How to Locate Investment Properties

Locating Investment Properties

Locating "potential" properties can be very time consuming. You will probably visit 10-20 properties BEFORE you find a great investment property. That's okay. Knowing that up-front is half the battle.

Your goal is to become efficient. You must use a "system" to simplify the process. That way, you only visit properties that meet your pre-determine criteria.

Before we dive into this, please remember what I said earlier. It's best to start locally. It doesn't make any sense to start purchasing products in other states. At least, not initially.

Once you know what type of investment property you want to buy (single family, duplex, commercial, etc.), your best bet is to team up with a successful agent. Find out who the "top agents" are within your community. Start building a relationship with them.

Tell them your investment goals and what type of property you want to purchase. Tell them your specific criteria. And, let them do the leg work. This will save you time and energy.

While your Realtor searches for properties, you should be pro-active. Search through local newspapers and publications. Most communities have a newspaper with classified. You should also look for the "free real estate newspapers" that are distributed to most grocery stores and convenience stores.

Another alternative is to check online. Many communities have "community themed" websites where homeowners can list their property for sale. You could also check Craigslist.

Furthermore, you could ask friends and family if they no anyone looking to sell their home. Offer them an incentive, such as a free gift card for any referrals. Or, you could simply give them a FEE for any referral that you actually purchase.

Finally, take different routes to work. When you go to work, search for an alternate route. Look for abandoned homes and "For Sale by Owner." On the weekends, get in your vehicle and travel to different parts of your community where you don't normally visit.

The secret to success is to team up with a successful Realtor while using a combination of other approaches too.

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