I’ve always had a nose for a deal. That’s why Phil and Noah, whom I’ve known for years, called me up. The two brothers sold their family’s retail store last year and were looking for a new business to embark upon. They were considering real estate investing but, so far, their efforts had been a flop.
Phil and Noah told me that they had searched the surrounding counties for months but could only find unmotivated sellers and overpriced opportunities. They were proud of their strong business instincts, but even that wasn’t gonna do them any good if they couldn’t find an investment house in the first place. So, they swallowed their pride and asked me how I find the best houses to buy, renovate, and sell.
What’s the Best Way to Find Houses to Flip?
I love talking about real estate investing, so I hopped on this opportunity to share what I know. You can find all kinds of real estate investing marketing ideas but there’s no guarantee that you’ll find qualified leads like I have. It didn’t start out that way, though. Let me share with you, just as I did with Phil and Noah, how I tried to turn up some decent leads early in my career. And, then, I’ll tell you what I’ve found to be the best way to find houses to flip.
Most counties across the nation have no shortage of homes for auction—and they can sometimes be a good deal. The homes usually need a lot of work and will leave you with major renovation projects on your hands. Because they need so much work, however, you can typically get them pretty cheaply and build sweat equity to gain a solid market advantage when you sell.
But—and it’s a big one—there’s a lot of unknowns when you bid to win at an auction house. Be prepared to compete against other bidders as the competition over attractive deals can get fierce; sometimes, you’ll be competing against the bank itself. You may not be allowed to visit the property before the closing, so it can be hard to figure out what you’ll have to spend on renovation costs should you win. And, if you end up with a house that requires extensive repairs, your margins might turn upside down.
This seems like an easy way to find motivated sellers in your targeted areas. You can buy pop-up or pay-per-click ads via Google or other major websites. Social media platforms can also provide leverage in attracting attention to your business. Most of these online options will even allow you to drill down the exact type of distressed homeowner you’d like to target with your advertising.
However, you may spend a lot of time just weeding out the useless leads. And, unfortunately, there are online scams to watch out for. So, while you should definitely work on building your reputation online, don’t rely on it as your sole source of lead generation.
Knock on Doors
Pounding the pavement and knocking on doors is a tried-and-true way of connecting with homeowners that still works for many investors. Sometimes knocking on a homeowner’s door and introducing yourself can work wonders, offering a personal touch that’s lost in the online world. And, if you’re genuine, it’s possible that a homeowner will grow to trust you and want to do business with you quickly.
However, this approach isn’t for everyone. You’ll find you need to knock on many doors just to find a single homeowner who’s even willing to talk with you. Many homeowners don’t like being approached this way and may view you as an unwelcome solicitor, especially if they are going through a foreclosure or other embarrassing financial difficulty.
Buy Lead Lists
Lead lists compile the names of homeowners who may be in financial trouble and, as a result, may be interested in selling their home. These homeowners may be motivated sellers with a variety of life circumstances, such as an impending foreclosure or death in the family. When you contact these homeowners to see if they are interested in selling, use a light touch and be empathetic.
Even with all your sincerity for wanting to help them, however, you might still be left in the cold. Purchased lists are often outdated, so when you contact a homeowner, you may find that they’ve received dozens of phone calls from other investors. In this case, your phone call may only irritate them.
As it turns out, Phil and Noah had already tried just about all of these lead generation strategies before. But, not one had turned into a single good lead for them. I understood their frustration because I’d been there myself years ago. But, then I found the best way to find houses to flip.
The Best Way to Find Houses to Flip is to Use a National Marketing Campaign
My career as a real estate investor never really took off until I became an independently owned and operated HomeVestors® franchisee. That’s when I discovered that the truly best way to find houses to flip is with the nationally-known and trusted “We Buy Ugly Houses”® advertising campaign. The HomeVestors® national brand is built on integrity, and that’s why homeowners in distress reach out to their local HomeVestors® franchisees. They know they can expect to be treated fairly and get an offer that could help them out of an “ugly” situation.
Things have turned around for Phil and Noah, too. It wasn’t hard to convince them to give HomeVestors a call—and haven’t wasted money and time on unsuccessful marketing strategies since. And, seeing them succeed makes my work even more rewarding.
Save yourself the struggle of searching for leads that go nowhere. Contact HomeVestors to get qualified leads today, too!
Each franchise office is independently owned and operated.