Congratulations, you know what they say “showing up is half the battle”.
In my previous posts I referred to craigslist, for sale by owner and other sources I’ve used. The problem with these sources is that they are not hidden deals anymore, they are already published and available to Millions of “looky loos”.
Hidden deals are sometimes hard to spot, sometimes they are right in front of your nose. There are a lot of really skilled people out there, looking for these deals and making good money.
For starters, keep your eyes open when driving to work, your favorite bar or the gym. You will see houses that are vacant or boarded up. If you don’t see a Realtor sign, you should go on your computer, check the County assessors’ website for property and owner information; also use Zillow. If you don’t have the exact address, you have to think outside the box, ask somebody. Sometimes the mailman can be a great source of information, also your friends. Neighborhoodscout.com offers good info, but they charge for it.
Another possibility, damaged properties. Sometimes the owner is financially not able to do the repairs, or just lost interest.
Have you heard about tax sales for foreclosure properties? Not so nice but …. divorce can change a situation and people want to move on, same if a death occurred and the relatives live out of State.
Most of the so called good deals have a big problem. Sometimes it’s the condition of the house, that’s why you need a home inspector – call me, sometimes it’s the crime rate or it’s just like the current owner needs cash now.
If you want to get a really good deal you need some cash on hand to pay for the property, a down payment or for repairs, back taxes, closing costs etc.
The hardest part is not finding a hidden deal, it is closing the deal. Do your background check of the current owner and his situation. Try to understand his situation.
These are just a few tips. If you want to get really good in this, you need to be trained by someone who’s really successful as a Real Estate investor. You find classes and training opportunities all over the Internet.
I attended some, but I won’t endorse a specific one.
Hi - this is Werner with Home Inspection Tennessee