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- เผยแพร่เมื่อ 16 ก.ย. 2024
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During my first few years as a real estate investor, I found that my research process was one of the biggest time-wasters I had to deal with.
Why? Because, in my mind, to feel comfortable sending out an offer on any property, I had to know everything there was to know (this was my first mistake). As a result, I spent a ton of time ensuring that I understood every possible thing about a property before making an offer. I would leave no stone unturned.
Well... an abundance of caution isn't a bad thing per se, but I eventually figured out that this approach was hurting me.
You see -- for me to be profitable in my business... I had to close a deal every once in a while (I know, sounds crazy, right?).
Well, to close a deal, I had to get some accepted offers.
For every accepted offer I got, I usually had to send out a lot of offers, and I had to do this on an ongoing basis (not one offer per week... but more like a DOZEN offers per week).
...if I wanted to crank out this kind of volume all by myself, it wasn't a good use of my time to spend several hours researching each property before I felt "comfortable" enough to send out one offer. The math just didn't add up! Something had to change if I wanted ANY hope of getting anywhere in this business.
Let me tell you from experience that when you're offering somebody 10% -- 30% of their property's market value (like I do), many of them will say "No." That's just part of the deal when you're fishing for motivated sellers and offering them virtually nothing for their property. A general lack of acceptance shouldn't take anybody by surprise.
Once I realized this, I knew I had to cut the fat out of my research process. I didn't have an hour or more to research every property I came across! If I didn't make some drastic changes, I wasn't going to survive as a real estate investor.
After a lot of fine-tuning and experimentation, I could whittle down my research process to what I considered to be the most important factors. These were the essential pieces of information that needed to be known for me to determine:
1. Whether Or Not To Make An Offer
2. How Much To Offer
This list of "bare essentials," i.e. -- the checklist I followed in researching each property, is outlined in the video above. #realestatewebsite #realestate #retipster #sethwilliams #realestateinvesting
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Wow, thanks. I've always wondered too. Very helpful.
Great content. But I was disappointed that you did not cover SFR's as well. It would be incredibly awesome if you could explain that process as well.
Great video, thanks! Out of curiosity, how do you determine whether to mail blind offers or "I want to buy your land" letters?
I think it's a question of whether you'd rather spend more time or money... neutral postcards are definitely cheaper and you can hit more people, but they also tend to waste a lot more time. If you have time to spend, postcards can work, but if you've got less time and more money to spend, then blind offers are probably a better option.
I'm wanting to get into tax defaulted property, this should help out a lot😊
Best of luck!
@@Retipster thank you 😊
Thank you Seth for all the videos you posts. They're all great. How do you get info on a vacant lot that you have seen while driving by? No property number, nor phone number to call?
Happy to help! You could use something like Parlay retipster.com/parlay paired with Google Earth retipster.com/ged/ to find the property and figure out who owns it. You could also do a lot of this with DataTree too. Here's a video explaining how Parlay works: th-cam.com/video/c83nptPsYTw/w-d-xo.html And here's a video on MapRight (which can be used for some of the same things as Parlay): th-cam.com/video/ImTAr_EP2Dc/w-d-xo.html - good luck!
Very informative. You always provide quality content. I think I missed something at minute 18:08. How did you know that the lot you were pointing at was like the subject property?
I could tell just because I was so familiar with the parcel shape, size and location (when you look at a single property long enough, it becomes pretty easy to identify at first glance). Sorry - I should've been more clear about that!
Have you ever used propstream.com ? It's $97 a month and lets you download 10k records a month BUT I'm not sure if it's better than data tree specifically for land like data tree. I have not done land deals but starting. Been doing houses for last 5 years
I haven't, sorry!
Hey is this still the best way to research properties?
This is a great video 😎
Great content and share. Thanks.
Thanks Ed!
So this is after you get the delinquent tax property list from the county?
That's one way to do it, yes. Once you've got a specific property that you need to research (either right before or after making an offer), this is one way to get a lot of the information you'll need.
What if there are no owners listed on the parcel then who would I contact?
I've honestly never seen a parcel with no owners listed on it.
Hi, I can't find or download the property research spreadsheet. Can you revisit the above link, doesn't seem to be going to the spreadsheet.
Hi Tony - That link leads to a blog post. Once you're on the blog post, you have to scroll all the way to the bottom and sign up for the email list - then it will unlock a free download link where you can get it.
How much is this datatree software? Did you develop it?
I did not develop it. The pricing depends on which plan you get and how frequently you use it. You can see the discounted pricing on this page: retipster.com/datatree