Even as Portland’s real-estate market cools off, some neighborhoods are seeing homes snapped up in a matter of days. We crunched numbers from the
Where can I find cheap real estate like forclosed homes, abandoned buildings, apartment complexes in my area? Are auctions any good? I’m from Boston.
There are deals still out there you just less likely to find them through normal channels like MLS or as a listed properties for sale.
You will need to think outside the box by going the extra mile. A few ways that I would recommend are looking for distressed property owners that are not even looking to sell there property. They can be found by simply going through public records at your county clerks office in a file called Lis pendance which simply means an action has been started by either of municipality themselves for nonpayment of taxes or a financial institution or creditor of some sort that is owed money. There are quite a few of these property owners that fall into the situation of not planning on paying what’s owed which might be a very small amount of money compared to the value of the property.
A very simple easy way of saying this is that you will pay them instead of them just simply letting go of the property and having it sold from underneath them. Especially when it comes to municipalities that do not have to give back the surplus amount of cash from the sale and just keep it.
By offering these property owners to pay what they owe and pay them it is a win-win situation for both of you.
You may think that these property owners are hard-to-find and I will say that it takes a quite a bit of work. I can tell you from doing this many many times that it is very feasible and you will be paying a small only a small percentage of the actual value that the property is worth.
My philosophy is The day I buy a property it’s worth a minimum of 50% more than what I’m paying for it the day I buy it.
This has worked extremely well and once you have done one it can be duplicated over and over again.
I do not recommend trying the strategy in a extremely hot location like Boston. If you can locate areas that are not as desirable and being focused on by other investors will have a lot more opportunities with a lot less competition.
You are really looking for distressed sellers not necessarily distressed properties.
Think outside the box and work smart!!!