How to find your real estate deal to add to your investment property portfolio

Finding a real estate bargain that suits their purposes usually takes some time and investors must learn the art of patience so as not to jump in and buy when there is a better buy only weeks away. It takes some research, being constantly on the lookout, and being very proactive in the real estate market to find those real deals. When building your investment property portfolio, it’s not something to be rushed. It can take quite a few months to find the right property.

However, the rewards are well worth the wait.

Here are some tips to help you find a bargain, though keep in mind that not all tips will follow your particular criteria:

• know your target area, walk, drive and visit it several times a week so you know exactly what is happening
• know the prices in your target area
• Know the rents in your target area
• keep an eye out for properties that have been on the market for more than 3 months
• look for renewal potential
• Can a property be subdivided to get two investments out of one?
• search through the websites of deceased estate sales, public trustees, and mortgagees
• ask around in your target area to see if the neighbors know someone who might be selling sooner rather than later; you may be able to do a private purchase and save a commission

Personal circumstances can force sales

These are sales that can be difficult to negotiate as emotions run high, but if it’s a mortgage sale, for example, then you’re dealing with agents or even the bank directly.

Many times, people who have been left with property on a farm do not want to continue owning the property and are unable to renovate it to make it more salable (either because they live too far away or because they do not have the funds) therefore The property can be purchased at a very good price. Real estate has often been let go a bit as owners have aged over the years and have not been able to maintain the property as they would have years ago. The renovation potential is often very high with these properties. Sometimes even a quick and inexpensive facelift can improve a property dramatically.

Sometimes it’s a prolonged illness that forces a homeowner to sell because they can no longer pay their mortgage or need funds for medical bills. There are also the broken relationships that bring a number of properties to the market each year.

The point is, if you know your target area exceptionally well, you can make quick and informed decisions. Like I said, it can take a while to find the right property, but it’s better to wait for the right property rather than just buy the first ‘good’ property that comes along, as these properties often don’t have the financial gain that the ‘ideal’ property does. ‘ has to offer.

Consult the seller before making your offer:

• Need a quick settlement?
• Do they need a long fix?
• Are they emotionally attached to the property?
• Do you want to stay as tenants?

These responses can influence the way your contact writes and can often put your contract ahead of others if the clauses meet your requirements.

Take the time to find your real estate bargain to add to your investment property portfolio and you won’t be sorry.