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    How to Find Motivated Sellers with These 25 Beginner-Friendly Lists

    enJune 08, 2024

    Podcast Summary

    • Finding motivated sellersUse publicly available data and start with free sources to find motivated sellers and increase odds of securing off-market properties at discounted prices

      Finding deals in real estate can be a challenging hurdle, but it's crucial to buy properties below market value. In this episode of the BiggerPockets Real Estate Podcast, David Leko from Deal Machine shares 25 ways to find motivated sellers and the order in which to approach them. For those starting out, he recommends beginning with free sources, which are less competitive and require less marketing spend. By using publicly available data and following the right order of operations, investors can increase their odds of success in finding off-market properties at discounted prices. So, whether you're a seasoned investor or just starting out, this episode provides valuable insights and practical tips for finding motivated sellers and securing great deals.

    • Driving for dollars, Tax delinquent listsInvesting in real estate using personal 'driving for dollars' lists and tax delinquent lists can provide a competitive edge, yielding unique opportunities and potential for significant returns.

      Generating your own "driving for dollars" list and utilizing tax delinquent lists are effective and valuable strategies for real estate investing that can give you a competitive edge. The "driving for dollars" method involves finding distressed properties in person, obtaining the property owner's information, and reaching out to them with an offer. This list cannot be bought or downloaded, making it unique to each investor. The tax delinquent list, on the other hand, consists of properties whose owners have not paid their taxes. Many counties offer this list for free, and it can be a valuable source for potential investment opportunities. By obtaining the list directly from the source and comparing it to purchased lists, investors can gain a better understanding of the data's accuracy and value. Both strategies require effort and dedication but can lead to significant returns in the real estate market.

    • Real estate liensLiens are claims against a property due to unpaid debts or obligations that can prevent its sale until the debt is settled, including mechanics liens, judgment liens, federal tax liens, and homeowners association liens.

      Real estate investing can come with unexpected challenges and hassles, leading some investors to sell their properties to others. For instance, an out-of-state investor, who is an orthodontist in Utah, sold a house to someone else because managing the property from a distance was causing more trouble than profit. On the other hand, liens can significantly impact property transactions. Liens are claims against a property due to unpaid debts or obligations. Mechanics liens are filed by builders or contractors for unpaid work, judgment liens result from lawsuits, federal tax liens arise from unpaid taxes, and homeowners association liens stem from unpaid association fees. These liens prevent the property from being sold until the debt is settled. Title companies check for liens before closing a sale and coordinate paying them off to ensure a clear property title. Overall, real estate investing involves potential challenges and financial obligations that must be addressed to successfully buy, sell, or manage properties.

    • Motivated sellers, code violationsMotivated sellers prioritize speed and convenience over the best price when selling, making them valuable for finding off-market deals. Code violations can indicate vacant or poorly maintained properties, and sellers may be willing to negotiate to get rid of these issues.

      Motivated sellers are crucial in finding great off-market real estate deals. They prioritize speed and convenience over the best price when selling their homes. Code violations, such as tall grass, work without permits, and trash or debris, can indicate vacant or poorly maintained properties. These issues can make selling more appealing to sellers, and they may be willing to negotiate with you to get rid of these problems. By looking for motivated sellers and properties with code violations, you can potentially find profitable deals in the real estate market.

    • Real Estate Deals, Free ListsFree lists from pre-foreclosures, pre-probate, motivated sellers, and for sale by owners offer numerous opportunities for real estate investors to find potential deals and gain financial freedom

      There are various ways to find potential real estate deals through free lists obtained from different sources. These lists include pre-foreclosures, where homeowners have missed mortgage payments, and properties in the pre-probate stage, where the owner has passed away without a will. For pre-foreclosures, reaching out to the property owners directly can lead to effective deals. In the case of pre-probate properties, motivated sellers can be found when heirs do not wish to become landlords or share properties. Another source of leads is for sale by owners, which can be found on websites like Zillow by filtering out properties listed with agents. Although obtaining the eviction list may be more challenging, it is a valuable resource for potential deals once mastered the first 12 lists. Overall, these free lists provide excellent opportunities for those seeking to invest in real estate and get financial freedom.

