Property Deals are real estate investments that you purchase and fix up, and then sell or rent. These types of deals are the best way to build wealth in the long term, and to protect your assets from a potential economic downturn. They also allow you to create positive cash flow right away. But to make money in this type of investing, you must find good property deals. Fortunately, there are a lot of ways to find great property deals. Here are four of them:
If you don’t have a local paper, try calling a newspaper in a nearby town to see if they would print an ad about properties for sale. This is a great way to get your name out there and to find motivated sellers. You can also look for these ads online, where they are often more detailed than in newspapers.
Real Estate Agents
You can get a list of foreclosures from your Hassle-Free New Jersey Property Deals office, and check to see which ones are occupied or vacant. Once you have this information, you can call the homeowner and ask if they are interested in selling their house. If they are, you can offer them a price that’s below market value. You can also search for FSBO For Sale By Owner signs in yards, and on bulletin boards at grocery stores and shopping centers.
You can find some of the best property deals at auctions, which are often held by banks after a property has been foreclosed on, or by the county after someone doesn’t pay their taxes. While auctions are a little more risky than buying from a realtor, they can be a good source of deals.
Many people sell their property through private sales instead of going through a real estate broker or auctioneer. This is often a more cost-effective way to sell. But you’ll need to do your research, because the property may have an outstanding mortgage, liens or other problems that prevent it from being sold.
Most towns have public records on file at the town hall or county courthouse that you can use to find property deals. These include eviction notices, tax liens, probate listings and more. Using this information, you can send property owners letters, or even call or knock on their doors.
Local Solicitors and Contractors
Local solicitors, contractors and other businesspeople often hear about property deals on the grapevine before they hit the market. If you network with these people, they can help you find great property deals.
There are a growing number of online platforms where you can find property deals. These sites let you compare hundreds of properties side-by-side, and provide information such as financial projections, inspection reports and market comparables. Some of these online marketplaces even have virtual tours.
Another option for finding property deals is to work with a wholesaler, who finds and gets properties under contract for investors, and then flips the rights to purchase those contracts for a fee, known as a “finder’s fee.” There are wholesalers all over the country, and they’re putting properties under contract all the time.