When the real estate market crashed beginning around 2008 finding properties to invest in was fairly easy. But as the market started to turned around it became a sellers market in many locations around the country and it has gotten a lot harder to find the good deals.
It has gone from just putting your name out there and waiving a wad of cash around to have properties pushed at you to begging for opportunities to bid on.
The MLS with its low and fast disappearing inventory is no longer the a great source it was. A good real estate agent that is motivated can still find hidden gems but all of them have multiple investors they are working with. To get on a experienced agents list is like interviewing for a job where they want to see your money and check your buying history to checking references.
So what to do?
Well according to Brandon Turner’s article on BiggerPockets.com he says “If you want what no one else can get, you’ll have to do what no one else is will do to get it.”
For the self employed that statement is so true. To be succesful you have to go out and find your gold. In the article Turners has 7 ways to find great real estate deals and they are all good ones.
- Driving For Dollars – Gas is cheap again and once you start thinking about investing you will be surprised how many homes you see that are potential targets.
- Direct Mail – People have really slowed down on the mail marketing and the smart people are turning to it again because it has started becoming effective again.
- Eviction Records – Yuck .. but many absentee owners have become reluctant landlords and with values going up they just may be ready to get rid of a headache. Have a good agent you work with? Ask then to also put together a list of absentee owners in your target area to use in number 2 above.
- BiggerPockets Marketplace – The blatant plug for the publishers service they sell but hey .. to find the gold you need to pan in many creeks to find your nuget.
- Craigslist – Not one of my favorites but recently I used their service and I was pleasantly surprised how effective it still was at helping me accomplish my goal of finding a some I need to get a job done.
- Wholesalers – Hard to find a good one but once found they can be a consistent source of potential properties.
- Passion – With out this one you might as well give up now. Passion is what others feed off and what makes them want to work with you. Nothing like having a pack of bird dogs looking for you.
For the complete article called Forget the MLS… Here Are 7 Clever Ways to Find Great Real Estate Deals! by Brandon Turner click HERE.