By Kilundo Mbithi
Finding the best deals in investment properties requires that you increase your odds by finding more good deals. An investor that uses multiple resources is more likely to get hooked on the best deal than one who looks through multiple listings and calls it a day. Here are nine resources that will make you a more versatile investor in the market.
#1. Talk To People
Let people know you are looking and sometimes the properties will come to you. There are many owners out there who want to sell but haven’t yet listed their properties with any agents.
#2. Use The Internet
In this day and age the internet always comes in handy. Go to a search engine and enter the type of real estate you are looking for, along with the area you want to invest in. See what you find, you never know, you know.
#3. Find Rundown Properties.
That’s a pretty clear sign that the owner doesn’t want to deal with the property. He might sell cheap.
#4. Drive Around Looking For For Sale “BY OWNER” Signs
Owners often don’t want to pay agents or advertisement costs so you won’t see all properties in the classifieds.
#5. Talk To Bankers
You might get a foreclosed-on investment property cheaper if you buy it before they list it with a real estate agent or auctioneer.
#6. Eviction Notices
Local papers publish auction notices, or if you can get the information from the recovery units of mortgage companies, it can be useful. Properties on auction will sell at a minimum of 25% of the reserve value as per the law. Sounds like a deal to me!
#7. Offer A Finder’s Fee
There are people who always seem to hear about the good deals. Have such people coming to you.
#8. Old Adverts
If you call on two-month-old “For sale By Owner” adverts, and they haven’t sold, they may be ready to deal. Owners often give up the effort, but would love to sell. Help them out!
#9. Put Up An Advert
Whether traditional media, social media or online real estate sites, “Looking for investment properties to buy,” advert will be sufficient enough to generate a few calls.
In summary, if you invest in real estate or hope to, you have to find properties that make sense. Everyone watches signs and reads newspapers, but what more can you do?
The Author is a Valuer & Registered Real Estate Agent and runs an investor education and coaching program at www.investorclinics.com
