Deal flow - How I come across opportunities.

So far I've had enough deal flow (new opportunities for investment) to keep me busy so I haven't resorted to alternative methods at this time.  With that said, that doesn't mean I've stopped looking even when we have a project that either taps us out financially or will take up most of our time.  It's basically a form of marketing.  When a typical business stops marketing, sales usually lag at some point.  When I was working for the construction company, we would get super busy in the summer and it would be almost impossible to market.  Then fall would come around and we would run low on work and then it was too late to start marketing again.  This is bad.  I think I learned my lesson. 

The key is to always be looking (or marketing).  You never know when the next great opportunity will strike.  And let me tell you, if the deal is that good, you won't have to worry about finding funding.  Just go on BiggerPockets.com forums and post about it.  If you do a little homework, you'll be able to find partners.  Or better yet, go to some meetups and build your network of people looking for deals BEFORE you find the next deal.  But again, the search is on for good deals.  If you find one, you'll find the funding. 

But back to deal flow and how I have found my properties.  In general, I'm looking for a little more bottom-end property.  I'm looking for industrial properties or land that can be used for self-storage.  So far I've found two deals on Craigslist and another by looking at a deal I found on Craigslist (it was across the street from the one on Craigslist).  I've found another deal by bidding and losing on a mini-storage facility and missing out on it but buying the property next door which I developed into maxi-storage.  I've found another property by knocking on the door and asking if it was for sale (it was).  Door knocking doesn't always work - sometimes you get told to buzz off - but you have to be able to deal with failure in this business anyhow.  I see it as practice! 

A couple other deals I've found out about (but not closed on) are from knocking on doors, networking with past realtors or just asking people who are in the real estate industry if they know of anything that might be available.  ALWAYS ask if they have something else available.  I've never encountered someone who was mad because I asked.  The answer is always 'No' if you don't ask.  If you ask, it might be 'Yes'.  So basically this is networking.  Tell everyone you know about what you're looking for and go out and try to meet others who may be able to help you find what you are looking for.  If you like a property in an industrial park, go in and ask if it's for sale.  If they say 'No', ask if they know of any properties in the park that are for sale.  A lot of times they know of someone who is interested in selling. 

One final word on this subject...Always be marketing.  If a property isn't for sale but the owners appear to be on the elderly side, keep in touch with them.  People typically want to sell the property at some point.  Sometimes they pass it down to kids.  Sometimes the kids don't want anything to do with the real estate.  If you keep checking in, you'll likely be the first person they inquire with to sell the property.  This isn't foolproof by any means, but it gives you a better chance than if you sat around waiting for things to pop up on Loopnet or the MLS.