Ask multiple real estate experts about the most important skill that investors need at the onset of their careers and you’ll get the same answer: knowing how to find investment property for sale. Acquiring this skill, of course, doesn’t happen overnight. Finding real estate properties that’ll turn into profitable investments is a challenge even for some seasoned investors. So if you’re thinking of getting into real estate investing, this is the first thing you need to learn. This is also especially important if you’re planning to own a rental property in your local housing market. After all, you might not be in a location with a large inventory of homes for sale that you can choose from. So you might be asking “how can I find an investment property for sale near me?”
The good news is that there is no need to reinvent the wheel. Successful real estate investors have been finding great deals through multiple ways and strategies for a long time. If these ways work for them, then why not consider them yourself. The key, however, is knowing which way works best for you. Some of the best ways to find investment properties for sale near you include:
#1. Hiring a Real Estate Agent
The first and most traditional way of finding houses for sale that you can buy for real estate investing is to work with an agent/broker. More specifically, you need to find a real estate agent with experience in your target market. Real estate investors have always sought agents’ help in their property search as hiring one can save time and money. This is because a top real estate agent knows about any house that hits the market before anyone else. So after informing your agent about your search criteria, he/she should be able to lead you towards an investment property for sale near you.
In addition, agents typically have access to real estate sources that you might not have. Also, if this is your first time buying an investment property, a real estate agent will walk you through each step of the process and ensures you’ll get the best deal. And the best thing about working with a buyer’s agent is that they don’t cost a thing – it’s the seller (not the buyer) who pays this agent’s commission! Really, there isn’t a reason to stop you from hiring an agent to help you find rental properties for sale. Looking for a top real estate agent in your area? Find one here!
#2. Driving for Dollars
If you’ve never heard of driving for dollars, there’s no need to worry – it’s exactly what the name suggests. This is a simple, yet effective, way of finding investment property for sale near you from the comfort of your own car. It involves driving through your respective neighborhood looking for signs that homes are neglected or vacant and could potentially be good real estate deals. A few examples of these signs include overgrown grass, plywood on the windows, mail piling out of the mailbox, etc. Usually, these suggest that the owner is incapable of maintaining the property or has abandoned it. In either case, the owner is most likely distressed and looking to sell the house.
As you can tell, driving for dollars helps you find off market as well as cheap houses for sale in your housing market. Hence, this is one of the best ways of finding properties for real estate investors interested in the fix-and-flip investment strategy. You can find out who owns the property by searching in public county records or by using Mashboard. Then, quickly get in touch with them, ask about the property’s status, and make an offer to buy their home with cash and in “as is” condition.
Related: How to Find Out Who Owns a Property for Off Market Deals
#3. Using Real Estate Websites
Another way to find rental properties for sale is by doing an online home search using real estate websites. Thanks to these websites, you can find real estate deals from the convenience of your computer. There are plenty of websites to choose from where you can find listings of homes for sale. Which one is best to find investment property for sale near me, you ask? It depends on what you’re looking for and if the site offers listings in your area. Still, one of the highly recommended real estate investor websites is Mashvisor. Using Mashvisor’s Property Finder, you can find income properties of any type and in any city and neighborhood across the US housing market.
Mashvisor’s Property Finder
Not only that, but we also offer real estate investors a Rental Property Calculator – a must-have tool for anyone looking to succeed in real estate investing. This tool lets you analyze the profitability of any house for sale that you find to determine if it makes for a good real estate investment. Using advanced machine learning and predictive analytics, Mashvisor will provide you with data like the property’s potential rental income, cash flow, cap rate, cash on cash return, occupancy rate, and the overall ROI. Meaning, you can use this real estate website to search for, find, and analyze the best investment properties in just a matter of minutes. If you don’t have a Mashvisor account yet, sign up now and give it a try!
#4. Asking Your Real Estate Network
We’ve all heard it before: real estate is a people business. The relationships you create over the course of your career as an investor are a valuable asset. After all, someone in your network might have a real estate deal up their sleeves or know someone who does. So, to find investment property for sale near you, sometimes all you have to do is simply inform your inner-circle that you’re in the market to buy real estate and ask if they’re aware of potential deals in your area.
Another tip is to expand your real estate investment network by connecting with other professionals in the real estate industry. Make your best effort to put yourself in front of likeminded individuals like wholesalers, property managers, mortgage brokers, lenders, real estate attorneys, etc. Consider attending real estate events or joining a local real estate investment club to meet other professionals and add them to your network. Stay in touch with them and offer them something in return for helping you find a real estate deal.
#5. Attending Real Estate Auctions
Are you searching for a residential investment property for sale near you that was foreclosed or is bank-owned? House auctions are one of the best places where you’ll find these distressed real estate properties. At real estate auctions, you’ll typically find a number of houses for sale below their market values. If you find one that interests you as a real estate investment, you’ll have to place a bid and compete against others bidding for the same property. If the auction ends and you were the highest bidder, you’ll win yourself a new investment property.
Take a trip to your local county courthouse or scan different online auction websites to keep track of real estate auctions that are taking place near you. You can also check out listing sites like Mashvisor to find auction properties. However, remember to mind due diligence as with all the previous ways of finding and buying real estate. Smart real estate investors research and analyze houses for sale at auctions before attending to make sure they’re bidding on a property that’s actually worth their time and money. The more you know about an auctioned house, the higher your chances of winning the deal.
Related: How to Win a Property Auction: 7 Tips
Ready to Start Your Property Search?
As you can see, there are multiple answers to “how can I find investment property for sale near me?” Successful investors, however, understand that finding the best real estate investments entails exercising a number of different ways rather than sticking to only one. The minute you focus your investment property search to one medium, you’re essentially limiting the number of houses for sale you’ll find before you even get started. There are absolutely no limits to the number of ways an investor may find residential investment property for sale, so why not take advantage of that?
Learn more by reading How to Find Real Estate Deals: The Ultimate Guide.
