Like most single-family rental property investors in Big Rapids, 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. It really doesn’t matter what you’re looking for in a rental house, you can get around the competition by using these four creative ways to find that next Big Rapids real estate deal.
1. Contact Absentee Owners Directly
In a competitive real estate market, getting a good deal on a property can be very elusive, especially when that deal has been listed on multiple listing services. You will most likely be in the market competing with other investors and individual homebuyers since there are so many people searching for affordable housing.
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. This means that the owner is using it as a rental or that the house is vacant. Asking the owner is your best course of action. Don’t worry; tracking down absentee owners isn’t as complicated as you 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. When you’ve narrowed down your search to a potential property, simply make an offer to the owner.
2. Try Bank-Owned Properties
Foreclosed properties can at times turn out to be a source for great real estate deals. Frequently, 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.
Be careful, though, before you decide to jump in on 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. Know all that you can about the process prior to making any commitments. 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. See to it 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
On your search for your next investment property, you should be looking at a lot of real estate deals. For a professional investor, finding great deals in Big Rapids is mostly about playing the numbers. You probably have to sift through so many potential properties before narrowing them down to a few 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. Even so, if that one “yes” is a great bargain, 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. In this manner, you’re protected from future downturns while ensuring a solid financial future. Once you have your property, Real Property Management Investment Solutions would be happy to help you manage it. Contact us online today to learn how we can help you save time and money.
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