4/10/2019 6 Insider Hacks for Finding Off-Market Real Estate Deals

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6 Insider Hacks for Finding Pro table

O -Market Real Estate Deals
by Blake Scheifele | BiggerPockets.com

Savvy investors know that nding properties with the highest return on
investment potential often means researching and scoping out o -market
deals. If you’ve been thinking about joining the ranks of investors taking
advantage of hot x and ip markets across the country and aren’t
con dent you know where to nd the best deals or don’t know where to
start, you’ve found the right resource.

I’ve curated some of my favorite hacks used by real estate agents to help you nd
the best o -market deals in your market. While this certainly isn’t an exhaustive
list, you’ll gain the insider’s view you need to get started in your search.

Getting Started: What De nes an “O -Market”

Property?

While the majority of sellers use a local real estate agent and the local Multiple
Listing Service (MLS) to list and advertise their property to a wide pool of
potential buyers and investors, this is not the only method of presenting a
property for sale.

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It is not uncommon for owners to market their properties o -market, making the
decision to keep the sale of their property private for one reason or another.
Sometimes called a “pocket listing,” an agent may represent the seller and their
property, but they are not actively marketing the property online or within the
MLS.

O -market properties can also be in pre-foreclosure and not yet advertised

publicly, or they can simply be a property that an investor is considering selling,
but hasn’t made any grand e orts to do so.

While the de nition for “o -market” property varies widely, one thing remains
the same—these are generally hot deals that investors are actively seeking out.
Finding an o -market deal can mean less competition and a quick sale.

But if they’re not advertised publicly, how can you nd hot o -market properties?

How to Find O -Market Properties

At this point, it’s important to note that nding o -market properties takes time
—and sometimes money—in order to nd the best deals. Most importantly,
however, it’s about nding a strategy that works for you, implementing it, and
staying focused on your goals. The best x and ip property deals require your
patience, diligence and research.

Related: Forget the MLS… Here Are 7 Clever Ways to Find Great Real Estate Deals!

With that said, here’s a few of the best hacks for sni ng out these great property
deals.

#1: Perform Direct Marketing

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It’s not uncommon for investors to send out direct mail and postcards or to
advertise in local newspapers that they are looking to purchase x and ip
residential properties. Sometimes homeowners aren’t ready to sell until they’re
presented with an opportunity or o er. And we’ve all seen the signs: “I Buy
Homes for Cash!”

If you’re ready to implement this strategy, be sure to have a solid plan, and
research the best advertising venues to ensure you have a good return on
investment.

#2: Network With Estate Attorneys

Estates are a great source for investors, as they usually have issues or creditors
that need to be paid quickly or want to move the property o their books.
Networking with estate attorneys can clue you into properties that may be
becoming available in the near future.

Join local networking groups like BNI (Business Network International) or the
Rotary Club and talk about your investment work. You want to be top-of-mind
when potential o -market properties come up.

#3: Examine Public Records

Short sale and foreclosure opportunities are typically a matter of public record,
and staying current with these records can tip you o to properties that may
come up at auction. Watch the local newspaper, browse your local and state
government websites, and keep websites like the HUD Home Store bookmarked,
which will alert you to up-and-coming properties.

This leads us to our next point…

#4: Browse Auctions

If you plan on purchasing investment properties at auction, it’s important to stay
up-to-date on auction information and to act quickly. Take part in traditional
courthouse auctions, browse auction websites, and if you see a property that’s a
good t, con rm the auction status, location, and bidding procedure and then get
ready to act. Online, Auction.com is a great resource for investors seeking out
foreclosure, short sale, bank owned, and income-producing properties.

When it comes to auction day, be sure to have thoroughly researched the

neighborhood and the property, and set a budget that you’re comfortable with.
You won’t land a good deal if you get overzealous in your bidding. And you’ll only
know where to stop if you’ve done your research in advance.

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#5: Make Friends With Wholesalers

A real estate wholesaler essentially puts a property—typically a distressed
property—under contract and then assigns or resells the property to another
investor within just days of purchasing the property. Networking with
wholesalers is a great way to nd investment deals; just keep in mind that they’re
acting as “middlemen,” and you’re likely not getting the same deal you’d get if you
went direct to the source.   

Related: Cash is King: Why Buying Properties With Your Own Capital O ers Unique
Advantages

To nd real estate wholesalers, consider using LinkedIn to network, and don’t

hesitate to let your intentions be known in the real estate community.
Oftentimes your agent will know of the wholesalers you should be connecting
with.

#6: Chat With Local Builders

Local builders and tradesmen can be great resources for learning about
properties where the owner or investor did not have enough money to nish the
job. We’ve all heard the unfortunate stories of those who for whatever reason
weren’t able to see their project to fruition, and these can o er great
opportunities for savvy investors to swoop in, nish the deal, and turn a pro t.

