Searching for Investment Property Opportunities

Posted: 18 May 2008 | Categories: Investing

After establishing your investment strategy and getting a firm handle on your local market conditions and current real estate trends, you are probably more than ready (and a little anxious) to start searching for invest property opportunities. Luckily, you will discover that there are several possible avenues you can explore for locating real estate listings. Which ones should you choose?

The answer will depend on you and your circumstances. It is not unusual to find some investors who are huge supporters of a particular way of searching for real estate listings. If it has worked well in the past, they often decide not to tempt fate and deter from such a tried and true method. Other investors prefer to use a variety of resources and techniques when hunting for real estate investments. The point is that you will likely need to explore several options to find what strategy works best for you in the area you are looking.

Potential property leads can be found using traditional methods such as:

Searching internet property websites such as Bargain Network which provides access to over 700,000 real estate listings including HUD homes, bank foreclosures and REOs across the country.
Reading newspaper classifieds and local publications for sale real estate classifieds and notices of pre-foreclosures.
Checking out bulletin boards located in public areas such as city hall, the county courthouse, library, laundry mat and grocery store.
Looking for and attending real estate auctions.
Talking to real estate agents, mortgage brokers and bankers.
Driving around neighborhoods you are interested in looking for abandoned or vacant properties.

Other effective methods for locating potential real estate invest opportunities include:

Directly approaching owners to see if they are interested in selling. This can include owners in the pre-foreclosure stage as well as property owners who may be interested in selling because they live in a neighborhood that is in transition. After all, it never hurts to ask.
Run an advertisement in local area newspapers or post flyers on community bulletin boards that you are interested in purchasing properties.
Keep an eye out for distressed properties that are in need of repair, but are not being repaired. This could be a sign that the owner may be receptive to selling.
Join a real estate investment club or association to network with others interested in investing. Not only does this provide great contacts in terms of property leads, but may also offer you access to additional funding sources should you ever need it.

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The increasing popularity of the Internet and a desire by many investors to be more hands on has made the process of finding real estate easier. If you feel comfortable exploring all possible avenues and can find a steady supply of investment opportunities on your own steam, then full speed ahead. However, with that said, a little help once in a while should not be overlooked. By building a local network of real estate agents, mortgage brokers, and bank personnel, you increase your odds of finding the right properties that match your investment criteria. These are the people that often hear rumblings about sellers who are getting ready to sell or which properties are distressed and heading for foreclosure long before they hit the market. By staying in touch with this network, you are able to often hear about these opportunities before they “officially” hit the market.

Contact at least three or four real estate agents, bankers, etc. in the area and let them know what you are looking for and find out what is currently on the market. Provide them with your buying guidelines and any other useful information and see what they can come up with for you. Remain proactive and stay in touch with your network on a regular basis. The results may well be worth the initial effort of developing a strong rapport.

Finding properties that will suit your investing needs can prove exhausting in terms of searching and seeking these opportunities. It takes some time to find the method or combination of methods that will yield the results you desire. Stay focused and do not get discouraged if you do not initially find several properties that meet your buying guideline. Your search process may take time to develop and need a little fine tuning now and again, but eventually you are likely to find a method that works best for you.

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