Today’s market is hot and there are many opportunities out there for acquiring investment properties. The key is to start looking where everyone else is not. There are definitely a few resources out there that I bet you are not currently utilizing. Below I outline some of these fresh ideas.
1. Start using your gift of gab. Let people around you know that you are in the market for an investment property and you will be surprised how the properties make their way to you. Plenty of owners want to sell, but haven’t yet listed their property. Get to them before the broker. Everyone within your circle, both personal or business, should know what business you’re in. Tell them to think of you first when they find a motivated seller.
2. Take advantage of the Internet. There are tons of websites that post properties for sale or rent by owner. Craigslist is very popular but also look for some of the less popular websites for finding deals.
3. Take to the road and search for “For Sale by Owner” signs. Many times, owners will put out a sign before listing to test the market. Call the number on every sign you see and find out the name of the owner and send mailers out to them. When it comes time to execute, check out FllyerUs.com. You can create and email flyers to both agents and real estate professionals in your area.
4. Look for abandoned properties. Clearly the owner is not interested in dealing with the property so they might sell cheap. Once again, locate the owner’s name on the county tax website and send out a mailer.
5. Check into Tax Lien Auctions. If a homeowner fails to pay their tax bill, a lien may be placed on the property. By taking ownership of the tax lien you are able to collect interest from the government and maybe take over ownership of the property. There are specific rules and regulations based on the specific town and state it is located in, so you will want to do your homework beforehand.
7. Offer someone a finder’s fee. There are always people you know that seem to hear about the good deals. Offer a pay per lead arrangement and see what happens.
8. Check out eviction notices. Take a field trip to your town hall to get info on local eviction notices. It will not only have the name of both parties but also the property address. A landlord who just went through the process of evicting tenants is more than likely motivated to sell.
9. Chat With Local Builders Local builders can prove to be excellent resources for unfinished properties where the owner or investor did not have the financial resources to complete the job. These provide great opportunities for investors to complete the job and turn a profit.