Like most single-family rental property investors in Mill Creek, you’re most assuredly on the lookout for a great real estate deal. There are several ways to look for an excellent bargain property but some of the most successful strategies take a more creative approach. Despite what you’re looking for in a rental house, ignore the competition by using these four creative ways to find that next Mill Creek real estate deal.
1. Contact Absentee Owners Directly
In a competitive real estate market, good deals on a property may be tough to come by, especially when the deal has been listed on multiple listing services. There are plenty of people searching for affordable housing right now. As such, you are going to be competing against other investors, and other individual homebuyers.
In a situation like this, you can opt for 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. The key is to ask.As for tracking the absentee owner down, it’s not as tricky as you might think. You could drive around looking for houses that look vacant, call ads for rental properties listed by mom-and-pop landlords, or check through public records. First, find yourself a potential property. Second, talk to the owner, make a deal, and then take it from there.
2. Try Bank-Owned Properties
Foreclosed properties can periodically turn out to be a source for great real estate deals. Often, foreclosures happen because the bank has repossessed the home due to the nonpayment of the mortgage. Thus, the bank will most likely try to sell the property to regain some of their money. They have no interest in holding a foreclosed property. That can mean major savings for a savvy real estate investor.
There are, however, a few things you should know before you purchase 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. Make sure you have a good grasp of the process before you make the purchase. 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
In real estate, sometimes, a motivated seller will accept the first offer they get. Considering this, it’s best to ensure your spot at the very first in the line. Guarantee that your financing is already pre-approved. 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.
Another method is to search for listed properties that have been on the market for a long time. Due to the length of time these properties have spent on the listings, their owners are becoming desperate for offers. If you can manage it, and if the property fits your profile for a good rental house, you might as well negotiate your way to a great deal.
4. Wait for the Right Deal
In the process of acquiring your next investment property, you should be looking at a lot of real estate deals. For a professional investor, finding great deals in Mill Creek is usually about playing the numbers. There are a bunch of potential properties you have to sift through before you can filter them down to the ones that show enough promise for a deeper analysis. In all of those, you’d make less than ten offers, with maybe only one or two being accepted. Nevertheless, if that one “yes” is a great bargain, it’s definitely worth the effort.
Use these creative approaches to find a real estate deal, and 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 Eclipse 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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