It’s quite shocking how some real estate investors complain that they can’t find good real estate investment deals. If you’re one of those with such a complaint, it’s because you’re NOT LOOKING! Real estate investment deals are all around you, and all you have to do is open your eyes. Many people are under the impression that if they decide to go for real estate investing, good real estate investment deals will just start raining on them as if these deals are meant to fall from the sky right in front of them. Sorry, but it’s not like that. Real estate investors have to work hard, just like everyone else in the world, in order to find profitable and desirable potential investment properties for sale. The good news is that such rental properties are abundant as long as you do your work diligently. Here are some tips you can use to find excellent real estate investment deals on your own:
Related: Top 5 Tips For Finding Real Estate Deals
Tip #1. Knock knock… Who’s there?
Sometimes the best way to do things is the old-fashioned way. Knocking on doors is still considered one of the best ways to find real estate investment deals because other investors hate to do it. The biggest problem is that investors don’t know what to say to home sellers or how to approach them. It’s not that hard, simply go to the homeowners and tell them that you were at the courthouse doing some research and noticed that they have a pending problem with their real estate property, and you’d like to help out. Offering your assistance especially in foreclosure situations can win you a great real estate investment deal.
Foreclosure in itself is a very sad situation; no one likes to see someone leave their home by force. However, foreclosures can be some of the best deals you find in real estate. Banks who take foreclosure homes want to be in the business of lending money, not managing investment properties, so they are often quick to offer large discounts just to get the deal off their table. So start asking about foreclosed homes in your area and don’t be afraid because these real estate investment deals are really worth it.
Related: How to Buy a Foreclosure as an Investment Property
Tip #2. Social media
We all know that social media is practically taking over the world. With the use of Facebook and Twitter as well as other outlets, social media has proven capable of marketing to a mass audience. There is no simpler way of marketing to a wide group of people. Those real estate investors who have ignored until now the use of Facebook or other social media marketing campaigns may not understand just how simple it can be to find real estate investment properties there. If you are among those who have not yet put to use social media to find real estate deals, there is no doubt that you are missing out on a valuable opportunity to secure leads.
Related: Social Media for Real Estate: A Key to Success
Tip #3. Real estate professionals
They say real estate investment is a people’s business and with that said there is no excuse for investors to not put themselves out there and network on a regular basis. It is highly advised that investors who want to find real estate investment deals consider other real estate professionals as valuable resources. Get in contact with like-minded professionals. Who knows where your next deal will be waiting. For that purpose, do your best to build as wide and diverse real estate network with the following contacts as possible:
1. Other investors
It may come as a shock but not all real estate investors are capable of handling and managing every deal that they take. It requires time and a lot of hard work when you have multiple deals to take on. Some investors are either too busy with other real estate investments or are simply not competent enough sometimes to take on even the simplest of tasks. Whatever the situation may be, the investment property in question is essentially a potential deal to be had. Networking with other real estate investors, or at least keeping in their good graces, can net you the rental properties that they are currently incapable of working with. At the very least, they may consider a joint venture with someone they feel good about. Do your best to keep in touch with investors and your persistence may just be rewarded in the form of a real estate investment partnership.
2. Real estate agents & mortgage brokers
It is recommended that real estate investors establish a solid relationship with both real estate agents and mortgage brokers. Think about it. When people think of selling their home and/or rental property, whom do they contact first? Exactly! Real estate agents and mortgage brokers!!! The nature of the real estate agent job is to give access to homes for sale. At the same time, people contact mortgage brokers so they can see if they qualify for a loan to buy a new house before they can sell the one they are currently in. So mortgage brokers are aware of homes that will go up for sale even before they reach the market. Get closer to real estate agents and brokers because they can lead you to some great deals!
Related: How to Build and Maintain a Real Estate Investment Network
3. Real estate lawyers
We all know that attorneys are normally hired to represent individuals who may have to sell their real estate property regardless of the reason for that. People are often forced to sell their home in situations such as foreclosure, bankruptcy, eviction, or divorce. Whatever the reason may be, real estate lawyers often hear of houses that may soon be up for sale before anyone else. Therefore, it is important that real estate investors establish a close relationship with attorneys in their local market because the best real estate investment deals may just be in the palm of their hands.
While finding a good real estate investment deal might be time consuming, it is totally worth the efforts as it will soon start repaying you in the form of rental income and cash flow. In the search for the best rental property for you, don’t forget to check out Mashvisor for thousands of real estate properties across the US and the most important figures related to them.