More and more people are taking control of their financial futures and investing in real estate. While this is great news, there’s a problem. The more people want to buy property, the harder it is to find good deals. Supply and demand – you know how it goes.
Gone are the days of hiring a real estate agent and finding deals on the MLS. Today’s real estate investors are changing it up a bit to find great deals on properties. Instead of following the norm, they are willing to do what no one else is doing. Are you ready to do something different to find great deals? If so, here are four ways to find a good deal on an investment property.
1. THE DRIVE-BY
If you’ve ever driven by a house for sale and thought, “Man, that house needs some work,” then you’re already doing the “Drive-By.” The “Drive-By” is simply the act of getting in your car and driving around looking for properties for sale. The key to this method is to seek out properties that look like they need work or are otherwise unkempt in some way.
Look for unmowed lawns that show an owner may not care as much about the property as he should, as well as piles of newspapers or wet mail that may indicate no one lives on the property.
You can then contact the owner and offer to purchase the property, negotiating a deal that suits your budget.
2. EVICTION RECORDS
Ask any landlord and they’ll tell you that evictions are not fun. In fact, many landlords question being landlords when going through one. It’s during this time you may find some great deals on a property owned by a landlord who’s more than ready to get out of the game.
Evictions are public record, so all you have to do is head to your local county administration office and have a look at the current evictions taking place. From there, you can make your phone calls or send your postcards as mentioned in #1 and #2.
How nice would it be to sit at home while someone else hunts down the great deals? That’s exactly how it could be if you had a wholesaler. All you have to do is find a reputable wholesaler and get on his or her buyer’s list. From there, you just sit back and watch your inbox for all the great deals.
4. THE MLS
While we mentioned earlier in this post that the MLS is old news, the truth is, it’s not dead. You can still find some good deals on there from time to time, but because the market is so inundated with buyers, it’s more difficult. The key to this method is to browse the directory religiously and jump on any listing that seems like a good deal before someone else can.
Great real estate deals are out there for the taking, you just have to be savvy enough to know how to find them. When looking for your own great deals, be sure to check all the sources mentioned above.