How to Start a Property Empire with No Capital in 2023
If you’re looking to build wealth in Property, then you need to learn how to source deals. You’ve probably read Rich Dad, Poor Dad by Robert Kiyosaki, which highlights the importance of cash flowing assets.
Property is a great place to generate this, but if you have no cash, how can you get started? Well keep reading to learn everything you need to know about deal sourcing, from finding potential deals to negotiating the best possible terms. So whether you’re a seasoned investor or just starting out, this post is for you.
Read More | Tips for Buying and Selling Property
What is Deal Sourcing?
Deal sourcing is the process of finding and acquiring properties that are undervalued or have the potential to be undervalued. It’s a critical part of any successful real estate investment strategy, as it allows you to buy properties for yourself or investors at a discount and then sell them for a profit. To start without any capital, you will need to begin with sourcing deals for investors & charging a commission for your services.
How to Source Deals
There are plenty of ways to source deals, but here are some of the most reliable methods:
- Networking: Building relationships with other property SMEs, such as estate agents, can be a valuable source of potential deals. Attend local real estate events, join online forums and social media groups, and reach out to people in the industry to expand your network.
- Email: Sending E-Mails to property owners in your target area can be an effective way to find off-market deals. Make sure to personalize your message and offer something of value to the seller, such as a quick and easy sale.
- HMOs: House in Multiple Occupation (HMOs) are a great way to increase rental income and maximize returns on investment. Look for properties that are suitable for HMOs, and target landlords who may be interested in selling.
- Online Research: Use online resources, such as property listing websites and social media, to search for potential deals. Look for properties that have been on the market for a long time, or that have recently had a price reduction.
- DMs: Utilising Social Media to reach new property investors is great. It’s also free! DM to your hearts delight, and reach new customers.
- Auctions: Attending property auctions can be a great way to find deals, as properties are often sold below market value. Do your research beforehand, and make sure to set a strict budget to avoid overbidding.
Analyzing and Negotiating Deals
Once you’ve found a potential deal, it’s important to analyze it to determine its value. Consider factors such as location, market trends, potential repairs, and rental income. If the deal looks promising, it’s time to negotiate the best possible terms for purchase. This may include making multiple offers, using creative financing options, and building a relationship with the seller.
Sourcing property deals is a skill that takes time and practice to develop. But if you’re willing to put in the effort, it can be a very rewarding way to build wealth in real estate. By following the tips and advice in this blog post, you can learn how to source deals like Robert Kiyosaki and achieve financial freedom. Book in a call with our team today to get paired with one of our vetted property mentors.