Property sourcing for local property investors, some questions...

3 replies
I am a property finder based in the UK. I source properties for local property investors in return for a finder's fee.]

Has anyone here done this? Can you offer me a bit of advice? I have some questions:

1) When I source properties and take them to local investors, how do I know the investor will pay me? Do we need some sort of 'property finder's agreement' in writing?

2) Could I outsource the property finding to a team of people working with me?

3) When I find a property, how do I find out it's value, who owns it, whether it's repossessed or not, etc?

4) What are the most effective ways to source properties?

Thanks.
#investors #local #property #questions #sourcing
  • Profile picture of the author BBQman
    Originally Posted by UK Wealth Wr View Post

    I am a property finder based in the UK. I source properties for local property investors in return for a finder’s fee.]

    Has anyone here done this? Can you offer me a bit of advice? I have some questions:

    1) When I source properties and take them to local investors, how do I know the investor will pay me? Do we need some sort of ‘property finder’s agreement’ in writing?

    2) Could I outsource the property finding to a team of people working with me?

    3) When I find a property, how do I find out it’s value, who owns it, whether it’s repossessed or not, etc?

    4) What are the most effective ways to source properties?

    Thanks.
    I do almost the same thing here in the states. Here is my advice.

    1) 99% of the time you want to get an agreement in writing and the other 1% of the time a hand-shake or verbal agreement will work.

    2) You could, but I haven't done this and can't offer advice on it.

    3) You can look at recent property sales in that particular neighborhood to get an idea of what that property would sell for after it's all fixed up and remember, apple to apples/oranges to oranges. Try zillow.co.uk as a start.

    To find out who owns it, you can do a property records search by the address in that county(do you have counties over there?) to find out the history of it...owners name, how much it was bought for/how long ago, ect...

    4) I use cheap handwritten bandit signs at busy intersections. I find old realtor signs, cardboard, plywood, and paint them with a white primer(sometimes I spray them with a bright color) and take a thick tip magic marker and write out my message. This is a cheap low cost method that works.

    As you start generating income from this, you can buy bigger advertising - newspaper, magazine, ect..

    Here's what I'm currently doing, I have a verbal agreement with a local wholesaler to where if I can procure a buyer, he'll pay me 50% of what he makes. I put out 1 sign at a convenience store to source buyers for a few properties that he has under contract. The sign generated 4 calls in one day, and he got 1 qualified "potential" buyer from it, this was yesterday. BTW, I use callfire to track the calls that come in that are transfered to his phone.

    But that's not, it. I'm making up some more signs today to have out by the end of this week.

    I hope this helps.
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    • Profile picture of the author UK Wealth Wr
      Originally Posted by BBQman View Post

      I do almost the same thing here in the states. Here is my advice.

      1) 99% of the time you want to get an agreement in writing and the other 1% of the time a hand-shake or verbal agreement will work.

      2) You could, but I haven't done this and can't offer advice on it.

      3) You can look at recent property sales in that particular neighborhood to get an idea of what that property would sell for after it's all fixed up and remember, apple to apples/oranges to oranges. Try zillow.co.uk as a start.

      To find out who owns it, you can do a property records search by the address in that county(do you have counties over there?) to find out the history of it...owners name, how much it was bought for/how long ago, ect...

      4) I use cheap handwritten bandit signs at busy intersections. I find old realtor signs, cardboard, plywood, and paint them with a white primer(sometimes I spray them with a bright color) and take a thick tip magic marker and write out my message. This is a cheap low cost method that works.

      As you start generating income from this, you can buy bigger advertising - newspaper, magazine, ect..

      Here's what I'm currently doing, I have a verbal agreement with a local wholesaler to where if I can procure a buyer, he'll pay me 50% of what he makes. I put out 1 sign at a convenience store to source buyers for a few properties that he has under contract. The sign generated 4 calls in one day, and he got 1 qualified "potential" buyer from it, this was yesterday. BTW, I use callfire to track the calls that come in that are transfered to his phone.

      But that's not, it. I'm making up some more signs today to have out by the end of this week.

      I hope this helps.
      Thanks so much for your help. Yes we have counties here. It seems the UK equivalent of Zillow is Land Registry. I can find out who owns boarded up properties now.

      I'm wondering whether the cheap handwritten sign method will work here in the UK. Aren't there local regulations about posting unsolicited adverts like that? It's a good idea, though, I'll give it a try.

      Thanks again for the advice, I may PM you sometime soon if that's ok? I just need to talk to someone like you who is already doing this.
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      • Profile picture of the author BBQman
        Sure, you're welcome.

        Yes, cheap ugly signs work anywhere. As for the phone number on the signs, I would recommend using a google voice number or some kind of "rented" number that redirects to your phone.

        The sign police MAY contact you, but you'll be getting leads for almost nothing.

        Sure, you can PM me, I'll try to answer any questions you might have.
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