How To Start Deal Sourcing As A Complete Beginner: Are you looking to get started in property deal sourcing, but unsure which approach works best for you? In a recent video, I break down two powerful strategies: bespoke deal sourcing and co-deal sourcing. Whether you're starting with no investor list or want to partner with experienced deal sourcers, in the video, I show you how to make money in property without heavy overheads or years of experience.
To see exactly how to do it, please watch the full video until the end. You can find the video at the top of this page or on my YouTube channel. In this article, I will summarise how to start deal sourcing as a complete beginner with 2 shockingly simple options. There are many people that could be helped by this information, but I need your assistance reaching them! If you find this article helpful, please consider sharing it on social media.
1. How To Start Deal Sourcing As A Complete Beginner: Bespoke Deal Sourcing
Bespoke deal sourcing is where you look for a specific kind of deal, for a specific investor. This means speaking to investors, learning exactly what they want, and then finding it for them. Here’s how it works, you speak to an investor (for example, at a networking event), and explain you are a deal sourcer. You ask them what type of property deals they are looking for at the moment. They then give you details (for example, a BRRR HMO in Liverpool with a 25% net profit). You agree to look for the property on their behalf, in exchange for a deposit upfront, which will be deducted from the sourcing fee.
You then look for properties that meet the investor's criteria. Once you find one, you speak to the agent and get a sense of what the seller will be willing to accept. You then speak to your investor, and see if it is acceptable to them. If the investor wants the deal, they will pay you the balance of your fee, if not you can keep looking. The great thing about this option is that you don’t need to build a massive list of investors, instead you only need to find one!
2. How To Start Deal Sourcing As A Complete Beginner: Co-Deal Sourcing
Another way to start out as a deal sourcer is to co-deal source. Co-deal sourcing has the advantage of not having to find investors, but the disadvantage of earning less money per deal. The way co-deal sourcing works is that you approach existing deal sourcers with their own investor lists. You ask them what sort of deals their investors are looking for, and agree to pass them those kinds of deals for a split of the fee.
You then find deals that match their investors’ requirements. They send the deals you find to their list of investors. If an investor buys your deal, they split the fee with you. This could be a 50/50 split, but it may be less if you are new to deal sourcing. Co-deal sourcing is a great way to get started as a deal sourcer, before you have your own investor list.
How To Start Deal Sourcing As A Complete Beginner: Get Trained
Now that you know how to start deal sourcing as a complete beginner, it is time to get some property training. Join me at my next £1 training event!
On the course, you will learn how to:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
