As a real estate investor, you’ve gone the smart route and always used your Realtor to locate properties.
Those leads are getting harder to find, so now what do you do? There are more creative ways to find investment properties yourself, and bring your Realtor in when you take the next step of walking through them.
First, find for sale by owner properties, or FSBOs. Use the internet for FSBO sites, drive around looking for them. Once you find them, contact the owner of each to find out more information about the properties. This is especially true if their FSBO listing or ad is older. If it’s been sitting awhile, the owner may just be willing to deal. Once a few of them pique your curiosity, call your Realtor and go look.
When driving around looking, don’t overlook properties that look abandoned. If it’s in disrepair, the landscaping is overgrown and no one lives there, it may mean that there is an owner willing to sell. They obviously don’t want to deal with their property, so offer to take it off their hands. Owner information is easily obtained from the local tax assessor’s office. While at the tax assessor’s office, look for tax sale information. If an owner has failed to pay taxes on the property and the property has been listed in tax foreclosure, you may just be able to pick it up rather inexpensively.
Go to the county or municipality courts and look for eviction notices. You may find some landlords that are ready to throw in the towel and sell you their property.
Lastly, talk about what you do and ask people to keep an eye out for properties for you. If people know what you do and see something they may just pass it along to you. Think about it, an owner of a property is want to sell, but hasn’t listed yet. They know what you do and call.