If you really want the best deals on investment property, you need to increase your odds by finding more deals. Who is more likely to get a cheap apartment building, an investor who looks at the MLS listings and calls by the day, or the one who uses ten resources? Here are the ten:
1. Speak. Let people know that you are looking and sometimes the properties will come to you. There are many owners who want to sell, but have not listed their property yet.
2. Use the Internet. Go to a search engine and enter the type of real estate you are looking for, along with the city in which you want to invest. You never know what you may find.
3. Drive around looking for “Sold By Owner” signs. Landlords often don’t want to pay to keep the ad in the newspaper every week, so you won’t see every property there.
4. Find abandoned properties. That is a pretty clear sign that the owner does not want to take over the property. It could sell cheap.
5. Look for old “For Rent” ads. Call if you have a few weeks. Owners are often ready to sell, especially if they haven’t rented the units yet.
6. Talk to the bankers. You may get a cheaper foreclosed investment property if you buy it before it is listed with a real estate agent.
7. Offer someone a finder fee. There are people who always seem to hear about good deals. Let those people come to you.
8. Eviction notices. If your local newspapers publish eviction notices, or if you can get the information in court, it can be helpful. A landlord who has just been through tenant eviction proceedings is a likely seller.
9. Old FSBO Ads. If you’re invoking “For Sale by Owner” ads from two months ago and they haven’t sold, they may be ready to trade. Owners often give up the effort, but would still love to sell. Help them!
10. Put an ad in the newspaper. “Looking for investment properties to buy” might be enough to generate some calls.