In 2017, the United States real estate market value rose to 31.8 trillion dollars. According to experts, the value of real estate is expected to keep rising globally. Investing in real estate is a great way to develop a steady income stream.
Yet, finding the right investment property can be difficult. Taking the right approach when scouting for investment properties is key to making the right investment. Not sure how to find the best investment properties for sale?
We have you covered. Here are 7 methods to find investment properties in no time.
1. Search Eviction Notices at Your Local Courthouse
All courthouses make public all eviction notices. Most of the time, owners use eviction as their last recourse to deal with a tenant. Many of these owners are ready to sell their property after evicting their tenant.
You should prioritize contacting first all owners who evicted their tenants on their own. When they take charge, it’s a sign that they are more than ready to get over the ordeal. Also, these properties may be available for sale below market value depending on the reason for eviction.
2. Look for Abandoned Properties
Most of the time, abandoned properties are investment goldmines. When an owner doesn’t take care of a property, it’s a sign that they don’t need or want to deal with it. These investments are considered real estate goldmines because many owners sell them below market value.
Yes, you might have to fix them. But, your investment value will grow from the get-go. This makes abandoned properties ideal for real estate investors that aim to capitalize quickly on their investment.
3. Talk to People, Your Network and Other Real Estate Investors
The best way to get started in any business is by talking to people. Understanding the industry is a must to make great property investments. Do you know any real estate investors?
If you are buying your first property, they can be a great starting point. You can ask them for tips on how to find an investment property or if they’re open to mentoring you. Also, these investors might’ve heard or passed on listed properties that may interest you.
It might come as a surprise but, your network may be the best resource in your property search. There isn’t anything more powerful than the word of mouth. Reach out to your network, they might’ve heard about the right investment property for you.
4. Consider Hiring a Realtor
Even if this isn’t your first rodeo in property investment, you should consider hiring a realtor. They can help locate the best deals in the area. Before reaching out to them, do your research about what areas and types of properties you prefer.
This information will be their starting point to scout the right investment property for you. Some real estate agents may have more experience with investment clients such as yourself.
When you hire a seasoned realtor, you’ll gain access to their local network. The right realtor has the right local knowledge and understands your needs.
5. Search Online to Find Investment Properties
Years ago, the only way real estate investors would learn about opportunities was by searching newspapers and magazines. Even though these media outlets are still effective. Today, the internet is one of the best tools to find the best investments properties.
You may consider using sites such as Craigslist, Zillow, Trulia, LoopNet, this website, among others. What type of property are you looking for? If you’re searching for a commercial property, you may consider searching on LoopNet.
Most websites offer from rentals to properties for sale. Also, using these websites might be helpful for when you decide to advertise your properties. These sites can help you list and sell or rent your investment property faster than you think.
6. Contact Financial Institutions
If you are aiming to buy an investment property below market value, contacting commercial and local banks may be your best bet. Financial institutions often foreclose on defaulted mortgages. Afterward, they list the properties using a real estate agent.
To buy these properties at the best price, you must contact the financial institution before they list it with a realtor. Also, you should reach out to the bank if you find a property that has been pre-foreclosed.
The financial institution may be open to selling it to you. Many banks publish their property listings on their websites. These lists will include information such as pricing, property address, photos, among other details.
7. Scout Around Your Preferred Neighborhood for Properties
The first step toward finding the right investment property is deciding where you want to invest. This might come as a surprise but, driving around your preferred neighborhood to invest in can be your best strategy. Look for properties that are being advertised as “For Sale By Owner”.
These properties may be your best bet at finding the right property in no time. Before scouting around the area, search for properties that have been on the market for a while. The owners of these properties might be open to accepting a lower offer than what they’re asking for the property.
Can You Find the Right Investment Property?
Yes, you can find investment properties that fit your goals. Every property investor has their own objectives. Some look for properties that can be sold easily.
While other investors aim to buy a property that can bring in a steady income. The first step to find the right investment property is deciding your budget, type of property, neighborhood or area and investment objective. Once you figure out these basics, you must decide how you’re going to search for the property.
Are you planning on doing it yourself or hiring a real estate agent? The first option might require more work. But, it can save you a lot of money.
Remember that if you hire a realtor, you’ll have to pay their commission. At the end of the day, it will all come down to your investment objectives and how your property fits this approach. Don’t forget that your property search is the tip of the iceberg in the real estate investment game.
Are you planning on buying an investment property? Check out our article to learn helpful tips to make the best purchase.