The most important step in investing is choosing the best investment properties. Often, people do not want to be too far from their jobs or live in an area with heavy traffic, so they prefer to live in a neighborhood with convenient access to public transportation. You can also find investment properties near places where public transportation is readily available, which will increase their desirability. Public transportation is a major factor in the neighborhood’s desirability.
Finding Off-market Properties
One of the most effective methods for finding off-market investment properties is driving around neighborhoods. When investing, investors typically search for distressed properties and vacant homes. Vacant homes are the easiest to spot. Distressed homes can be identified by unkempt yards, scattered items, or boarded-up windows. Investors should also check for any mold, rot, or other problems. They may also be awaiting repairs.
One of the major benefits of buying off-market investment properties is the lower commission and less competition. Many of these properties are significantly outdated and in bad shape. Because they aren’t listed on MLS, they often represent a perfect opportunity for investors. Moreover, you can purchase these properties in their current condition and at a discounted price. Buying off-market properties allow you to avoid paying commissions and contingencies.
Working With a Real Estate Agent
Having an agent on your team can be an invaluable resource when investing in real estate. Agents have access to more properties and can find you great deals on the MLS. They can also help you market your investment properties in a market you may not know well. Real estate investors often spend too much time marketing their completed properties instead of networking with other investors. An agent can save you both time and money.
When working with an investor-friendly real estate agent, you’ll be able to get a first-hand look at the industry. Because investors are usually sellers and buyers, they have a less emotional attachment to their purchase properties. And working with an agent who understands the investing process can help you get started with your portfolio. And agents with experience dealing with investors are more likely to have the edge over agents without that knowledge.
Newspapers
While many new-age investors have committed to exclusively online searches for investment properties, printed media can be a great place to look for investment properties. Indeed, most estates are not listed online, but you can be sure to find a lot of properties with real estate ads in print media. In addition to this, newspaper ads can eliminate some competition for your property search. Here are some tips on how to find investment properties using newspapers.
