Rental property investors are always looking for ways to find new real estate. Finding the perfect combination of a good property in a good location for a good price is often the hard part. Not to mention that you are only one of many investors looking for the same thing.
The real estate market can be tough which is why it is always a good idea to seek new strategies for finding rental properties. We’ve got 3 that may pique your interest.
1. Build Your Network
If you are going to be successful in any business - including real estate investment - you need to build your network. Surround yourself with those who have insider knowledge, such as real estate agents. If they know what you are looking for and they get a listing, they may send it your way before it fully hits the market. This allows you to act fast.
Other investors that you regularly network with may be presented with investment opportunities that they need to pass up for one reason or another -- and they may send it your way.
Getting your name out there and building a rapport with those in the industry is a great way to find new rental properties.
2. Search Online Databases
While many investors look on online databases, you never know what you may find -- and you may even catch something as soon as its listing goes live. Make it part of your routine to spend some time each day reviewing what is available on online databases.
3. Property Auctions
Many investors shy away from property auctions because they don’t understand the details of how it works or what is expected. But, truth be told, auctions can be a great way to score new rental properties.
Some property auctions are held online others are done in-person, such as sheriffs or private auction companies. You will have to do some research to see what is available in the area you are looking to purchase.
Keep in mind that property auctions sometimes come with great risk. For instance, you probably won’t know what condition the inside of the property is when you purchase. This could result in you having to pay hefty renovation costs. Then again, it could be just as pristine on the inside as it is on the outside. It’s a gamble.
Final Thoughts
As an investor, you always need to be on the lookout for a new opportunity because you never know when it may appear. You could be out to dinner with your family and overhear something that sparks your interest. You may be in line at the grocery and strike up a conversation with the person behind you who just happens to have a property they are getting ready to list. You may even walk past a newspaper and see a picture that catches your eye.
New rental properties are all around you. Build your strategy and find them!
