The recent influx of foreclosures and distressed properties creates a wonderful opportunity for investors. However, in order to find great deals on real estate, you can't just have a few coming across your plate every couple days. Instead, use these seven tips to keep the bargains flooding your desk:
1. Connect With Lots of Agents
When properties go into foreclosure, it often ends up as real estate owned (REO) property. Agents who deal with these types of properties are your closest allies. Don't just work with one. Instead, create a list of local REO agents. Take some time to meet with them and establish a good working relationship. Let them know what you're looking for - you'll find they will do a lot of the grunt work for you.
2. Work with Asset Managers
Asset managers can notify you of potential properties before they reach the multiple listing services. Some of these deals are far too good to pass up! And if you're able to close quickly on these great bargains, the bank will just keep feeding you more and more.
3. Market Yourself to Local Individuals
While they may not be in foreclosure, there are many families experiencing financial difficulty that would love to sell their home. Don't be afraid to spend some money on a strong marketing plan that targets these distressed homeowners. These individuals are looking to sell for whatever they can get, and you can find some profitable bargains when negotiating one-on-one with the seller.
