For the smart investor, an investment house is the first stepping stone to financial freedom. But there’s an old saying that in real estate you can make money when you buy the property and not when you sell. This means that your profit is dependent on the price you purchase a property for. Today’s market is very challenging, so finding the properties at a good price can be difficult.
This blog will cover the top 5 tips to find real estate investments at a great price.
1. Let Your Friends Know You’re Looking
The first thing you must do to start building leads is by promoting the work you do to the friends you know. If you start posting about real estate on social media then it must be consistent. Post every month and continue it until you get good recognition. You may wonder how it will work, but yes it works.
2. Networking with top agents
To make this strategy hit, you must build trust with local agents that you’re closer to and then set clear expectations about what you need. Real estate agents who work with investors will be scared because they will go under contract with an investor who doesn’t have enough funds to complete the deal. You can build trust with an investor by sharing your past deals and that too with confidence. Your agents should know what kind of properties you’re looking for.
3. Call For Rent Signs And Craigslist Listings
This strategy will work without any doubt, and it’s very easy too. If you see for rent sign around your area then pull over and look at the house, if you don’t see then surf online. Some popular landlords may not use popular listing sites to rent their properties because they may be less tech-savvy. So you can approach them because they might be looking to sell a rental property. Another great strategy is to look for properties listed for rent on Craigslist.
4. Driving for Dollars
If you hunt your properties then you don’t have any competition with investors. Just move around neighborhoods that you want to invest in and look for properties. If a property is full of overgrown grass, broken windows, drooping gutters, and peeling paint then the owner will be interested in selling their property. If you’ve found such a property then show your interest in that property by sending a letter to the owner, or calling them. Driving for dollars is also a great strategy to find owners who are interested in seller financing.
5. Set Up a Bird Dog Program
This lets you leverage your network you must offer a bonus for the person who brings you a lead. Even your plumber, cable installers, electrician, and roofers can be the best resources for the bird dog program.
Buying an investment property is a good choice but you must take action to make it happen. Stay confident and achieve your goals!