Getting into real estate investing can be a daunting task, and there are many ways to go about getting into the business. While this is encouraging in some ways since it opens up many different money making opportunities when dealing with land or properties, it also means if you are buying real estate or looking at getting into flipping real estate, then you need to do your homework to find the best opportunities for your specific situation.
However involved you plan to get into buying properties, making repairs & improvements, rehabbing properties, and selling the properties for profit, the key is to find the best possible deals starting out. Look at these six outstanding resources to find great deals before your competition and find the sweetest possible deals around.
#1: Good Old Fashioned Newspaper Ads
What are newspaper ads still good for? If you’re looking for good local properties, quite a bit. While very few people tend to use newspaper ads during the Internet age, there are actually still quite a few great property listings.
Why should you check out these newspaper ads? There are many older individuals working as realtors or who are selling homes, and they tend to go more traditional and that means newspaper ads. People trying to sell their own homes may put out a newspaper ad just hoping for a bite, and considering how inexpensive these ads have become, they are a popular option so take advantage of it!
#2: Check Out Craigslist
The equivalent of online newspaper ads, Craigslist is still by far and away the largest and most active. This website gets a lot of attention because it has been out there for nearly two decades, meaning Internet users of all ages are familiar with the site and may have been using it for years.
In addition to already having plenty of online attention, Craigslist offers a non-threatening environment for people who “Know the Internet is important,” to post, making it a great place to post. Don’t just use it to find properties, but look at landlords who are looking for new tenants. Some of them are actually tired of doing the landlord thing and want to move on, giving you a chance to make an offer before it is on the market.
This is a numbers game and you’ll want to get a look at the properties before offering a sale, but Craigslist can be a gem if you’re willing to play the numbers game.
#3: “For Sale By Owner” Signs Are Your Friend
Sometimes these are dead ends with owners who want high prices without going through a “middle man,” but sometimes FSBO signs are an owner who wants to sell quickly, is tired of waiting, and is ready to settle for less to get the full payment taken care of quickly so he/she/they can move on with their lives.
When you see these signs you should stop in just to see, just in case.
#4: Look For Vacant Properties Nearby
Sometimes a property is repossessed and sits there, while other times the place is clearly abandoned. Some might be too far gone to be worth your time, even if you’re really skilled at rehabbing run down homes, but chances are there are many around that could potentially be really good with just a little TLC and expert work.
If a property is obviously abandoned it is possible the city possesses it or couldn’t sell it. Finding the owner and making an offer might allow you to walk away with the property for a song and a dance, or at least find the type of property rehabs that you absolutely know you can make your money back on once the work is complete.
Either way, this is a good way to get out of the office for the day while still doing the legwork to get your property investing career off the ground floor.
#5: Find A Good Divorce Attorney
Do you know what types of people want to sell beautiful homes in really good or great shape at a serious discount? There aren’t very many times this is going to ever be the case, for obvious reasons, but if you have a couple that is going through a heated divorce that can’t agree on who gets the property, often times there’s an opportunity to offer a straight purchase.
They can split the money you pay and put those headaches behind them while you get a house that has been lived in recently, is often in very good shape, and based on how much of a discount you receive, may be ready for instant flipping.
Being good friends with local divorce attorneys doesn’t just open up these opportunities for you, but it also gives them a compromise solution when the two parties involved in a divorce need to work out a deal and simply can’t seem to find the middle ground. In some cases your services can be a classic example of everybody wins, and this often gets you exceptional properties that require the least amount of work to get into shape.
#6: Never Stop Networking
You never know where good leads might come from, and one of the most important parts of any real estate flipper’s business is going to be making positive connections with all types of people so whenever any of them become aware of a good or interesting property, they will think of you and contact you.
Take to real estate agents, realtors, local carpenters and construction companies, office ladies who handle property issues for the local government, and anyone and everyone who is involved in property in any way, shape, or form. Good leads aren’t predictable (otherwise everyone would be able to jump into property investment and win at it) so networking is crucial to keep you successful in both the short and the long term.
With these tips on hand, your business investing in real estate will start taking off and you’ll have the connections you need to find the leads that you’re looking for.