Like most single-family rental property investors in Raleigh, you are in the market for a great real estate deal. In spite of the numerous ways to go about getting that bargain property, some of the most successful strategies take a more creative approach. It really doesn’t matter what you’re looking for in a rental house, you can get around the competition by using these four creative ways to find that next Raleigh real estate deal.
1. Contact Absentee Owners Directly
In a competitive real estate market, it can be quite the challenge to get a good deal on a property when it has been listed on multiple listing services. You will most likely be in the market competing with other investors and individual homebuyers since there are so many people searching for affordable housing.
In an event such as this, it would be wise to try 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 could mean one of two things: the house is being used as a rental or it’s vacant. If you want to be certain, ask the property owners yourself. And if you’re thinking about how difficult it must be to track down those absentee owners, don’t — it’s really not. You could drive around looking for houses that look vacant, call ads for rental properties listed by mom-and-pop landlords, or checking through public records. What happens when you’ve stumbled upon potential property? Bring your offer to the owner and negotiations might take place.
2. Try Bank-Owned Properties
Foreclosed properties can usually turn out to be a source for great real estate deals. In several instances, foreclosures happen because the bank has repossessed the home due to the nonpayment of the mortgage. The bank will then try to sell the property to retrieve some of their money. They have no interest in holding a foreclosed property. That can mean major savings for a savvy real estate investor.
However, take note of a few things before you decide on buying 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. Acquaint yourself with the process before you dive into the deal. 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, a motivated seller will often welcome the first offer they get. Thus, this should push you to find ways to get yourself first in line. Make it a point that you are already pre-approved for financing. 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.
You can also opt to review the market for listed properties that have already been on the listing for a long time. Many of these owners are becoming desperate for an offer because their properties haven’t gotten any attention on the listing. If you can manage it, and if the property fits your profile for a good rental house, you can definitely negotiate your way to a great deal.
4. Wait for the Right Deal
In the pursuit of your next investment property, you should be looking at a lot of real estate deals. For a professional investor, finding great deals in Raleigh is oftentimes about playing the numbers. You probably have to sift through so many potential properties before narrowing them down to a few that show enough promise for a deeper analysis. With those, you’ll probably make less than ten offers with only one or two being accepted. Still, if that one “yes” is a great bargain, it’s definitely worth the effort.
These creative approaches can help you find a real estate deal, allowing you to build your wealth at a faster pace by securing instant equity in each new property you acquire. As a result, you’re protected from future downturns while ensuring a solid financial future. Once you have your property, Real Property Management Raleigh 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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