Buying rental property is undeniably one of the best ways to make money. If done right, it can be very lucrative and offer you long-term cash flow. The first step to rental property investing is to find a rental property that is profitable and within your budget. However, not all rental properties make for good investments. Unlike buying your personal residence, there are many factors you will need to consider. As a result, you may need to look at several income properties and compare them before settling on one. However, finding rental properties for sale is often a challenge even for seasoned investors. It’s important that every real estate investor has a good understanding of how to find rental properties to buy. This basic knowledge is the foundation on which a real estate career is built. If you are looking to invest in rentals in 2020 and want to find out how to find rental properties to buy, keep on reading!
How to Find Rental Properties to Buy: 5 Best Methods
1. Try Driving for Dollars
If you are wondering how to find rental properties near you, one simple strategy would be to drive around your target neighborhoods. This method is typically used when looking for distressed properties since they are easier to spot. Watch out for neglected properties with broken windows, peeling or faded exterior paint, overgrown yards, etc. Right down the addresses of these properties to investigate further if they are for sale. You can search for the rental property owner in county records or using Mashboard and contact him/her. As you drive around, you may also come across “For Sale” signs on properties that are on sale and reach out to the sellers. The driving for dollars strategy, however, can be quite time-consuming.
2. Tap Into Your Network
Networking is one of the most important methods for how to find rental properties to buy, particularly off-market properties. People you know are likely to refer you to property investment opportunities that they come across. Some of them may also be looking to sell their own properties. Therefore, every real estate investor should aim to build and maintain a solid real estate investment network.
Start making connections with new people and let them know that you are looking for a rental property for sale. This includes family, friends, colleagues, real estate professionals, and other real estate investors in your area.
Attending local real estate forums and joining investment clubs can help you connect with more people in the real estate business. They may be a potential source of real estate leads. You can also connect with people on social media and internet forums.
Note that, when it comes to real estate networking, you need to nurture a good relationship before asking for help. Look for ways you can help those in your network first and you’ll find that they will be happy to help you after.
3. Use Real Estate Investor Websites
Using real estate investor websites is arguably the best way to find rental properties to buy in 2020. Real estate websites are becoming a popular choice for investors to find rental properties because of their ease of use and convenience. Most of them offer online real estate investment tools that allow you to search and analyze a variety of investment properties from the convenience of your computer.
One of the best websites to find rental properties is Mashvisor. With Mashvisor’s rental property finder, you can find traditional properties for sale or Airbnb properties for sale in the US housing market in a matter of minutes. This real estate analytics platform allows you to find the best performing income properties in your area of choice based on listing price, rental income, occupancy rate, cap rate, and cash on cash return.
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Other popular real estate websites that investors can use to find rental properties online include Craigslist, LoopNet, Auction.com, and Trulia.
4. Work with a Real Estate Agent
Working with a real estate agent is another excellent way of finding income properties. Real estate agents and realtors are a great resource for investors looking to find rental properties to buy for a number of reasons. First, they are experts in real estate and have probably been engaged in several real estate deals before. They also have great knowledge of the local real estate market, have a huge real estate network, and have direct access to the MLS. Therefore, they are in a better position to help you find a rental property for sale that best suits your investment goals. Moreover, they are excellent negotiators and can help you purchase a property at the best price possible. When looking for an agent, make sure you hire one with rental property experience.
5. Check for Property Ads on Print Media
Another option to consider when thinking of how to find rental properties to buy is to look for property ads on print media. Property owners looking to sell their homes fast often put ads in local newspapers, magazines, and other marketing publications. If you regularly check for ads in different print media, you will probably come across one that interests you. Such ads usually have the contact details of the owners, making it easy for interested buyers to reach out to them.
The Bottom Line
If your goal for 2020 is to be a rental property owner, knowing how and where to find real estate properties to buy is crucial. The good news is that there are many strategies you can use to find investment properties. To find good rental properties to invest in, you may need to use a mix of these strategies.
Are you looking to start or build your real estate career in 2020? Be sure to use our blogs to learn more about real estate investing. To find the best investment properties for you, make sure you also use our real estate investment tools for analysis.