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3 Strategies to Find an Investment Property
Effective approaches to locate investment properties
Finding an investment property is wholly different from finding a home. Some factors typically wouldn't be considered if the property you're looking for isn't for investment.
In this post, you'll find different ways to find investment properties. Keep reading to the end for three tips to identify a property worth investing in.
Where to Find Investment Properties
Online Listings and Real Estate Websites
Utilize popular online platforms and real estate websites, such as Zillow, Realtor.com, and Redfin, to search for available properties in your target area. These websites provide comprehensive listings, including property details, photos, pricing, and contact information for sellers or agents.
Real Estate Agents and Brokers
Engage with experienced real estate agents or brokers specializing in investment properties. They have extensive market knowledge and access to exclusive listings and can help you find properties that match your investment criteria. Build relationships with agents who understand your investment goals and can alert you to new opportunities.
Networking and Word-of-Mouth
Tap into your network of friends, colleagues, and professionals involved in the real estate industry. Attend local real estate networking events, join investor groups or associations, and participate in online forums or social media communities. Networking can lead to valuable connections and insider information on potential investment properties.
Direct Marketing and Mail Campaigns
Consider implementing direct marketing strategies, such as sending targeted mail campaigns or postcards to property owners in your desired area. Express your interest in purchasing investment properties and inquire about potential off-market or distressed properties that may not be publicly listed.
Driving for Dollars
Take to the streets and scout potential investment properties in person. Drive through neighborhoods of interest, look for vacant or distressed properties, and take note of contact information displayed on "For Sale" signs. This hands-on approach can uncover hidden gems and opportunities that may not be readily available online.
Foreclosures and Auctions
Monitor foreclosure listings or attend foreclosure auctions in your area. Distressed properties or properties in foreclosure can often be acquired at discounted prices, presenting potential investment opportunities. However, thorough due diligence is crucial when considering properties obtained through foreclosure or auctions.
Wholesalers and Real Estate Investment Networks
Collaborate with real estate wholesalers or join local real estate investment networks. Wholesalers specialize in finding distressed properties and typically have a list of potential investment opportunities. Networking with wholesalers and other investors can provide access to off-market properties and valuable insights.
Local Government and MLS Listings
Check local government resources, such as the city's planning and zoning department or the MLS (Multiple Listing Service), for potential investment properties. MLS listings are often accessible through real estate agent websites or specific MLS platforms. These sources can provide up-to-date information on properties available for sale.
How to Identify a Real Estate Investment Opportunity
There are three ways to identify an opportunity for a real estate investment.
Identify if the property is in distress.
Identifying if a property is distressed is easy as you can quickly see visual cues like deferred maintenance. From the outside, you may notice that the front lawn is overgrown and not well-kept. There may be mail on the front stoop or broken windows.
If the homeowner has owned it for an extended period.
If this is the case, there's likely significant equity in the house. You can check this by taking a look at the public tax records.
If the homeowner has a motivation to sell.
A seller with a solid motivation to sell means there's a high likelihood that you can get a good deal on the home.
If you need assistance finding and buying a real estate investment property in Northern Virginia, Washington DC, or Maryland, call me at (703) 346-2776 or email me at Dan@greetingsvirginia.com.
