According to many financial and real estate experts, you make money by investing in property, not selling it. Basically, this means that any future profit you realize will be determined by the price you pay for your investment property. Unfortunately, it can be difficult to find properties at a decent price in today’s housing market. Consequently, those properties listed at a decent price typically get numerous offers that are higher than the list price. Here are 5 helpful tips for finding investment properties:
Finding The Best Investment Property in California
- Create a bird dog program – this will enable you to leverage your network and find investment properties. All you’ll need to do is offer a bonus to those individuals that bring you leads. Think about everyone you interact with on a regular basis such as delivery drivers, the mailman/mailwoman, your neighbors, etc. All of these can be excellent sources for leads.
- Expect the unexpected – HotPads and Zillow are common listing sites, especially for rentals. Instead of searching these sites for properties, find a rental property that isn’t listed on either and talk to the landlord/owner. Typically, these are older individuals who’ve grown tired of being landlords and want to sell their properties.
- Let friends know you’re searching for investment properties – letting friends know that you’re a real estate investor will enable you to build a source for leads. If you use social media platforms, start posting about investing in real estate at least once every month until family members and friends recognize you as the go-to real estate person.
- Look for properties in disrepair – drive around different neighborhoods and look for homes that have A/C units in windows, the grass is overgrown, paint is peeling, rain gutters are drooping, and windows are broken. These are all indications that the owner has been neglecting the property and might consider selling it. In some cases, you may find a seller who is willing to carry the financing on the property.
- Network with the top real estate agents and brokers in your area – there are two things you’ll need to do in order for this strategy to be effective:
- Build trust with local real estate agents and brokers
- Set clear expectations about the types of properties you’re interested in buying
- It’s not uncommon for real estate agents and brokers to shy away from investors for different reasons, so be diligent about building their trust.
Contact Your California Mortgage Specialist Today!
For more information about investment property listings, call Granite West Funding at (559) 540-2275 today. Our experts are available to take your calls and answer your questions about the whole process. Whether you need a mortgage or are interested in cash deals, we’d be glad to be of assistance. Call now.
