If you are a property investor, you know how challenging it can be to find a new investment property, especially in this market. Finding good real estate in the right location and at a decent price is important and you have to work fast so your competition does not beat you to it. And that is no walk in the park. You are probably wondering where to start searching. The following are five resources that you can use to find new investment properties before other investors do…
#1: Check Online Databases
The internet puts the world at your fingertips. With just a few clicks, you can find nearly anything online these days and that includes investment properties. There are quite a few websites and apps that are constantly updating and adding listings which gives you the opportunity to search for your new rental in actual time. Using the internet to find something new allows you to search for exactly what you want nationwide by using filters specified around your needs. Many investors have turned to LoopNet.com which has extra features designed with landlords in mind. For example, you are able to search for sales comparisons and property records in specific regions. Another useful website is trulia.com. This website allows you to narrow your search based upon the type of property you are looking for, the price, and the current foreclosure status. You can also see crime and school statistics and the median home values in your area. This site provides you with up to date market trends and real estate advice that can help you finalize your decision.
#2: Networking Extends Your Outreach
Face-to-face interactions are slowly becoming a thing of the past but you don’t have to let them. If you prefer speaking directly to others about potential rental properties, networking is a great way to do so. Not to mention, talking to people who might have inside information on the current real estate market may help you scoop up rental properties before other investors get the opportunity to do so. Consider joining an investment club or attending a conference to connect with members that share and advertise properties. The fee you have to pay is well worth it to be in the loop. You can also consider reaching out to people who you met on your journey to becoming an investor. Whether it be an old buddy from college who also invests or even one of your own former landlords. If you have not been saving numbers, start doing so. In addition, ask your family and friends if they know anyone working in the housing market or an attorney or accountant. Take the time to connect with these people so that you can ask them questions and build your own knowledge.
#3: Attend Property Auctions
Want to find a good deal? Go to property auctions! There are several types of real estate auctions you can find and attend.
- Physical Auctions – Private auction companies and the sheriffs office typically host physical auctions while overseeing all bidding wars. Sheriff sale auctions are usually held at your county’s city hall, courthouse, or even the sheriff’s office. Private auction companies often hold theirs at hotels and conference centers.
- Online Auctions – You can also bid on properties from anywhere via online auctions. These are usually open for weeks giving bidders plenty of opportunity to participate. If you win, you will have to pay a non-refundable deposit and sign contracts immediately. This allows you to secure your property and move forward into the next steps. You can meet with the seller or talk to a representative with the auction company to claim your new investment property.
The downfall with auction properties is that they come with a risk. You aren’t able to get inside and have the property inspected prior to purchasing leaving you unsure about the condition of the property. If you win a real estate property at an auction, be ready to spend some time and money to improve the structure so that it is safe for future tenants and this will also increase the value.
#4: Printed Media
Sure, the internet and technology are fast ways to spread the word, but newspapers are still helpful when it comes to finding properties in your community. Not all estates are listed online, so take the time to read physical listings too. The main newspaper in your area, as well as small community newspapers, are great ways for you to find nice properties. You should also consider looking through marketing publications. These will have listings from local real estate agents and while you can find some of them online, you might see new properties that are not. Using printed media to find new investment properties can help you eliminate some of your competition, especially since many new age investors commit to solely online.
#5: Reach Out to A Realtor
It is always a good option to ask the professionals about new properties hitting the market. Contact the listing agent to find out information on properties you are interested in. Or reach out to them before you start your search as they can help you narrow down your options while providing you with expert advice on local properties. This is also another way to network, especially if you are able to get into a realtor’s database. Developing a close relationship with a real estate agent can give you access to properties before they really hit the market helping you avoid a lot of competition.
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We are local property management experts serving Cincinnati, Dayton, Columbus, & Louisville. We manage Single-Family Homes, Apartment Buildings, and Condos. With years of experience, Real Property Management is Cincinnati, Dayton, Columbus, Louisville and Northern Kentucky’s #1 Property Management and Leasing Company.