On and Off Market Deals

Some say that there are no deals on the market today. A lot of these people struggle, making excuses for their poor investment portfolio and look to find a quick and easy way to make some money. Real estate deals are everywhere and although it may be hard to believe, some are actually really easy to find. In this blog post, I will describe all of the ways to find real estate deals.

On Vs Off Market

Before I dive into the specific ways to find deals, I would like to explain the difference between on and off-market. On market, are those properties that are listed publicly for anyone to purchase. These properties will typically be listed by a real estate agent and will have a sign in the front yard saying “For Sale.” Off Market, deals are those that are not necessarily for sale but can be bought at the right price or with the right solution to a problem. I will go into further details on these properties later on.

On Market Properties

As previously stated, on market properties are those that are listed for sale. You can find these properties by looking online at websites such as Zillow or Redfin or you can simply drive around looking for houses with for sale signs in the yard. These properties will typically be listed by a real estate agent and will be listed on the MLS. The Multiple Listing Service or MLS for short is a list of properties for sale that are controlled by real estate agents. Only agents have access to this list, but by contacting a real estate agent, he or she should be able to give you a good idea of the properties for sale in your area.

On market properties tend to be a safer way to purchase an investment property because there are many hoops that you have to go through before purchasing the property. Mainly, there are many people involved with the process, giving you advice on the condition of the property. Inspections must be performed and this would bring to light any issues that may exist within the property. On market properties can also be purchased with traditional bank financing which may make it easier to buy the property if you qualify for the loan.

Off Market Properties

You probably won’t find a for sale sign in the front yard of an off market property buy that is what makes them so special. Since there is no sign, there is no competition. In an off market deal, it is between you and the property owner. In this type of deal, you and the potential seller can hash out all of the details.

So how do you go about finding an off market property? You can do what is called driving for dollars and drive around your city and look for properties in distress. A distressed property is one that has damage to the building or has lots of overgrown landscaping. In its simplest form, these properties do not have great curb appeal. You write down the address and go back to your home or office, look up the owner, and contact them. Another way to find off market properties is to get lists from online and contact homeowners. This way you contact them in the hopes of purchasing their property. The next way to find an off market deal is through wholesalers. These people do all of the work stated above and provide you the deal along with a fee. The last way to find an off market deal is to just be in the know. Constantly talk with people about real estate and you never know who might want to get rid of a property.

Ultimately, it comes down to your personal situation and what your goals are when deciding which to use. Both on and off market deals are both great options for purchasing real estate. Which option are you going to use when purchasing your next deal?