The number one thing you need to get really good at is finding good deals.
So, how do you find good deals? Where do you find good deals?
This is what I advise clients on all the time. It’s what I do all day every day – look for deals.
First and foremost, you need to build a relationship with brokers.
These brokers, especially in the commercial real estate space, trade most of their deals off market. They do not go out and list them on any kind of resource. It is really, really paramount to have those relationships with people.
The other way is to find some of those deals is trustee sales and foreclosures.
These are the first leading indicator of distress. When people stop making payments, their notices that go out and some of those records can be found. There are still distressed deals, even in good markets. they’re still distressed. Look at some of those key subscription services to see where opportunities may align.
Don’t forget to do your due diligence.
I’ve seen people spend hundreds of thousands of dollars on bad deals. And then they just plow through a bad deal because they don’t want to lose out on the money. But ultimately, they’re spending their entire deal trying to work out of a bad deal. Anyone who has experienced this knows it just drains the life out of you. One bad deal sometimes can take 80% of your time and effort.
You’re going to have deals that don’t go according to plan. That’s the real estate game.
But if you’ve purchased my book, you’ll get access to 4 key resources that I use personally to help me find deals, filter them to find the good ones, and make smart investments.
Use these systems to avoid those deals from the get-go, or at least minimize them, and then what you want to be chasing is more valuable.
Ready to find your next great deal? Let’s go.
Don’t forget to snag a copy of my new book Catching Knives.
Packed with practical advice and personal anecdotes, this is your guidebook for embracing the next economic downturn and navigating the risk of distressed investing. With the right strategy, you can be one of the few who lean into hard times, make the most of them, and take advantage of once-in-a-generation opportunities.
LinkedIn: Jake Harris