This week, Larry talks about knowing where to find properties that you will want to buy to make the most profits. The Multiple Listing Service is not usually the best option; mainly because it is difficult to get your offer in front of the seller. If you are not direct to the decision maker, it is quite possible the “gatekeeper” will not do as good a job as you can pitching your offer.
Attorneys can be a good source of leads for investors because they often deal with sensitive issues that require homeowners to liquidate those assets. As an investor, if you maintain a stellar reputation of being a person who does what they say they will do you might find this method very successful.
CPA’s are also a good resource, they often run into taxpayers that are on the verge of financial difficulty. If you maintain a good relationship here, leads can come to you this way all year long.
Larry likes to focus on free and clear non owner occupied properties. He finds that these properties are much easier to buy on terms from the owners as compared to those that have existing debt. These sellers also may be facing a taxable event by selling their home, by offering terms, Larry give the seller an opportunity to reduce their taxes that year according to current tax code. (Check with your CPA regarding IRS Section 121 and Installment Sales Agreements)