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How To Locate Good Investment Property
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How To Locate Good Investment Property

Locating a good real estate investment property sounds much easier than it really is. Competition among other investors looking for that same golden nugget is far from sparse. Everybody, I mean everybody wants a great deal. Most often it is the investor that has access to the most up-to date information that gets the golden goose. In real estate just like any other business you have to roll up your sleeves and do some work. I doubt if anyone is going to come up to you and offer you the deal of a life time. You have to put on your overalls, grab your shovel and start digging. You'll be surprised to see what kinds of riches come from a little digging. To help you with your quest I will provide some excellent places to start.

Local Newspapers:

Look in the classified section for real estate advertisements. Key words to look for are: "desperate," "must sell," "moving," "foreclosure," "divorce," "illness," "transferred," "new job," "out of town/state owner." The Sunday and Monday editions of the newspaper are excellent sources for great deals. Don't forget to look in the "Property For Rent" section as well. Many of the advertisements listed in the "for rent" section are also interested in selling if the price is right. The owners of vacant property are often very motivated to sell.

Real Estate Agents:

Good agents are an invaluable resource to real estate investors. Look for agents who have expertise in investment properties. They have access to properties owned by the government and private corporations. Real estate agents also know owners that are motivated to sell. They have more insight about the properties that your interested in purchasing. An agents principle job is to bring two parties together to transact a real estate sale.

For Sale By Owner:

Tak a different route home from work everyday. Drive through several neighborhoods to get a feel for good investment areas. Write down all of the " For Sale By Owner" signs ou see. If a property looks really interesting, contact the owner and make an appointment for a showing. Sometimes it's a good idea to knock on the door and ask the owner about the property right there. It's a good idea to bring a purchase contract along in the event the owner is ready to make a deal.

Title Company:

Have you ever found a run down, vacant property that you like but dont know who the owner is? Contact the customer service department at your local title company to obtain the owners name and address. If you have any difficulty with that just go your state, county or city recorder's office to determine the owner. There you can conduct a free property owner search.

Legal Newspapers:

Property foreclosures, bankruptcies and probate sales are listed daily in these newspapers. By law all of these legal processes have to be published to the public because the owner has t be notified. Most people just look for properties in the regular local newspaper when actually the best deals and opportunities are in legal papers. Subscribe to a local legal newspaper and be amazed at the potential real estate rich opportunites listed therein.

City Housing Court:

Most cities have a housing court section. This is a great place to find owners of properties that have city building code violations. Many of the these owners are paying hefty fines from the city for not repairing the code violations. They are often at their wits end and are looking for a way out of their situation. If you go to the housing court building you can speak with the owners and possibly find a great deal. This can be your chance to create a win/win situation for both yourself and the desperate property owner.

Government Entities:

The government is not in the business of owning properties. Entities like Fannie Mae, Freddie Mac, HUD, Veterans Administration, General Service Administration, U.S. Marshall Service, I.R.S., have listings of properties they need to sale. Most of these properties are foreclosures and seized houses that formerly had FHA loans on them. The IRS seized property division auctions property that has been seized for delinquent federal income taxes. Count governments also sell properties that have been seized for unpaid property taxes.

The best purchases in real estate can be found in older, low to medium income neighborhoods with good economic growth potential. If you buy "run down" properties in good neighborhoods, you can rehabilitate them and increase their value. Now that you have some much needed valuable information "Start Digging!!!"


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