The traditional approach which, for want of much better way to go, usually involves just going out after randomly selected home sellers. They haven't been screened or qualified in anyway. We just know they possess a house to trade. We run up big phone and classified ad bills to start talk in. In communicating with them we usually talk these people about our financing, plus the great it is, and in case they will just sell to us their "problems" will go away. We all do it manually; call by call, door by residence. We talk about us, compared to inquire about the subject. We chase, they owned. When we stop, the marketing stops. Exercise per deal is very high, both financially and emotionally.
My focus in this article is the utilization of "cheap homes" as a starting destination for a real estate investing career. "Cheap homes" in the following paragraphs is NOT the bank "red lined" crime area, or where drugs and prostitutes are rampant, or where housing has been severely abused or neglected by property-owners and/or property owners. And "cheap homes" in this article is not the burned-out or dilapidated creation.
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"Cheap homes" is a very ambiguous term that is relative with regard to an area. For example, "cheap homes" have lower value in a rural community than in the populous area like Manhattan. But even adjoining counties in any State may maintain different definitions of "cheap," although separated by only a few miles.
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