11 Great Tips on How to Find Investment Properties
You now have a plan to start investing in real estate. The next step is to find investment properties that fit your particular description
But how do you that? Here are some ideas you can start using...
1. Read newspapers, magazines, and trade publications
The local daily newspaper is the main source to find investment properties. Look under the property section and you'll find lots of ads containing the type, price,location, and contact number for a property. Some also include pictures of real estate.
Real estate magazines also contain loads of information to find investment properties. These magazines usually have photos of houses. You can buy them at your local magazine shops. Not only you will find good bargains but you'll also learn lots of tips about investing from the articles as well.
2. Drive by advertising boards, lamp post signs,for sale signs
It is a good idea to drive around your area or your location of the desired property. Whether you are going to work or are heading to the gym try to take note of the "for sale" signs and write down the contact number so you can ask for inquires.
If you are walking around town, it is a good idea to look at sticker advertisements on lamp posts where people usually advertise properties within their neighborhood.
3. Community boards in condos, apartments
Every condominium or apartment have community boards located on each block or near the management office. This is the place where owners usually post advertisements such as room rentals, children day care service, or simple lost and found notice. If someone wants to sell her property, you bet you can find it on these boards.
Alternatively, you can go direct to the management office and ask for referrals on owners selling their lot. Ask basic questions such as sale price, reason for owner to sell, and contact number.
If the condo is newly built or there are some unsold units then ask them as well.
4. Knock on doors, neighbors
If you are living in your neighborhood then you should know your neighbors pretty well. Why not call or knock on their doors to get some leads. Ask them whether they know anyone wanting to sell his or her property.
Of course tell them you are looking for houses to invest. If they are not interested, give business cards or contact number so that they will refer the leads to you if some of their friends or relatives intends to sell in the future.
5. Talk to real estate investors
Whether you are looking for real estate in an area, there will be investors trying to find investment properties for their own. Speak to them. Ask some questions such as
a) What type of real estate do they buy
b) The price range of the house
c) The area or neighborhood where they invest frequently.
More often than not they will gladly tell you everything they know. But they won't let you know if they found good bargains since you are competing with them.
However, not all real estate investors are buying for the long haul. Ask them if there is any house they want to sell.
6. Search internet for properties in your area
The Internet is a great place to find investment properties. Just type the area or location you wish to find in Google, yahoo, or MSN. For example, you can type "Miami real estate" or "New York real estate" (first term is the area name or state, while the second term is real estate or property).
If you want to narrow down further, try include street names and addresses.
There are also sites and services that let you enter zip codes of locations in the search box.
7. Attend property auctions
This is the place where people come and bid for properties that are usually auctioned off by banks.
It is also a great source for foreclosed properties. However you have to be cautious when buying houses at auctions.
8. Look for real estate agents
Real estate agents can be a great source for leads. They have contacts and resources to find investment properties. If possible, try to look for agents who work exclusively for investors.
Better still, find agents who themselves are real estate investors. They will know exactly what criteria a property investor like you is pursuing.
9. Look for vacant homes
When you find any empty or deserted houses around your area it is usually a good source of leads. Uncut grass, weeds, and poor maintenance are a good sign that nobody is occupying the premise.
10. Limit yourself to one area or market
If you are a beginner or just started investing into property, you can start looking within your area of residence.
By focusing on one area, you can become more knowledgeable and manage your properties better.
Once you have some experience on that, then you can expand or look into other areas to invest.
11. Give someone a finder's fee in exchange of the leads
Finder's fee (or called referral's fee) is a form of payment that is given when someone found a property according to a real estate investor's specification.
You can offer someone a fee to find investment properties for you. You should tell them the exact requirements of the property you are looking (type of
house, number of bedrooms and bathrooms, location, etc)
Learn more on how to find investment properties in Research