Finding the best investment properties requires a bit of effort. If you want to make the most profits, you need to find the best properties, before your competition. It is time to step away from the listings, and start creating your own luck. Here’s 10 ways to stay ahead of the pack.
1. Talk about your real estate investment business. Make sure people around the community know you are looking for investment properties, and they will come to you with possible deals.
2. Use your computer to research properties online. Homeowner may be taking the cheap method and listing their homes online in free classified ads. You may be the only investor checking these ads and can be ahead of everyone to the phone.
3. Your car can be your best deal finder. Driving around your community and keeping track of For Sale by Owner signs will help you find motivated sellers. These homes may not even be listed in the newspaper, and only by driving around will you know they are available.
4. Find empty or abandoned property. These properties are usually available at great bargains. The home may not even be listed for sale, but if you contact the owner they will be excited to talk about getting some cash, and being rid of the property.
5. Look for House For Rent signs which have been posted for a long time. The owner is losing money every day the home is vacant, and may be a highly motivated seller.
6. Keep in contact with the mortgage officers at all of your local banks. They are aware of any properties which are becoming distressed in their inventory, and which home owners are ready to deal now.
7. Offer a finders fee to local plumbers, electricians, painters, and other handymen. Often these professionals know when a home owner is wanting to sell, and what condition a home is in. They can help you find prime investment properties, and will be motivated by your finders fee.
8. Check your local legal publications for eviction notices. Landlords are often frustrated about their property after an eviction and may be interested in getting out from under the burden, making them a motivated seller.
9. Keep track of For Sale by Owner ads even after they disappear from the newspaper. If the home did not sell, it could be the owner just gave up, and is still very interested in selling, and willing to accept a lower offer. Frustration is often a great motivator.
10. Place ads in papers and other publications letting people know you wish to buy investment properties. When someone has a desperate need to sell, your phone will be ringing with the opportunity.
Using these methods to stay ahead of your competition will give you more opportunities for higher profit real estate investments. Waiting for ads to appear in the listing is just letting money escape. A little extra work is the best way to increase your income rapidly in real estate investment.
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