I like fishing. But there are flaws some people use when they fish. Ever go fishing for Bass and only get various sun fish? You can blame it on the fish not biting but the truth is given your specific environment, there are Bass out there that are feeding. You just haven't found that right aspect - in the case of the fishing maybe it is the thermocline or topography. Well, the same applies in buying real estate.

If you are hunting for a deal, you need to first ID what kinda deal you are looking for. If you are a wholesaler for example, you are going to be looking in a different location and manner than a buy and hold investor or someone looking for value add opportunity. If you are looking for that next purchase without first considering your objective, you may become that fisherman who is catching that perch or blue gill instead of that striped bass.

Now please note - Real estate is a people business. If you are not willing to talk to people and learn their problems......Walmart is hiring. The better you are at doing repeat backs of concerns and questions, the better you are. Probing questions will take you far.

Most folks on this website, I would consider buy and hold investors.

If your market is priced too high for you to find regular deals, you need to get the tools to manufacture a deal. For you maybe learning that creative real estate structure may make that ho-hum deal into something that makes complete sense. After all someone is buying real estate today and they are making money. Why not you? In these cases, I like getting expired MLS list. If something doesn't sell because it is priced to high - offer them more and ask them to carry the financing. I don't like using post cards for these folks. They need a letter followed up by a direct to voicemail phone call. As this target gets younger, direct text will be more important, but I am not there yet with these folks.

For example, if a house at $200,000 doesn't sell offer to Master lease it. If not that, then offer them $240,000 at $1,000 a month for the next 20 years transferrable to their kids. What interest rate are they giving you? These tools work because you are stacking them up. That same house if you could get it at an amazing price of $160,000 (20% off) and had to finance it - it would cost you more than $350,000 after the bank's bite.

Marketing methods I would avoid for buy and hold investors. 1) Pre foreclosure list - everyone is targeting them so they are getting lots of solicitations 2) free and clear list - being free and clear doesn't mean they are inspired to sell. So your marketing dollar isn't going as far. I like chasing class C and B properties in this niche

As for the Value Added investors out there - I love my estate properties. Money is made in the courthouse (even in small town USA) and AI can help you out in the sorting. These properties aren't bad properties; they just need updating. You need to know who the executioner(s) of the estate are. Make sure there is actually real estate in the estate. I like using cards or letters to these leads. I have a letter that also targets the household that says I pay referral bonuses for successful referrals if they (the deceased) know anyone in that neighborhood that is selling any 3 bedroom houses. (please note I am using Houses not home). What do I avoid in this path? I avoid reaching out if there isa surviving spouse. There is just too much emotional baggage. I also write letters to estate attorneys to let them know what we can do to assist in helping liquate the estate.

Another niche for value added buyers are landlords who have just filed for eviction. Yes, you are asking to inherit their problems. But think back to when you started out - was that eviction traumatic to you and that dead beat? Dealing investor to investor is so easier than dealing with that surviving spouse. This again is where knowing your niche comes in handy. If you were a wholesaler for example, are you really looking for a small multi-family to sell? Typically NO! You want SFH and chasing after the dead beat in Apartment 3C is wasted money and more importantly wasted time. Trying to reach out to ABC Property Management team during an eviction tends to also be a waste of time. They are not empowered to sell you anything normally. I like chasing class B neighhoods, but have been known to also use class C

If you are a wholesaler - then finding those empty places that are owner non-occupied work well. Additionally, I am looking for folks who have made poor financial decisions recently. I like looking for folks who have been late on tax payments for example. If you are indeed looking to sell these places, you stay focused on what allows these places to sell - QUICKLY. Price sells, even in places that you might not be all that proud to own yourself. So these might be class D and class C places. Having cash in hand helps in this niche.

Hope these small nibblets help someone. How do others market for that deal within the niche they are chasing? What works? What doesn't work as well?

Great ideas, Ray. Thanks for sharing your experiences.

I'm not driven enough to search for deals the way you are. We have sufficient for our needs. But as we are preparing for our first round of 1031 exchanges, I was stunned to get not one, but TWO houses under contract within a week of each other.

One was an MLS house (!!!) priced 25% below its comps and in much better condition. I offered full price if they'd let me close in 90 days (allowing for the selling the relinquished property). The listing agent called back after 3 days and said no, owners had moved to Florida and just wanted it sold.

The fact that the owners sat on the offer for three days before saying no tells me they didn't get any other offers. The realtor let slip what their motivation was. So I immediately offered 10% less than my original offer with a 30-day close, and they took it. I have no idea why nobody else made an offer; maybe it just hit the market when everyone was on vacation. I consider it a blessing.

The other was an online auction property. Again, I was shocked to win it at 30% less than my maximum bid. Another blessing.