Putting in the required work using proven methods in finding great real estate deals is definitely necessary for those who would want to invest.
REI Club has stated 6 proven ways in finding a great deal. Street signs are first, where you basically put your investment into the daily lives of target markets based on the number of traffic that passes by the area every single day. Second, is word of mouth. This is where you let family, friends, and acquaintances know what you're doing. Third, partnering with a Realtor who knows the area may save you a lot of time and effort. Fourth is a systematized approach and attribution-- knowing which approach works and attributing them to which one is most effective via tracking systems will increase your rate of success. Fifth is Direct Mail Flyers/Postcards-- this may be costly though. Consistency and establishing trust is the core of this method. Then, multiple strategies at once where simultaneous implementation may achieve the highest result in the shortest time possible.
Another tips shared by Cre online may be different from REI club. For them, knocking on doors is effective. This means you directly engage with the seller. Sending Postcards proves to be a good strategy for them too. Going thru a directory of foreclosures thru phone calls is helpful as well. Posting an ad in newspapers and place it under "money to lend" where as soon as you receive a call, you can practically engage with the seller into a deal.
The Bigger Pockets Blog posted 7 clever ways with the first one naming it "Driving for Dollars". This will make you go around the area and visually determine if an area could be a good deal based on the physical condition of the place. Second is similar to the previous examples cited which is Direct Mail. Third in the list is Eviction records which is also similar to directory of foreclosures. Fourth is thru online market via BiggerPockets Marketplace where a lot of listings are posted on this site. The Fifth is still thru online but on a different site named Craiglist. Sixth is finding a Wholesaler where he does all the legwork and offers the property to you at a higher price. The last is Passion which can be compared to as word of mouth with extra horsepower.
From those listed tips, you need to determine which one will work best for you. What may work for you may not work for others.
