Are you new to the world of real estate investing? If so, you may have already discovered how challenging it can be to find profitable investment properties — that is, unless you know where to look!
There are a number of tricks that you can use to find optimally profitable real estate investment opportunities. Consider the following.
Check Off-Market Listings
There are a number of websites that provide information on off-market real estate listings, such as LaurenDelToro.com.
These listings are sold outside of the traditional real estate channels — namely, the MLS. This means that these properties get very little exposure amongst the general public, so there’s less competition. Less competition means you’ve got a higher chance of closing the deal at a favorable (and potentially profitable) price.
Look for For Sale by Owner Properties
Always be on the lookout for “for sale by owner” properties. In addition to looking for yard signs advertising these properties, check local classifieds on sites like Craigslist.org.
Just like off-market listings, these properties have less exposure and less exposure means less competition to drive up the price.
Reach out to Property Owners
If you spot a property that’s a bit run down and would make the perfect fix and flip property or find another piece of real estate that you’d like to own, connect with the property owner in person or reach out to them via a letter.
They may not accept your offer to purchase the property today, but chances are they’ll keep your information and you may very well be the first person they call when they do decide to sell in the future.
Other Sources for Finding Investment Properties
If you do browse the MLS for listings, seek out short sales and bank owned properties. These properties tend to make great investment opportunities and they’re often not-so-desirable to prospective homeowners who may be put off by the amount of time required for bank approval. Others simply may prefer a turn-key property and therefore, don’t want to make repairs.
The auctions are another great opportunity for real estate investors, so watch your local newspaper or municipal websites for real estate auction announcements.
With these tips, you’ll be well on your way to a profitable real estate investment opportunity!