The highest priced estate in Dallas, once on the market for $135 million, sold at auction. So did many thousands of homes nationwide foreclosed on for failure to
What are the best ways to locate real estate bargains for investment properties?
There are LOTS of ways to find investment property, but not all ways work in all markets or at all times. For example:
- Buy off the MLS
- Go to auctions to buy foreclosures
- Buy off Craigslist/FSBO
- Direct Marketing (Direct Mail, Cold Calling, etc)
- Advertising (Radio, Newspaper, Signage, etc)
- “Driving for Dollars” (Find abandoned homes and contact owners)
- Wholesalers (Buy from people who specialize in finding properties)
- Calling FOR RENT signs (to see if the owner wants to sell)
#1, #2 and #3 above involve publicly listed properties (properties available to anyone), while the rest of the list represent “off market” properties (properties that you find and only you know about).
These days, there’s a lot of competition for publicly listed properties, and in most markets, it’s very difficult to find good deals. The successful investors are finding their deals off-market so that they don’t have a lot of competition and aren’t overpaying. But, finding these types of deals takes a lot of time, effort and — in some cases — money.
For more information, I devote a couple chapters to these topics in my book: