438: The Ultimate Beginner’s Guide to Finding GREAT Deals in ANY Market with Anson Young
Jan 28, 2021
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Real estate investing expert Anson Young shares strategies on finding great deals in any market, including off-market and on-market options. He emphasizes the importance of consistency and accountability in real estate investing and offers tips on distinguishing motivated sellers. The podcast also discusses challenges in finding deals in hot markets and the impact of 'Jocko' on the speaker's mindset. Overall, the episode provides valuable insights and resources for beginner and experienced investors.
Defining clear end goals is crucial when starting in real estate investing to align strategies and actions.
Driving for dollars helps uncover off-market deals by personally scouting distressed properties in target neighborhoods.
Crafting personalized, high-quality direct mail campaigns can capture the attention of motivated sellers and differentiate from generic mailers.
Deep dives
The Importance of Setting Clear End Goals
When getting started in real estate investing, it is crucial to identify and define your end goals. Whether you aim to own a few rentals or flip multiple properties, understanding your objectives will guide your strategies and actions in the market. By having a clear vision of what you want to achieve, you can tailor your approach to align with your specific goals and increase your chances of success.
Utilizing Driving for Dollars to Find Off-Market Deals
Driving for dollars is an effective method for finding off-market deals. Simply driving through target neighborhoods and identifying properties that show signs of deferred maintenance or distress can uncover hidden opportunities that may not be available on traditional listing sites or in direct mail campaigns. By personally scouting properties and researching their owners, investors can establish direct contact and pursue potential deals that others may have overlooked. This approach is especially valuable in markets with low inventory and high competition.
Standing Out in Direct Mail Campaigns for Maximum Impact
Direct mail campaigns can be an effective way to reach motivated sellers, even in competitive markets. While many investors utilize direct mail, it is essential to differentiate yourself to stand out from the crowd. Crafting personalized and high-quality mailers that combine professional branding with personalized touches can capture the attention of potential sellers. A targeted and distinctive direct mail approach can increase your chances of receiving responses and engaging with motivated sellers who may have received numerous generic mailers from other investors.
Importance of Market Knowledge and Focus
To be successful in real estate investing, it is crucial to have a deep understanding of the market and to focus on specific neighborhoods or zip codes. This allows investors to have a laser-focused approach rather than aimlessly searching in a vast area. By gaining market knowledge and identifying neighborhoods where properties are trading at the desired value, investors can make informed decisions and find properties that meet their investment goals, whether it be cash flow, fix and flips, or wholesaling.
Effective Strategies for Finding Deals
When it comes to finding off-market deals, there are various strategies that investors can employ. One effective approach is driving for dollars, where investors explore neighborhoods and identify distressed properties. To extract information on these properties, county tax records can be accessed in some states, but in non-disclosure states, websites like whitepages.com can provide valuable information for a small fee. Additionally, reaching out to potential sellers through phone calls can be a low-cost and efficient way to assess their interest in selling. However, it is essential for investors to focus their efforts on motivated sellers and not waste time on non-motivated individuals who may not be willing to sell at suitable prices.
Anson Young’s voice may sound familiar to you, that’s because he’s been on the podcast four times! Every time he’s back we learn something new, and today, Anson is talking about how to find and fund great deals, regardless of your schedule, or budget. You don’t need to be a full-time real estate professional to find great deals, just be sure to follow Anson’s advice.
If you haven’t heard Anson’s prior episodes, here’s a recap. Anson has touched on almost every aspect of real estate investing.He flips, he wholesales, and he sells houses as an agent, meaning he has a huge amount of knowledge to share to BiggerPockets listeners. On average, Anson is doing 12-15 flips a year, 10 wholesale deals a year, and a dozen or so sales a year as an agent.
Anson has some great advice on finding off-market (and on-market) deals that include driving for dollars, door knocking, and list building. He also shares how to build a profitable list, what neighborhoods to look into for deals, and how to specify what type of home you’re trying to get depending on your goals.
If you’ve been trying to get your foot in the door to real estate investing, Anson shares why many people have trouble at the start. It all comes down to consistency. If you’re new, it may be fun at first to start driving for dollars, but are you doing it consistently? Do you have an accountability partner that can hold you to a high standard to get the work done? Are you systematizing your leads or trying to juggle them all in your head?
We also talk about Anson’s fantastic book Finding and Funding Great Deals, where you can find everything you need to find and fund your next real estate deal. We’re also happy to announce the BiggerPockets Book Club, where you can hear from Anson live and ask him questions about his deals, his book, and his portfolio!
In This Episode We Cover:
How to find profitable deals in hot markets
Determining your goals and aligning them to your investor strategy
What to do if you struggle with consistency in real estate investing
How to analyze not only your deals but your market as a whole
What to look for in niche lists when prospecting off-market deals