    • Real Estate ListsInvestors can find potential real estate deals using publicly available lists, but accessibility and ease of obtaining them can vary. Extra effort may be required for some lists, but uncovering hidden opportunities and significant profits are possible.

      There are various publicly available lists that can be used by investors to find potential real estate deals, but the accessibility and ease of obtaining these lists can vary greatly depending on the location. Some lists, such as eviction records and water shutoffs, may require extra effort to obtain in bulk, while others, like long-term rent listings on Zillow, can be easily searched. By putting in the extra work to access these lists and sending offers on older listings or vacant rentals, investors may be able to uncover hidden opportunities and potentially make significant profits. However, it's important to note that success may not come easily and may require sending a large number of offers to secure a deal. Additionally, some lists, like arrest records and liens, may require contacting the relevant authorities or using specific platforms to access. Overall, mastering these various lists can provide a unique edge in the real estate investing market.

    • Real Estate ListsFree and paid lists can help real estate investors find profitable deals, including foreclosures, vacant homes, expired listings with high equity, tired landlords, senior owners, and zombie properties.

      There are various types of lists available for real estate investors to find potential deals, ranging from free lists to those that require payment. The free lists include foreclosures that are scheduled to be auctioned, which can be a good opportunity if the property doesn't rent easily and you have the necessary cash for a cashier's check. Paid lists include vacant homes, expired listings with high equity, tired landlords, senior owners, and zombie properties. Vacant homes are a good target since no one is making money on them. Expired listings with high equity offer potential for profit since the sellers may be motivated to sell. Tired landlords, senior owners, and zombie properties may be willing to sell at a discount due to changing circumstances or neglect. By utilizing these lists effectively, real estate investors can increase their chances of finding profitable deals.

    • Absentee owner strategiesNot all absentee owners are motivated sellers, larger lists may lead to more competition, and a niche approach like driving for dollars can save costs and offer deeper discounts

      While targeting absentee or out-of-state owners for real estate investment can be effective, it's important to note that not all of these owners are motivated sellers. Additionally, larger lists of absentee owners can result in more marketing efforts and increased competition. A more niche approach, such as driving for dollars, can save marketing costs and offer deeper discounts with less competition. Absentee owners may not be motivated to sell just because they don't live at the property, and out-of-state owners may be even less engaged due to distance. These strategies require additional effort to identify motivated sellers, but they can lead to better deals and higher profits.

    • Speaking to motivated sellersListening to experts like Dan Toback and Justin Dossy through free podcasts and masterclasses can provide valuable insights on speaking to motivated sellers and potentially earn a bigger finder's fee, saving you time and money on expensive coaching programs.

      Starting at the top of a list of potential motivated sellers can help you take less risk with your money and earn a bigger finder's fee. To do this, listen to episode 68 of the Deal Machine Podcast with Dan Toback, who has done over 700 deals, for tips on speaking to motivated sellers. For a masterclass on direct mailing motivated sellers, check out Masterclass 18 with Justin Dossy. These resources offer valuable frameworks typically sold by real estate coaches for thousands of dollars, but are available for free with a three-day trial and $399 for unlimited access on Apple Podcasts. These edited and focused classes can help speed up your learning curve towards financial freedom. Let me know what you thought of this episode on Instagram, and I'll see you on the next one.

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    How to Find Motivated Sellers with These 25 Beginner-Friendly Lists

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    963: BiggerNews: 6 Rules for Real Estate Investing in 2024 w/J Scott

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    How to Use the BRRRR Method to “Invest on Repeat”

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    962: How to Buy a Home (or Entire Neighborhood) With Your Friends and Family w/Phil Levin

    962: How to Buy a Home (or Entire Neighborhood) With Your Friends and Family w/Phil Levin
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