1. Contact Absentee Owners Directly
In a competitive real estate market, it can be very tricky getting a good deal on a property when it has been on multiple listing services. With the current situation, there are a huge number of people searching for affordable housing. Hence, you’ll be competing with other investors, and individual homebuyers, too.
In an environment as competitive as this, it would only be right to consider a different approach. One creative tactic used by many successful rental property investors is to contact absentee property owners directly and ask them to sell to you. Absentee owners are property owners who don’t live in their property. This could mean one of two things: the house is being used as a rental or it’s vacant. If you want to be certain, ask the property owners yourself. As for tracking the absentee owner down, it’s not as tricky as you might think. You could drive around looking for houses that look vacant, call ads for rental properties listed by mom-and-pop landlords, or checking through public records. After you’ve found a potential property, make an offer to the owner and take it from there.
2. Try Bank-Owned Properties
Foreclosed properties can periodically turn out to be a source for great real estate deals. Often, foreclosures happen because the bank has repossessed the home due to the nonpayment of the mortgage. The bank will then try to sell the property to retrieve some of their money. They have no interest in holding a foreclosed property. That can mean major savings for a savvy real estate investor.
But, make sure you are aware of all the details that come with buying a foreclosure. The foreclosure process can be long and complex, and bidding and buying a foreclosure is different in many ways from buying a property from a private seller. Do your due diligence of the process before you decide on anything. Also, foreclosures are notorious for being in disrepair, so you’ll need to be prepared to make improvements on a foreclosed property.
3. Watch for New Listings and Very Old Listings
In real estate, in some cases, a motivated seller will grab the first offer they get. Taking this into account, you need to make sure that you’re first in line. Be sure that you’re pre-approved for financing. You can then work with your real estate agent to set up alerts when new properties are listed so that you can be one of the first to make an offer.
Another option might be to search for listed properties that have been on the market for a long time. Many of these owners are becoming desperate for an offer because their properties haven’t gotten any attention on the listing. If you can manage it, and if the property fits your profile for a good rental house, you might be able to negotiate your way to a great deal.
4. Wait for the Right Deal
Make it a point to look at a lot of real estate deals while you’re hunting for your next investment property! For a professional investor, finding great deals in Kissimmee is frequently about playing the numbers. You are going to sift through a couple of potential properties before you can narrow them down to the ones that show enough promise for a deeper analysis. Out of all of those, you will most likely only be able to make less than ten offers, with only one or two being accepted. Still, if that one “yes” is a great bargain, it’s definitely worth the effort.
Use these creative approaches to find a real estate deal, and build your wealth at a faster pace by securing instant equity in each new property you acquire. As a result, you’re protected from future downturns while ensuring a solid financial future. Once you have your property, Real Property Management South Orlando would be happy to help you manage it. Contact us online today to learn how we can help you save time and money.