Take the time to network with local builders, contractors, and tradesman, and
make sure your intentions are known. They’ll think of you the next time they hear
of a project that might need saving.

Are O -Market Properties Right for You?

Fix and ip investors can nd great success and return on investment by having
rst access to o -market properties. However, o -market real estate has its risks,
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so hiring or consulting with a real estate professional can give you the con dence
you need to move forward—particularly with your rst few transactions.

Investors: Have you successfully used the methods above? What tips would you add to
this list?

Be sure to leave your thoughts below!

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ABOUT AUTHOR

BLAKE SCHEIFELE 

Blake Schiefele is Senior VP of Real Estate at AssetAvenue, a leading online lender for real estate
investment properties. Prior to AssetAvenue, Blake was the co-founder of No Red Tape
Mortgage with Metrocities Mortgage, now Prospect Mortgage, where he grew the company to
more than 220 employees and funded over $6B in residential home loans.

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16 COMMENTS

JAMES GREEN on SEPTEMBER 15, 2015 9:06 PM

@Blake Scheifele I was wondering when you were going to list – wholesalers! LOL

REPORT COMMENT REPLY 

DEANNA VOUGHT-WARD on FEBRUARY 7, 2018 8:05 AM

I whole sale properties in Pa.

REPORT COMMENT REPLY 

MICHAEL BRIDGETT on SEPTEMBER 18, 2018 10:11 PM

Hey Deanna! Where abouts in PA? I’ve been looking for a multi unit in the Franklin
County area ?

REPORT COMMENT REPLY 

ROSIE WILLIAMS on SEPTEMBER 16, 2015 4:12 PM

Thanks for this article – I am still in the learning stages and appreciate these tips.

REPORT COMMENT REPLY 

JIM BROWN on SEPTEMBER 17, 2015 8:27 AM

Pro
Some really great tips. Thanks for sharing!

REPORT COMMENT REPLY 

STEPHEN HUNDLEY on SEPTEMBER 17, 2015 8:43 AM

Pro
All these are great resources!

REPORT COMMENT REPLY 

REAL ESTATE DEALS on NOVEMBER 8, 2015 9:33 PM

Great piece of information, i think this is really good to know about the real estate deals. Thanks for
sharing the valuable article regarding real estate.

REPORT COMMENT REPLY 

LOIS AGBOR on MAY 15, 2016 9:35 PM

Thanks for sharing such valuable information.

REPORT COMMENT REPLY 

MATTHEW CAMARILLO on OCTOBER 14, 2016 8:32 AM

Great article! Thanks!

REPORT COMMENT REPLY 

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4/10/2019 6 Insider Hacks for Finding Off-Market Real Estate Deals

JEFF C. on DECEMBER 23, 2016 4:40 PM

I am always looking for ways to nd o market deals. Thats how I found this blog LOL

REPORT COMMENT REPLY 

JAY JORGENSON on JANUARY 6, 2017 10:57 AM

I really like what was said about nding property for sale in this article. I never would have thought to
check public records for foreclosures. This is great because foreclosures are usually cheaper and I am on a
bargain hunt right now.

REPORT COMMENT REPLY 

CHRIS WINTERS on APRIL 6, 2017 11:40 AM

Blake, I never considered checking auctions when looking into buying a house. My wife and I have been
wanting to move our family to a much safer area. I de nitely think that we should nd a house where my
kids can be raised safely.

REPORT COMMENT REPLY 

MARK PADOLSKY on AUGUST 3, 2017 12:36 AM

There are three di erent types of real estate investment properties that each and every real estate
investor probably already knows. These are Vacant Land, Residential Properties, and Commercial
Properties. We probably already know these three di erent real estate investment properties but do we
truly know everything there is about them? Or how do we know the quality of each and every type of
property. Once we are able to discern which is which, we must be able to calculate or at least have an idea
of the value of that speci c property.

REPORT COMMENT REPLY 

TIFFANY LOCKE on DECEMBER 5, 2017 5:34 PM

It\’s great that this article explains how real estate agents can sometimes have a property they\’re
representing but aren\’t actively marketing. Since this is the case, working with the right professional
would probably be important to ensure that they\’ll be able to help you nd real estate for sale that
matches your requirements. One way to nd the right one would probably be to research and meet with
the di erent agents that know the area in order for you to talk about what you want in your new property
so they can talk about some homes that might work.

REPORT COMMENT REPLY 

JAIME SHURTS on MAY 3, 2018 9:59 AM

Browsing property auctions and making friends with the wholesales could be the best decision to nd real
estate deals. Thank you sharing this great article.

REPORT COMMENT REPLY 

GARCIA SANTOS on AUGUST 15, 2018 8:34 AM

Thanks for sharing this article. Forthomebuyers and similar sites can really bene t on this article,
especially those who are just beginning in RE business.

REPORT COMMENT REPLY 

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