The #1 Way to Find the Best Deals

You might be saying to yourself, “Yes, Michael, I see how analyzing deals is an important skill, but isn’t it really tough to find good deals right now?”

I remember when I started flipping houses in 2005. I signed up with a local mentor who taught me how to put up bandit signs and send postcards. Not once did he say I should check the MLS for deals. Not knowing any better, I followed his advice and got my first two deals in the first three months.

It’s the same thing today. Deals aren’t going to fall into your lap. You know it’s a numbers game with real estate, right? The more offers you make, the quicker you’ll do your first deal. And now you know how to make an offer in ten minutes, so you can make many offers, quickly.

Some gurus will teach you how to market to probates, send yellow letters to apartment owners, or network with attorneys. All of these tactics can work, but I’ve found they can take time and can cost money.

There’s a better way that will get you the best deals faster and with less work 토토사이트.

The #1 Way to Find Apartment Building Deals

The best and most efficient way to find great apartment building deals is through a good network of commercial real estate (CRE) brokers.

CRE brokers make it their business to find deals. The good ones send postcards and letters to apartment building owners and build the relationship years before an owner wants to sell. They network extensively and beat the pavement to get listings and buyers.

For years, the local Marcus & Millichap broker would call me like clockwork every three months to check in on me. They’d sometimes offer to take me out for lunch or do an informal “appraisal” of my buildings to assess what they were worth. No strings attached.

This guy’s smart: he may not get a listing today, but he may get one down the road, or maybe I’ll buy one of his listings.

Unfortunately, most brokers are not that good. The few good ones are worth their weight in gold, and all you need is a few of them to have a never-ending supply of good deals.

I remember when I was marketing for deals in Texas after taking my first apartment building boot camp in 2007. While I did send out letters (a lot of work, and I didn’t get a single deal out of several months of marketing!), I focused heavily on cold-calling CRE brokers. Over several weeks of this, I noticed that a few brokers actually took me seriously and had deals on a regular basis. In addition, they communicated frequently, while other brokers did not. I found one broker in particular who fed me deals almost on a weekly basis.

Focus your efforts on finding just two to three brokers who are prolific deal-makers that take you seriously, and you are set for the rest of your real estate investing career.

How Do You Find Good CRE Brokers?

One of the best ways to find potential brokers to work with is on LoopNet. I hear you saying, “LoopNet is worthless for finding deals,” and that is mostly true, but it’s a gold mine for finding CRE brokers.