Tips for Finding Good Real Estate Investment Deals
Posted in Real Estate Investing on 18. Jan, 2012
A real estate investor becomes successful by solving other people’s problems. The more ability, knowledge, experience, resources and contacts you have, the more you can help people solve their problems. In addition, you will be ahead of your competition if you can have people approaching you first with their specific problem. This means that you will need to advertise your expertise while being trustworthy, accurate and fair in making fast decision ahead of your competition.
The following are some real estate tips you can use to find some good deals.
Look in publications
Look at local papers, small independent publications, websites and bulletin boards. Be the first to get the copies as they come off the press. To beat your competition, go to the facilities where the publications are printed and get your copy. Better still, market yourself and let people who are considering selling call you before they place an advert in the paper.
Watch publications for tax sales, foreclosure auctions, and VA and HUD listed investment properties. Keep in mind that auctions held in unfavorable weather where the property must be sold off are your best opportunity to limit competition and obtain property at very low prices. Since there no lower limit on what is acceptable, you could win big.
Contact attorneys and heirs, and sales in the estate or garage sale sections. A good percentage of people having garage sales intend to move soon. Inquire about their house or neighboring homes. Always keep your ear on the ground. Your chances of success increase when you are in the market continually looking for deals.
Lookout for vacant houses
Identify vacant houses that are fire damaged, abandoned or run down. Talk to those who live near these homes. They are likely to know the owner and the circumstances surrounding the home. They may be interested in it being renovated. Get in touch with out-of-state owners by letter, phone or through property records. You could also leave your card with contacts on the door.
Other Real Estate Owned (OREO)
Befriend your local lenders and ask them to call you when there is a foreclosure anticipated or in progress. If you are prequalified with lenders in advance, they might call you sooner.
Post fliers everywhere
Colleges, shopping centers, Laundromats, public bulletin boards, bowling alleys, local businesses, churches, wherever many people congregate. Give them an opportunity to inform you about a hot deal. To motivate them, you could offer to pay a commission to anyone who gives a lead to a house that you eventually buy.
Use headhunters
Don’t leave anyone out. Utilize everyone from property managers, relocation services, moving companies, to landlords, tenants, neighbors, the mailman, gardeners, the paper boy, pest control people, service technicians, acquaintances, friends, relatives and other investors.
Network widely
Go to seminars and exhibitions on real estate. Capture contacts and network with real-estate minded individuals. Once you capture their names, keep in touch constantly and network to prosperity. In addition, you could join different organization which would give you the chance to meet people and market your services.
