Going door-to-door to find properties for sale?

[surfermoe]

My wife and I are focussing on a particular area of downtown Ottawa to buy properties. I recently took my six-year-old son for a walk-about (as the Aussies call it) down one street to get a feel for the type and quality of properties.

What`s interesting about this street is that while most blocks have been gentrified, there`s one block where the houses are still in poor shape (cosmetically, at least). I`m thinking we should knock on the doors of these dilapidated properties and ask if they`re interested in selling.

Has anyone had success with this technique?

Moe

 

[RedlineBrett]

I did it in Calgary during the boom years to try and find deals.



Most will brush you off as someone that is bugging them during their day. Those that seem interested will want to see an offer and then they all check carefully before actually agreeing to anything and will no doubt be suspicious of you and your offer price. Real estate agents do listing presentations for free and I have seen shady vendors get a private deal in place and then double check the price with the suggested listing price of realtors they get to pitch them.



In this market the motivated sellers will have themselves on MLS and priced aggressively. My advice would be to save your time and stick to this system.



Could also be that one person / entity owns all the property on the block you mention and is just sitting on them until it is the right time to develop. Just my $0.02.



Good luck!




QUOTE (surfermoe @ Apr 29 2009, 08:16 AM)
My wife and I are focussing on a particular area of downtown Ottawa to buy properties. I recently took my six-year-old son for a walk-about (as the Aussies call it) down one street to get a feel for the type and quality of properties.



What's interesting about this street is that while most blocks have been gentrified, there's one block where the houses are still in poor shape (cosmetically, at least). I'm thinking we should knock on the doors of these dilapidated properties and ask if they're interested in selling.



Has anyone had success with this technique?



Moe

 

[surfermoe]

Thanks for your insight, Brett. Good point about the current environment and the behaviour of sellers.

Moe

 

[terri]

QUOTE (surfermoe @ Apr 29 2009, 11:43 AM) Thanks for your insight, Brett. Good point about the current environment and the behaviour of sellers.

Moe

I`ve tried it before myself with no luck. I didn`t knock, I flyered, it was also during the boom, so maybe results would be different now.

What I did first, however, was go down to city hall and get mpac records of owners because most of the properties that I was targeting were rentals not owner occupied so it didn`t make sense to flyer the tenants.

Terri

 

[vandriani]

I think it is a great idea but I would do the following:

1. Become an expert within the area
2. Confirm that the area works well within the economic fundamentals you follow.
3. Find and purchase a property
4. Rent out the property to great tenants
5. Be the best darn landlord in the area
6. Send out a letter all neighbors telling them that:
-You have purchased a property at 123 Somewhere drive
-Explain that you are sophisticated investors that are interested in improving the area
-How great the area is
-To contact you if there are any issues with the tenants
-To contact you if they are interested in selling their property in the future
-If the property is tenanted, offer a referral fee if the property is purchased by you.
7. Be proactive in the community. Be well known as the person to rent from or sell to.

Wouldn`t it be great to own most of the properties on that street. I have been considering this as we are about to close on a half duplex on a street that has about 5 or 6 of the same built duplexes. If possible we....NO..we will own all or most of these units.


Holy CR*P!!

I just had a few of those Ah Haa moments...must go now and write down the idea before they go POOF!!

 

[surfermoe]

QUOTE (vandriani @ Apr 30 2009, 08:12 AM)
I think it is a great idea but I would do the following:



1. Become an expert within the area

2. Confirm that the area works well within the economic fundamentals you follow.

3. Find and purchase a property

4. Rent out the property to great tenants

5. Be the best darn landlord in the area

6. Send out a letter all neighbors telling them that:

-You have purchased a property at 123 Somewhere drive

-Explain that you are sophisticated investors that are interested in improving the area

-How great the area is

-To contact you if there are any issues with the tenants

-To contact you if they are interested in selling their property in the future

-If the property is tenanted, offer a referral fee if the property is purchased by you.

7. Be proactive in the community. Be well known as the person to rent from or sell to.



Wouldn't it be great to own most of the properties on that street. I have been considering this as we are about to close on a half duplex on a street that has about 5 or 6 of the same built duplexes. If possible we....NO..we will own all or most of these units.





Holy CR*P!!

I just had a few of those Ah Haa moments...must go now and write down the idea before they go POOF!!






Thanks to you both. I especially like the idea of offering tenants a referral fee.



Moe

 

[Goodstuff]

Much better to be one of those "I`LL BUY YOUR HOUSE" guys who advertise.

That way the people desparate to sell come to you, and you`re the good guy for saving them from bankruptcy by buying their property when nobody else will.