quit before they ever find and purchase their first property. They spend a few weeks or a few months looking for deals and then decide this doesn't work. It takes persistence and hard work to find a motivated seller.

A successful real estate agent uses a technique called farming. They pick a neighborhood and focus their marketing efforts in that area. You should try the same thing. Start with a neighborhood that is convenient to you.

Drive to the area and spend some time just driving around. Learn the area, the style of houses, and the average price. Over time you can expand your farm area. Just stick with areas that have the type of houses you're going to purchase.

Visit open houses and for sale by owner properties. Speak directly to the owners and their agents. Make friends and hand out your business cards. After going to dozens of open houses you will get to know the different types of homes and you will get to know the area.

Look for ugly and vacant properties. Ask the owners if they are interested in selling. Ask the neighbors if they know the owner if the property is vacant. Owners can be found by visiting your local tax assessor's office or looking up the deed recorded with the county land records.

Some cities tag a house with code violations. That is usually a sign of neglect or a vacant property. Ask your city if you can obtain a list of such properties.

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