The Rental Property Toolkit: How to Build Your Buy Box and Source More Deals

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 4 September 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Struggling to land your next rental property? Even in today’s housing market, there’s a great deal out there with your name on it—you just need to know where to look. In today’s episode, Ashley and Tony will share their favorite strategies, software, and tools for finding real estate deals so that you can start getting a little reward for your effort! Welcome back to the Real Estate Rookie podcast! Sourcing deals is hard work, but maybe you’re making things harder for yourself. Today, we’re starting at square one by showing you how to determine your purchasing power and build your buy box. From there, we’ll introduce you to several strategies that will help you find on-market deals that fit your criteria and off-market deals that typically fly under the radar. How many of these deal-sourcing strategies should you use when starting out? Stay tuned to find out! Along the way, we’ll show you different software and tools you can use to get organized, track your leads, and find off-market property owners. Regardless of your investing strategy—house hacking, BRRRR, or flipping houses—our approach will help you lock up your next deal in no time! In This Episode We Cover: How to calculate your purchasing power and build your buy box How to find deals on the MLS (multiple listings service) that match your criteria Creative strategies to help you source more off-market properties Software, tools, and tips to help you manage and follow up on leads Using the skip tracing method to find off-market property owners And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Ask Your Question on the BiggerPockets Forums BiggerPockets Deal Finder BiggerPockets Calculators Become a BiggerPockets Pro Member for Free Invelo Software PropStream ??Xome Auction.com Hubzu HudhomesUSA.org U.S. Department of the Treasury onX Hunt LandGlide Ballpoint Marketing Investorlift Privy Mojo Dialer Carrot Monday.com RESimpli REI Reply Asana Loom Buy the Book “Real Estate Deal Maker” Find an Investor-Friendly Agent in Your Area See Ashley and Tony at BPCON2024 in Cancun! Real Estate Rookie - Episode 416: How to Find & Fund MORE Real Estate Deals in 2024 (Tips from a PRO!) (00:00) Intro (00:51) What's Your Purchasing Power? (02:17) Building Your Buy Box (07:55) How to Find On-Market Deals (12:22) How to Find Off-Market Deals (19:30) Tracking Your Leads (24:10) Choose Your Strategy! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-453 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is The Real Estate Rookie Podcast.
0:02.8	I'm Ashley Care and I'm here with Tony J Robinson.
0:07.2	And welcome to the Real Estate Ricky Podcast,
0:09.2	where every week, three times a week,
0:10.9	we bring you the inspiration, motivation, and stories you need to hear to
0:14.7	kick-start your investing journey.
0:16.2	We constantly hear from rookies on the forums and in the comments of Facebook and Instagram
0:20.9	asking where to find deals in this market.
0:23.6	We know finding your first deal can sometimes be the hardest,
0:26.6	which is why we're going to break down all the ways
0:29.2	you can source deals today.
0:31.1	After this episode, you are going to have the toolkit you need to find
0:35.0	your first second or maybe even your 15th property. So guys today we're going to
0:40.4	discuss how important it is to determine your buy box first, ways to source both on and
0:46.3	off market deals, and how to track your leads and what follow-up strategies you should be using.
0:51.1	So before we get into where to source deals, Tony, what do you need to do first before you even start looking for deals?
0:59.0	Yeah, I think the very first thing is that you have to determine what you're purchasing power is.
1:03.6	Okay, you're purchasing power and I think this is one of the important places to
1:08.8	start because until you know this you can't really start to go through the other
1:12.2	steps like your buy a box and
1:13.6	put in offers and all those other things so when we talk about purchasing power it's
1:17.4	really two things it's how much capital do you have on hand and it's how much of a loan can you get approved for. Okay, so your cash on hand or access to cash and then your loan approval amount.
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