Getting the best deals on your investment properties can help increase your odds in finding more deals to close while increasing your profits. These 10 ways to find real estate investment properties will make you more likely to find your next property investment.
10 Ways To Find Real Estate Investment Properties
Talk to Others
Let people, like friends and family, know what you are looking for and sometimes new properties will come to you. Sometimes our friends and family know someone who is ready to sell but they haven’t listed their property yet. See if your friend or family member will get you in contact with the owner to see about discussing a private sale.
Search the Internet
Search the type of real estate you are looking for, along with the city you want to invest in and you will be surprised what you may find. You can use online programs like MLS (Multiple Listing Services) to find real estate investment properties or simply search using a search engine like Google. You never know what you might find until you start looking.
Get out of the house and drive around looking for “for sale by owner” signs. These owners generally don’t want to pay the real estate agent fees or to have their home featured in the newspaper each week so you may not see them listed online. By getting out and driving around searching for these properties, the likelihood of a quick sale is higher.
Look for Abandoned Properties
Abandoned properties are like diamonds in the rough. They are a pretty clear sign that the property owner doesn’t want to deal with the property anymore so he may sell cheap. If you find an abandoned property, check sources like HCAD (Harris County Appraisal District) to locate the owner and make contact to see about making a deal on their property.
Find Old Rental Ads
Search online resources, drive around or old newspaper listings for old “for rent” ads. Call about these properties if they are weeks old. Generally, landlords are often ready to sell, especially if they haven’t rented the property in a while. This could be a money maker for you if you choose to buy and hold the real estate property.
Talk to Bankers
Bankers can be your best friend when it comes to real estate properties. You might be able to get an investment property foreclosure cheaper if you buy it before they list it with a real estate agent.
Offer a Finder’s Fee
If you have a friend that always hears about the good deals, offer them a finder’s fee if you close a deal on a new investment property. This finder’s fee is a small fee helps you while also rewarding someone else for their efforts. Having them come to you will not only make your life easier, it will also help you grow successfully as a real estate investor.
Check Eviction Notices
Check the papers (if they are published) or get eviction information at your local courthouse. These eviction notices can be helpful to you as a real estate investor because the landlord may be ready to sell and walk away from the process of rentals. Reach out to the landlords and see if you can work out a deal to purchase the property as an investment.
Find Old For Sale By Owner Ads
If you find an old “for sale by owner” ad or see a sign that looks likes it’s been there a while, chances are the owner is ready to make a deal. Property owners give up the effort of trying to sell their homes after a while and still want to sell the property even it’s “as is”. As a real estate investor, you can help them out by making a deal to purchase their property “as is” for a fair price.
Advertise in the Paper
Place an ad in your local newspaper, online through groups on Facebook or Craigslist that you are “looking for real estate investment properties to buy”. It might be sufficient enough to generate a few calls.
With these 10 ways to find real estate investment properties, you’re well on your way to finding your next real estate investment and getting the best deal possible while making your money work for you.