Rental Property Investment And Finding The Properties
BATTLECALL GUEST EXPERT: Steve Gillman, Real
Estate Investor
Rental property investment starts with finding the best deals. To do this,
you can increase your odds by finding more deals. Who's more likely to get a
cheap apartment building, an investor that looks through the MLS listings and
calls it a day, or the one that uses ten resources?
Here are those ten:
1. Look in old papers to find "For Rent" ads. Call if they are a few weeks
old. The landlord may be ready to sell, especially if he hasn't yet rented the
units out.
2. Look up old FSBO ads. Call on two-month-old "For sale By Owner" ads, and
if they haven't sold, they may be ready to deal. Owners often give up the
effort, but still would love to sell. Help them out!
3. Drive around looking for "For Sale By Owner" signs. Owners often don't
want to pay to keep the ad in the paper every week, so you won't see all
properties there.
4. Find abandoned properties. That's a pretty clear sign that the owner
doesn't want to deal with the property. He might sell cheap.
5. Talk. Let people know you are looking and sometimes the properties will
come to you. There are a lot of owners out there who want to sell, but haven't
yet listed their property.
6. Talk to bankers. You might get a foreclosed rental property cheaper if you
buy it before they list it with a real estate agent.
7. Offer someone a finder's fee. There are people that always seem to hear
about the good deals. Have such people coming to you.
8. Eviction notices. If your local papers publish eviction notices, or if you
can get the information at the courthouse, it can be useful. A landlord who just
went through the procees of evicting tenants is a likely seller.
9. Use the internet. Go to a search engine and enter the type of real estate
you are looking for, along with the city you want to invest in. You never know
what you might find.
10. Put an ad in the paper. "Looking for rental properties to buy," might be
sufficient to generate a few calls.
There is a lot more to learn to do it right, but finding good properties is a
good place to start for rental property investment.
Got an opinion? We want to hear from you. Post your thoughts or comments here in our Mortgage Warrior Forum. Come join the conversation and say hello...onward mortgage warrior!
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