When you’re just starting out, finding real estate investment properties can be difficult. Once you gain experience however, the process gets a lot easier, but you can’t just sit back and watch it happen. You’ve still got to put in the work.
Prospecting doesn’t need to be difficult. There are ways you can streamline your efforts. Here are a few easy tips for finding real estate investment properties that hit your target:
Drive Around and Look for “For Sale by Owner” Signs
Some homeowners think they can save money by listing homes For Sale By Owner. Some can and others soon find out it’s more work than they expected. Others like to test the market before signing with a real estate agent
In either case, you’ll see signs posted stating that the house is “For Sale by Owner.” Every time you see one of these properties, write down the phone number and give them a call. Often times, the owner of a home will be more amenable to a deal than a real estate agent will.
Look for Old “For Rent” Ads
When a landlord has no tenants, they’re usually paying for a mortgage and a home’s upkeep out-of-pocket. Once a rental property has been empty for a few months, would-be landlords may start thinking about selling. Giving them a call or sending them a mailer just may result in a pleasant surprise.
Call The Bank
Banks foreclose on properties all the time, and you might get a good deal on one of their foreclosures if you buy it before they put it on the market with a real estate broker.
Hit the Local Courthouse
At the courthouse, you can look up any recent evictions on properties throughout the city. After having to go through the hassle of evicting a tenant, a homeowner may be more likely to sell the property they own.
As you continue to grow your real estate investing business, you’ll no doubt discover additional ways to find investment properties, and the process will become a lot smoother.