If you really want the best deals on real estate investments, you need to increase your odds by finding more deals. Who is most likely to get a cheap condo, an investor who looks at MLS listings and calls by the day, or the one who uses ten resources? Here are the ten:
1. Talk. Let people know you are looking for and sometimes properties will come to you. There are many owners who want to sell but have not yet put their property up for sale.
2. Use the Internet. Go to a search engine and enter the type of property you are looking for, along with the city in which you want to invest. You never know what you might find.
3. Go around looking for “Sold by Owner” signs. Owners often don’t want to pay to keep the advert in the newspaper every week, so you won’t see all the properties there.
4. Find abandoned properties. This is a fairly clear sign that the owner does not want to take over the property. He could sell for cheap.
5. Look for old “For Rent” ads. Call if you are a few weeks old. Owners are often quick to sell, especially if they haven’t rented the units yet.
6. Talk to the bankers. You could get a cheaper foreclosed real estate investment if you buy it before it’s listed with a real estate agent.
7. Offer someone a finder rate. 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 gone through a tenant eviction procedure is a probable seller.
9. Old PRIV 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 on the effort but would still like to sell. Help them!
10. Place an ad in the newspaper. “Looking for investment properties to buy” might be enough to generate some calls.