Finding investment properties is not always an easy feat if you’re using the same old tactics. Try to increase your odds by looking in the places others aren’t looking.
An investor who is only looking through the MLS listenings and calls it a day will settle for a cheap fixer-upper, while there are many other resources he could have been checking.
Below are tips for finding investment properties to motivate you to keep looking.
Talk
Talk to as many people as you can to get the word out that you’re looking and sometimes properties will come to you. There are many owners out there that are looking to sell but have not had the chance to list their property. Get to these folks before the broker. Everyone in your work and personal life should know to think of you first when they find a motivated seller.
Internet
There are hundreds of websites that post properties for sale by owner or for rent by owner or even both. The most obvious website being CraigsList.org. However, try to look for lesser-known websites for finding deals.
Drive Around
Look for “For Sale by Owner” signs outside of properties. Owners are often testing the market with a sign before listing with a real estate broker. Call every “For Sale by Owner” or FSBO sign you see. You’ll want to find out the name of the owner from public records and send mailers as well.
Abandoned Properties
Look for properties that have been abandoned. This is a pretty obvious sign the owner doesn’t want to deal with the property anymore. He or she may be then willing to sell cheap. You’ll want to search for properties that look boarded up, grass-overgrown or in despair. Then, look up the owner’s name on the county tax assessor’s website and mail them letters and postcards.
Find old “Rent For” Ads
Even if these “For Rent” ads are a few weeks old, landlords are often ready to sell, especially if they haven’t rented any units out. You can look for “For Rent” ads in older newspapers, your local library or even Craigslist.