Like most single-family rental property investors in Central, you’re probably in search of a great real estate deal. Despite that there are a handful of ways to get a hold of that ideal bargain property, some of the most successful strategies take a more creative approach. Regardless of what you’re looking for in a rental house, you may be able to bypass the competition by using these four creative ways to find that next Central real estate deal.
1. Contact Absentee Owners Directly
In a competitive real estate market, finding a good deal on a property can prove to be difficult, especially when it’s on multiple listing services. There are plenty of people searching for affordable housing right now. As such, you are going to be competing against other investors, and other individual homebuyers.
In an event such as this, it would be wise to try 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. So, it’s either the house is being used as a rental or it’s vacant. Best to ask, just to be sure. And if you’re thinking about how difficult it must be to track down those absentee owners, don’t — it’s really not. You could drive around looking for houses that look vacant, call ads for rental properties listed by mom-and-pop landlords, or check through public records. What happens when you’ve stumbled upon potential property? Bring your offer to the owner and negotiations might take place.
2. Try Bank-Owned Properties
Foreclosed properties can, on occasions, turn out to be a source for great real estate deals. In several instances, foreclosures happen because the bank has repossessed the home due to the nonpayment of the mortgage. Thus, the bank will most likely try to sell the property to regain some of their money. They have no interest in holding a foreclosed property. That can mean major savings for a savvy real estate investor.
However, take note of a few things before you decide on 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. Acquaint yourself with the process before you dive into the deal. 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
Sometimes in real estate, a motivated seller will agree to the first offer they get. So, all you need to do is to make sure you’re first in line. Be certain that you are 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.
You might also want to try searching for listed properties that have been on the market for a long time. In these cases, the owners are becoming desperate for an offer, all because their properties have been listed for too long. If you can manage it, and if the property fits your profile for a good rental house, you could negotiate your way to a great deal.
4. Wait for the Right Deal
When looking for your next investment property, make sure to look at a lot of real estate deals. For a professional investor, finding great deals in Central is typically about playing the numbers. There are a bunch of potential properties you have to sift through before you can filter them down to the ones that show enough promise for a deeper analysis. With those, you’ll probably make less than ten offers with only one or two being accepted. Although, if that one “yes” is a great bargain, then it’s definitely worth the effort.
These creative approaches can help you find a real estate deal, allowing you to build your wealth at a faster pace by securing instant equity in each new property you acquire. Hence, you’re protected from future downturns while ensuring a solid financial future. Once you have your property, Real Property Management Baton Rouge would be happy to help you manage it. Contact us online today to learn how we can help you save time and money.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.