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Hunting for Deals

September 22, 2020

I have been noticeably absent lately with all this corona virus junk these last 6 or 7 months. As always though, I have been hunting for deals. A good buddy of mine had told me last year that he wanted to get started writing and I told him it would be a great idea if he wrote something for me. Well…he did…back in March.

YES, I am slow to get this one out. And I did not even have to write it. I only changed maybe 5 words in the whole post. This is FrugalRealEstateGuy’s first GUEST POST. Thanks to Nick Disney!!!

Hello, my name is Nick Disney and I am the owner of Sell My San Antonio House. We buy houses in and around San Antonio and a couple of other places in Texas. And let me tell you, I am always hunting for deals. But when I’m not trying to buy houses, fix houses or sell houses, I’m also an avid outdoorsman. I really enjoy the challenge and excitement that comes with planning and executing a great day outdoors.

I get asked all the time, “How do I find investment properties?” It’s a very good question and I started thinking about all the similarities between being a successful hunter or fisherman and locating quality investment properties.B

Be Out There

I’ve never caught one fish from my living room, and I have yet to see any deer inside my kitchen. So, you have to be out there where the deals are and talking to the people who are out hunting for deals.

I talk to people all the time who want to be successful in real estate…And they really want to find a good deal, but they’re not actually out there hunting for deals or looking where the deals are. If you are just listening to podcasts, reading another article on BiggerPockets, or taking another online course, it is very unlikely that you will run into a great deal. It’s great to learn and learning is fundamental throughout your entire investing career, but once you are ready you must get out there and take action on the activities that will give you the opportunity to find a great deal.

Yes, it can be uncomfortable, and you are probably not going to know how to do everything when you start but you must break out of your comfort zone and take action if you really want to succeed.

Make a Plan

Before you go heading out there, you need to make a plan…not necessarily a perfect plan, but at least some kind of plan. I would never go hunting or fishing without some kind of plan as to what I am trying to accomplish. Just wondering around the woods hoping everything will work out is about as smart as just getting in your car and driving around until you just happen to run into a great deal…

Scout out an area where you think there are good deals available Are you looking in the neighborhoods where you know seasoned investors are buying? Is your direct mail list targeted to the right type of homeowner? Are you going to a local meetup with a specific goal in mind? Are you out hunting for deals?

Do the people you are talking to have the knowledge and experience to help you move forward? There are tons of ways to find deals and almost all of them work when you do them well. Whether you are driving for dollars, marketing online, networking for deals, or anything else, you can be successful, but I rarely see very successful investors without a plan for what they are going to do to accomplish their goals.

When you are starting out, you probably don’t need a super complicated plan that covers the next 10 years and has accounted for any and all possible scenarios. Just a basic plan that you believe will get you closer to your goals and then you can look back after a week or a month and see if you need to adjust or evolve your plan.P

Patience

Third, be patient. I know…its hard…but most people don’t start off buying 4-5 deals per month and you most likely won’t either, so give yourself some time to find what you are looking for. If you have a good plan and you consistently execute on that plan, it will happen. And I promise that the more skills you develop and the more experience you have, it does start to happen a lot faster.

I see a lot of people who get frustrated at how hard it can be to find a good deal and then they quit. Often times they are much closer to finding that first deal than they think and by quitting they stop just short and miss out on everything that real estate investing can provide for them.

The first deal is almost always the hardest one to find and usually the second, third, and forth come much quicker. So don’t give up and don’t get discouraged, it will happen. Whatever you do, don’t get scared. When you’re out there, especially when you start. People are going to say, “Oh, here’s a great deal. Or this could be a good deal.” But be patient. Decide what you’re looking for.

It’s not the first thing that comes along, most of the time. Sometimes it may be an hour before we find the right animal that we’re looking for. But it might be three days, two weeks, be patient. Stay focused on what you’re looking for and hunt up the right thing.

Hunt One Thing at a Time

You need to get focused and hunt one thing at a time. I have never gone hunting for deer, and ducks, and pheasant, and fishing all at the same time. What I mean is this, focus on one aspect of real estate investing at a time. I focus primarily on single-family houses and I have worked to get better and better in this space, and I have found success. Yours may be single-family houses, it may be duplex, it may be large multifamily, or commercial.

I very rarely see people have success in trying to find a single-family rental, trying to flip a house, trying to be a wholesaler, trying to do commercial, trying to invest in multifamily. Especially when you are getting started. It’s perfectly fine to diversify once you get going. Pick one thing. Focus all your energy on that one thing. Then you’re much more likely to
be successful in finding it, than if you try to do several different things all at one time. All it takes is doing little things.

When you’re out there, people are going to say, “Oh, here’s a great deal. Or this could be a good deal.”, but remember that you are going to be patient and that you have a plan for what you are looking for and not what someone else tells you is a good deal for you.

Ask, Learn and Take Action

99% of what I know about hunting and fishing I learned from someone else who had more experience than me. Real estate investing isn’t any different. Get around some like-minded people and tell them where you are getting stuck. Every seasoned real estate investor was in your shoes at one point and probably wishes that they had gotten a little more help in the beginning.

So, most real estate investors are happy to help you out especially if they see you taking action on their advice. I’ve been told several times “Well, I didn’t think you would help me because then we will be competing for the same deals…”(that’s not really how it works…) I’ve had a lot more success helping other people get what they need than I ever have fighting over a deal. There are tons of good deals out there and if I help you become more successful then I am sure you can help me out somewhere down the road.

Don’t be afraid to ask your question. They will probably be more willing than you think to help you out and then make sure you take action on the advice that you receive. Remember, you’ve got to be out there hunting for deals. You have to be taking action and doing the things that will make you successful not just doing random things.

Make a plan so you can go out and spend every minute that you have to be as productive as possible to hunt up a good deal. Be patient. You will find it, but you just don’t know when you’re going to find it…It may not be within an hour, but if you keep going and keep getting out there, it will happen.

Focus on one thing at a time and one step at a time. Don’t get distracted by every new shiny object. Learn from those who have already done it and then take massive action. I hope this helps you find some focus and a few great deals. If there’s anything I can do to help you, please don’t hesitate to reach out to me.

Thanks again to Nick for helping me get back in the saddle again. Go to his website, send him an email or just drop a message in the comments below.

Nick Disney
www.SellMySanAntonioHouse.com
nick@sellmysanantoniohouse.com
210-201-6644