To find real estate deals, you need two things working at the same time: a deal-finding machine (consistent lead sources that surface motivated property owners and off-market opportunities) and a deal-filter (simple numbers that tell you whether it’s actually a good deal once you factor in rent, repairs, financing, property taxes, and property management). The most reliable approach for real estate investors is to use multiple channels—MLS via a strong real estate agent, online marketplaces, and direct-to-seller outreach like direct mail—then underwrite quickly: estimate realistic rental income, all-in costs, and whether the deal supports your long term plan for cash flow and equity growth. If you can’t explain how you’ll make money in one page of notes, it’s probably not a deal.

For more details, keep reading.

How to Find Real Estate Deals: The Core System (Find Deals Consistently, Not Randomly)

When people search how to find real estate deals, they usually want “one great way.” The truth is that many investors find the best real estate opportunities by running a system—because deals show up unevenly. If you only look once in a while, you’ll miss them.

A simple, repeatable system has three parts:

Define the deal you’re actually searching for

Before you find deals, get clear on what you want:

• rental properties for cash flow and rental income

• value-add investment properties (light rehab, rent increase)

• long-term hold vs. quick resale (different strategy, different numbers)

This matters because the “right” deal source depends on the deal type. A small single-family rental may show up on the MLS; a distressed portfolio might come from direct outreach.

Pick 2–4 deal sources and work them every week

A great way to lose time is jumping between ten sources and doing none consistently. Instead, choose a few ways to find estate deals and work them on a schedule:

• MLS + agent alerts

• online marketplaces (and niche platforms)

• direct-to-seller (including direct mail)

• networking (wholesalers, landlords, attorneys, contractors)

Consistency is what turns deal hunting from “searching” into pipeline.

Build a fast “good deal” filter

In real estate investing, speed matters. You don’t need perfect underwriting on day one, but you do need a quick check that helps you avoid wasting time.

Your quick filter should include:

• realistic rent estimate (not just “could rent for…”)

• rough rehab/maintenance range

• taxes and insurance (don’t guess—verify)

• financing terms (rate, down payment, closing costs)

• whether you’ll self-manage or pay for property management

Once the deal passes the quick filter, then you go deeper.

What Counts as a Good Deal in Real Estate Investing? (Rental Income, Costs, and Long Term Fit)

A good deal isn’t just “below list price.” It’s a deal that fits your plan and still works after real-world expenses. In other words: it makes money on paper and has a reasonable path to performing in the real world.

Start with the end in mind: what “good” means for you

Different investors define “good” differently:

• Some want maximum monthly cash flow.

• Some prioritize appreciation and long-term equity.

• Some want stable tenants and low turnover.

• Some want to scale a business and hire management.

The “best” deal is the one that matches your investment goals, your risk tolerance, and your available time.

The basic cash flow picture (simple but not naive)

For rentals, a quick cash flow view often looks like:

Monthly rent (income)
– mortgage payment (if financed)
– property taxes
– insurance
– repairs/maintenance reserve
– vacancy reserve
– property management (if used)
= estimated monthly cash flow

That’s the core of whether the deal helps you make money.

A common beginner mistake is ignoring taxes, maintenance, and vacancy because the property “looks fine.” Even good houses need repairs, and vacancy happens—even in strong markets.

Don’t forget the “long term” costs and friction

Even if a deal cash flows today, it may struggle later if you ignore:

• roofs, HVAC, plumbing (big-ticket items)

• rent-ready costs at turnovers

• rising property taxes in your area

• insurance increases

• local licensing/inspection requirements

A lot of “good deals” fail not because rent was too low, but because the investor didn’t plan for long-term ownership realities.

Property management changes the math (but can make it work)

If you plan to scale, property management is often not optional—it’s how you protect your time and keep operations consistent.

But management fees (plus leasing fees) reduce cash flow. So in your underwriting, you either:

• price management in from day one, or

• accept that you’re buying yourself a part-time job

Both can work—just be honest about it.

If you’re planning to move to Western New York, or if you’re already a local resident, understanding how to spot a good deal and work with a real estate agent is just one part of your life in Western New York. For more helpful tips on real estate and local buying strategies, be sure to check out our latest blog on Carol Klein WNY Homes, where we cover market guidance and practical steps for buyers and investors.

Ways to Find Real Estate Deals On-Market: MLS + Real Estate Agent (Still a Great Way)

A lot of new investors assume the MLS is “picked over.” Yet many real estate investors still find solid investment properties on-market—especially if they move fast and have strong local knowledge.

Why using a real estate agent can still be the best real estate shortcut

A good real estate agent helps you:

• set up alerts that match your criteria (price, neighborhood, property type)

• identify properties that are mispriced or poorly marketed

• understand the local market (rents, tenant demand, resale trends)

• write strong offers and negotiate effectively

• avoid common due diligence mistakes

This is especially valuable if you’re new to an area or trying to avoid rookie errors that cost money.

How to use the MLS to find deals (not just listings)

On the MLS, deals often come from:

• price drops

• properties with longer days on market

• “as-is” listings where the seller wants a clean close

• listings with bad photos or weak descriptions (less competition)

• estate sales where timing matters (not always, but often)

The key is having a system so you see these opportunities early, not after they’ve been passed around.

How to compete and still buy at the right price

In hot markets, investors get frustrated because they can’t get deals accepted. A few things that help:

• be fully ready to close (financing lined up, proof of funds if cash)

• shorten contingencies when appropriate (without being reckless)

• know your “walk-away” price and stick to it

• make your offer easy for the seller to accept (clean terms)

If you’re trying to build a long-term rental portfolio, one bad deal can set you back more than one missed deal.

Ways to Find Deals Off-Market: Direct Mail to Property Owners (And How to Do It Without Being Spammy)

Off-market outreach is a classic approach because it reduces competition. If you can reach property owners before a property hits the open market, you may uncover deals that aren’t being bid up by every investor in town.

One of the most common methods is direct mail.

Why direct mail works (when it’s done correctly)

Direct mail works because:

• many owners don’t actively plan to sell until someone makes it easy

• it reaches people who aren’t browsing online listings

• it allows you to target specific property types and neighborhoods

It’s a great way to create your own deal flow instead of waiting for the market to hand you something.

Who to target (the “motivated seller” angle)

You’re not trying to convince happy owners to sell a great house at a discount. You’re looking for situations where selling could make sense, such as:

• landlords tired of managing rentals

• owners with deferred maintenance

• inherited property or long-distance ownership

• properties with tax delinquency risk (check local rules)

• owners who value speed and simplicity over top dollar

Targeting matters because your list quality determines your response rate.

What to say (simple, clear, and respectful)

The best mail isn’t fancy. It’s clear:

• who you are

• that you want to buy a property in the area

• that you can close on the owner’s timeline

• how they can contact you

Avoid sounding like a script. People can tell when they’re getting a generic postcard blast.

Track responses like a business

If you want this to become a reliable channel, track:

• which list you mailed

• which message you used

• how many calls/texts you received

• appointments set

• offers made

• deals closed

That’s how you improve over time instead of guessing.