One of the first things people tell me when they get out & start looking for property is, when numbers are run, “there aren’t any good deals in their area” or “how do I find a good deal”?
Well simply put, you have to find them!
“Deals” aren’t just out there waiting for you to see them & then unfold magically in the perfect way. Good deals are out there, yes, but if they are good deals then multiple people may be interested in them so you have to act fast & be ready to do so by having your funding or partners waiting. Because of competition be prepared the MAKE a good deal happen!
If good deals were just out there every one would be doing this. Finding good deals however, can be done multiple different ways, here are 3
- Utilizing a real estate agent who understands investing. Whether they invest themselves or work with other investors it is imperative to qualify an agent with a few questions.
- Have you worked with investors who flip property?
- Have you ever put in “low ball” offers for them? How do you feel about that?
- Do you work with foreclosures or HUD?
- Attend local REIC (real estate investment clubs). Here is where you network with others, i.e. title companies, home inspectors, mortgage, hard money lenders. Start to build a team. Also, one of the people you may look at talking with is your postal person, if possible. This person sees on a daily basis sees vacant property or property that is empty, let them know you can pay a finders fee if you can do the deal.
- Title companies have great information for finding property. They have foreclosure lists that they get on a regular basis. Take in a fruit basket or muffins to get to know them. Ask for foreclosure listings or listings that may be in trouble. They also may be able to pass your name (cards) around to other investors who pay cash when they close on a property.
Generally finding property is not step one in the overall process & looking at & for property helps to open your eyes & get your feet wet so, go ahead & be looking at property but know that this is generally a second step. Financing your deals is the first. Having that set up will greatly benefit you as you look & want to put in offers.
So, what finding practices are you doing now that will benefit your investing career next month?