The Ultimate Beginner’s Guide To Finding Great Deals In Any Market With Anson Young On Bigger Pockets With Brandon Turner

Key Takeaways

  • The first step to real estate investing is to decide on your immediate goals, end goals, your budget, and how much time you have
  • External accountability is a big factor in starting out and being successful
  • Don’t compare yourself because that’ll easily derail and discourage you
  • Identify neighborhoods you’re interested to invest in then go and drive every street of that neighborhood
  • Look for motivation, and you’ll find realistic expectations
  • Make your mail eye-catching: bright, colorful, with your logo
  • Best tip for real estate – look at days on the market
  • Cold call, email, do anything you can do to get in front of a seller
  • Make sure you’re consistent and follow up because a lot of investors don’t do that

Intro

Anson Young (@anson young) is a real estate agent and the owner of Anson Property Group, which is based in Denver, CO, and specializes in distressed property purchases.

First Steps in Real Estate

  • Decide on your immediate goals, end goals, your budget, and how much time you have allocated to real estate investing
  • Make sure that you just have what it takes to stick with whatever you’re doing to get to that goal
  • Consistency is important –  two, three, four months of consistent effort will pay off
  • A lot of people quit at month two but the real magic happens in month four, five or six

How Not to Get Discouraged                      

  • External accountability is a big factor in starting out and being successful
  • Meet as a team and talk about what you’re doing, which keeps you engaged
  • “When you’re around other people that are doing the same thing, you are more likely to follow the path that it would take you to get to success.”
  • Don’t compare yourself because that’ll easily derail and discourage you
  • When you’re discouraged, you’re not going to put in the work to kind of get to where you want to go

How to Land that First Deal

  • Learn how to analyze your market
  • Go into the Redfin and the Zillow and look at neighborhoods
  • Find out what properties are selling for and renting for
  • Take time to get in your car and look at the neighborhoods

Driving for dollars

  • Identify neighborhoods you’re interested to invest in then go and drive every street of that neighborhood
  • Write down the addresses and then look up who owns those properties and get in touch with them
    • The easiest way is to look up on County tax records if your state allows it
    • Or go to a site like whitepages.com
  • If you want to cold call, if you want to direct mail, if you want to go knock on their doors, just do it; do whatever is in your comfort zone
  • Become knowledgeable of what’s going on in different neighborhoods, so you can have a better idea of where to go focus

How to Reach Out to people

  • Once you know who they are and have some information about them, start calling those people
  • You’ll know if they’re interested or not in moving the process forward
  • You’re using time and your cell phone, so it’s cost-effective

Non-Motivated sellers

  • “Yes they hammer those people for like two months and they kind of spin their wheels and waste their time without really doing a needs analysis”
  • Look for motivation, and you’ll find realistic expectations
  • Don’t waste time on somebody who’s not motivated enough

How to Find That First Deal

  • The next step up is time-intensive: creating mailers, getting together lists
  • If you don’t have time for that, but you got the money, pay someone else to do it or hire a company
  • “You’re building a business around the deal-finding process, rather than just being the all-around guy who does everything and has no time to do anything else because you’re busy stuffing envelopes and taking phone calls”

Creating A List

  • Niche lists are what you should look for because there’s less competition
  • When you go after foreclosures, it’s a public list in almost every single state – everybody’s going to have that on their list
  • The easier the properties are to get, the higher a competition you’re going to be facing
  • Probate is a good example – if somebody passes away without a will, the state will decide what to do with all of that person’s bank accounts and house and belongings
  • You got to be better than the competition

Tips on How to Improve Direct Mail Response Rate?

  • Make your mail eye-catching: bright, colorful, with your logo – branded mail
  • Make it look professional versus an anonymous yellow letter
  • Your goal for direct mail – keep it handcrafted and high quality
  • Mix the personal touch of a yellow letter with the professional touch of a professional letter
  • Stand out in a very crowded market

Use Different Strategies for Different Markets

  • If you’re in a smaller kind of market, you probably can find deals just off the Multiple Listing Service (MLS)
  • If you’re in a low competitive market with higher inventory, you can wait until they hit 90 or 120 days on market and then go in with a lower offer
  • In big markets, you don’t have that opportunity

Best Tips for Real Estate

  • Look at days on the market
  • “It’s the biggest secret in real estate – I need to get this thing sold. Boom. Now, I’ve got the motivation. They don’t have any other options.”
  • Get into a short sale to find some equity where people don’t want to deal with right now
  • Cold call, email, do anything you can do to get in front of the seller, door knock, or leave voicemails
  • Make sure that you’re consistent and make sure that you’re following up because that’s a thing that a lot of investors don’t do
  • You get good from just doing it

 Real Estate Books

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Notes By EWerbitsky

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