Investing in real estate has become popular again, and many Americans are acknowledging the benefits of investing in prime real estate. In fact, a recent study showed that 1 in 4 Americans think that real estate is the best investment vehicle at the moment for money that they would not need in the next decade. While real estate can be very profitable, finding the right property can be difficult at times with all of the competition that's out there. If you've been out of luck, here are 3 clever ways that might get you a great investment.
Driving for Dollars
Have you ever driven past a property that you think would look amazing if the home owner would just put in a little bit of work? Driving for dollars is a common technique that many real estate investors use to find their next investment vehicle. Basically, what you do is you drive around until you find several houses that either look vacant or distressed. You or a real estate agent then figures out who the owner of the property is to attempt to buy it from them.
Looking for Eviction Records
Most landlords that are going through an eviction will be able to give you a good idea as to how annoying and troublesome the entire process is. Not only will the landlord be out a good chunk of money, but he or she may also have to deal with a unit that has a lot of damages. Most landlords generally won't want to deal with the nightmare ahead of them. As a result, you'll be surprised at how easy it is to find profitable real estate by contacting landlords that are in the process of evicting a tenant out.
Picking Up Bargains from Owners Facing Foreclosure
Another great way for finding a profitable investment vehicle is to look for homeowners that are facing tough times and foreclosure. These sellers tend to be the most motivated and will want to liquefy their property as soon as possible, so you'll generally have more leeway when negotiating a fair price.
Once you find a good property up for sale, you can either contact a real estate agent, like Seattle Metro Property Management-John L. Scott, or an attorney to close the deal. Don't rely solely on the real estate agent. Sometimes you'll have to get your hands dirty in order to find the most profitable and best deals available on the market.Share