Today in the classroom, Larry Goins instructs us about how he goes to eBay and Craigslist to search and list real estate investment deals.
Larry Goins lets us in on what keywords he searches for and a little about how he lists his properties.
Mike: Welcome back to the FlipNerd REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Larry: Hey, this is Larry Goins and welcome to today’s episode of REI Classroom. I’m really excited today because I’m going to talk to you about Craigslist and eBay and maybe even a couple of other websites to find properties and market your properties as well.
Mike: This show is sponsored by PassiveRental.com
So, number one, if you are going to find properties on eBay, you need to go to RealEstate.ebay.com. Just type that in that in your browser, RealEstate.ebay.com, and it will take you to eBay’s real estate section. Now, what I like to do is to search for properties with no reserve, just like you put in keywords, whatever you are searching for, I use the keywords “no reserve.”
Then, I sort the properties by price, lowest to highest, and I also read out and weed out for the ones I am bidding on a down payment. I walk the cash sales. I also want to weed out the ones where they’re going to give me a quit claim deed that is subject to back taxes or liens and judgments. This is very, very important for one to know, guys.
So that’s what you look for when you’re looking for properties on eBay, okay? Now, looking for properties on Craigslist, you want to go to Craigslist in whatever area, then you search for keywords like handyman’s special, fixer-upper, cheap, cash, divorce, transferred, motivated, reduced, must sell, abandoned, foreclosure, REO, seller addendum required, could be a bank property if those are listed. Those are a lot of different keywords.
Now, when you’re selling your properties on eBay, here is what you do. You post your property. I don’t care if it’s a wholesale or a seller finance deal. I love to sell my seller finance deals on eBay because I have people bid on the down payment. So you can post a property on eBay and you say you are bidding on the down payment and the purchase price is X.
For example, I might have a property I am selling for $50,000, but they’re bidding on the down payment and I’m making a no reserve auction and I start my bidding at $1. That means if one person bids and they bid $1, then they bought my house, but they bought it for USD 50,000. But don’t worry; you don’t have to worry about that. The least amount I’ve ever gotten down is $1,525.
So let’s just say that they are bidding on the down payment, then what I do is I combine eBay and Craigslist. I go out and post my property on Craigslist, but instead of a link back to my website, I put a link over to eBay. Now, what happens is I’ve got people on Craigslist going over to eBay and they’re bidding against each other to buy my property. Is that great or what? So I hope you’ve enjoyed today’s tip from REI Classroom. I’m Larry Goins and see you on the next one.
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