According to the National Association of Realtors(R), by May of this year, there were more than 5.4 million home sales in the United States alone.
But, people aren’t just buying homes to live in them. No, some are buying them as an investment. They then rent them or renovate them and sell them for a profit.
If you want to get into the real estate industry, you need to know how to find the best properties. Here are 5 sure-fire ways you can find investment properties.
1. Hire a Real Estate Agent
If you’re new to the real estate industry, why not talk to a real estate agent? But, before you jump in with a real estate company, interview them. This will help you separate scammers from the real deal.
Additionally, look for property buyer advocates with a large portfolio of houses. You can also tell them that you’re looking at investment properties.
If you meet the perfect real estate agent for the job, hold onto them. By building a strong relationship with them, you’ll be at the top of their contact list when new properties arrive on the market.
2. Look at Foreclosure Lists
Foreclosures happen when a property owner can’t make their payments. This happens for many reasons, some of which include:
- Job interruptions
- Health problems
Today, there are various websites you can join for a small monthly subscription. When looking at foreclosures, make sure to:
- Stick to properties that fit within your budget
- Look at recently listed properties (within 30 days)
- Select properties that are within an hour drive of your current home
- Contact the estate agents to schedule viewings
Also, keep an eye open for properties in nice neighborhoods. These are often the first ones to go.
3. Find Investment Properties by Doing an Online Search
The easiest and most effective way to find investment properties is online. A simple online search will bring up hundreds of properties in your area. From there, you just have to contact the agent or owner to organize a viewing.
4. Take a Drive Around Your Preferred Neighborhood
Homeowners looking to sell their homes test the market by putting up a For Sale by Owner (FSBO) sign before hiring a real estate agent. Drive around your preferred neighborhoods looking for these signs.
If you see a property that tickles your fancy, knock on the door and ask the owner if they mind giving you a tour.
Better yet, the owner may be struggling to sell their property. If they are, they could lower their price to avoid having to hire a real estate agent.
Get More Real Estate Tips Today
There are various methods you can use to find investment properties. But, before you make a final decision, make sure you visit the property. Also, don’t be afraid to ask a professional to come and check that the property is worth the price the seller is asking for.
In the meantime, learn more about how to become successful in real estate. We love sharing resources that help you excel!