One of the key traits of successful real estate investors is that they’re able to find some of the best deals in the real estate world. Finding amazing deals may seem like an elusive goal, but it can help propel a real estate investor to financial success. How exactly can you find amazing real estate deals to invest in? We asked Nick Trimble, a real estate investment expert who is passionate about sharing his real estate knowledge. He shared six strategies for real estate investors to find amazing deals.
Pick a real estate specialty
Choosing one area of real estate can really help you narrow your focus and help you hone in on what you’re looking for when it comes to property investments. For example, are you looking to flip houses, buy rental properties, or stick with single-family homes? These are all distinct projects which take different resources and time to properly invest in. If you choose a niche or specialty, at least for a consistent amount of time, you can excel in this area, and develop a knack for spotting amazing deals.
Get out there and network
While it may seem like you’re in direct competition with other real estate investors in your network, you may just want to keep these “enemies” close. Other real estate investors can actually be a key resource, if you network properly. For example, they may pass properties or tips your way, if they know you and are keeping you in mind. Expanding your network can only be a major positive, and you want to develop your relationships in your field.
Conduct research on the ground
It can be tempting to want to stay behind a computer screen all day, but a great strategy for investors to find amazing deals is to actually get out there, and scour neighborhoods for yourself. You should be spending time in neighborhoods you want to invest in and treat these little trips as if you’re conducting research. You can learn a lot about a place by spending time there and talking to the people who live there.
Look at bank foreclosures
This may be one of the oldest tricks in the real estate investing book, but it still holds true to this day. Bank foreclosure properties can make for incredible deals. Sometimes, these properties will be real fixer-uppers, so that’s definitely important to keep in mind and to investigate carefully. You definitely want to make sure you fully understand the property before you invest.
Don’t be afraid of direct mail
Direct mail may seem like an outdated way to make contact, but it can be a great way to let sellers know who you are and what you’re interested in. Choosing your direct mail targets carefully will be key, so you don’t waste time and resources. But if you use your direct mail to make contact with sellers who are looking to move, and who have properties you’re interested in, you may have some luck.
Do your research
Knowing what you’re doing before you jump in with both feet can help save you a lot of headache, and help you strike better deals. For example, you should do plenty of research before buying your first rental property, and you can read another article featuring Nick Trimble on the same subject. There are plenty of real estate resources like Trimble’s real estate blog available on the internet you can learn from. Remember, knowing your stuff before you invest will help you fare better in the long run.