Marek and Marika are hugely experienced deal sourcers and in this episode, they share great content on how to get started in deal sourcing.

They explain the process and the elements you need to have in place when you are sourcing a deal for an investor and discuss the crucial importance of building relationships.

Investors usually don’t want to find deals themselves so turn to deal sourcers and whether you are building your own portfolio or building a career as a deal sourcer, Marek and Marika have great tips and advice that will help.

KEY TAKEAWAYS

• Property sourcing is finding a deal for someone else, typically you are looking for an investment property for someone
• It’s a package deal at a below-market price usually for an investor
• As a sourcing agent, you charge a sourcing fee which begins at 3,000
• We had too many deals for us to buy and selling the deals on to other investors means you can still profit.
• You need to have investors and know what sort of properties they are looking for
• Investors will approach sourcers and you need to build relationships with investors and agents as a deal sourcer
• You need to establish what the budget is and understand what strategies work in a particular area
• You need to analyse each deal and make sure the numbers stack up
• Having a backup plan is crucial
• Properties that you can add value to are those with the best potential
• Asking the right questions can make sure you make the right offer on a property
• Educate yourself through the quotes you have from contractors
• If you get the cost of renovation wrong  there is an impact on the profit
• You need to complete comparables for different areas including square meterage, crime and look at what is happening in the area over the next five years  
• A property is only mortgageable if it has a functioning bathroom and kitchen
• Property sourcing is a business and you must have the correct documentation 

BEST MOMENTS

‘Agents started feeding us with loads of deals

‘Nine times out of ten property investors don’t have the time to look for deals’

‘A relationship is the biggest seller in sourcing’

VALUABLE RESOURCES

Investing Earning Living Podcast - https://omny.fm/shows/investing-earning-living

ABOUT THE HOSTS

Marika and Marek are experienced investors and owners of multiple successful businesses. The hosts went from having nothing to becoming multimillionaires in their early 30’s through hard work, dedication and desire to change lives.

They have battled unforeseen life’s circumstances and challenges which made them realise that they do not want to be in the same rat race as others. Valuing diverse investment strategies, business avenues and multiple income streams, they are passionate about helping others to succeed in life. Listen and learn.

CONTACT METHOD

Email-  info@investingearningliving.com 

Phone - 0333 050 9443

Facebook - https://www.facebook.com/Investing-Earning-Living-1669019896663211