Rental property ownership can be a very lucrative investment, but as your business expands, finding additional properties that fit with your long-term goals can become increasingly challenging. To improve your odds of landing the best properties before your competitors do, here are five resources you can leverage.
These days, you can find just about anything on the internet, and that includes rental properties for sale. There are a variety of different websites and apps that contain up-to-date listings and enable you to conduct targeted online searches in real-time. One resource that can be particularly helpful is LoopNet, which has a wealth of valuable information for real estate investors, including a database of available properties to search. Trulia is another good resource to check.
It may be the age of technology, but print media, such as newspapers and magazines, can still be incredibly helpful when searching for properties to invest in. For instance, some estates you may find in printed publications may not be listed anywhere else, which means you could potentially get first dibs on a stellar property for sale. Check out local newspapers and community publications to see what they have listed. You may just find that hidden gem you’ve been looking for.
Another great way to find properties to add to your portfolio is to attend auctions. Private auctions and municipal auctions are typically held either at an off-site location, such as a city or town hall, or nearby hotel or conference center. There are also online real estate auctions, through which interested parties can bid on available properties remotely. The former option is typically resolved same-day, while the latter can remain open for several weeks while participants continue to bid.
Building and nurturing a network of contacts in complementary industries can be one of the most effective ways to procure real estate before the competition. To start, try joining an investment club or attending a few relevant conferences and connecting with some of the other members or attendees. There may be a small investment involved in this type of prospecting, but making connections with others who might have the inside scoop on great properties will make it well worth the expense.
Last, but certainly not least, collaborating with realtors who are working directly with individuals and businesses that are listing their homes or offices for sale can pay off in the long run. If you establish a good enough relationship with a few of these professionals, you may find yourself as the first to know when a new opportunity to invest comes up. And this can give you a tremendous leg up on the competition.
What did we miss? Do you have unique or creative ways to find available investment properties that you have had success with in the past? Please share your thoughts, ideas, advice or suggestions with our community in the comments.