Like most single-family rental property investors in Exeter, you are most likely looking for a great real estate deal. There are several ways to look for an excellent bargain property but some of the most successful strategies take a more creative approach. Despite what you’re looking for in a rental house, ignore the competition by using these four creative ways to find that next Exeter real estate deal.
1. Contact Absentee Owners Directly
In a competitive real estate market, it can be very tricky getting a good deal on a property when it has been on multiple listing services. There are plenty of people searching for affordable housing right now. As such, you are going to be competing against other investors, and other individual homebuyers.
This is why going for a different approach is not just practical, it’s necessary. 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 means that the house is either vacant or being used as a rental. The only way to know is to ask. Plus, tracking down absentee owners isn’t really that big of a deal. 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. When you finally settle on a potential property, set your offer on the table and see what the owner has to say.
2. Try Bank-Owned Properties
Foreclosed properties can occasionally turn out to be a source for great real estate deals. In a lot of settings, foreclosures happen because the bank has repossessed the home due to the nonpayment of the mortgage. Hence, the bank will typically try to sell the property to recover some of their money. They have no interest in holding a foreclosed property. That can mean major savings for a savvy real estate investor.
But, make sure you are aware of all the details that come with 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. Do your due diligence of the process before you decide on anything. 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, in some cases, a motivated seller will grab the first offer they get. Taking this into account, you need to make sure that you’re first in line. Be certain that you are 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.
One other approach is to view the market for listed properties that have been listed for a long time. Because their properties have been on the listing for a long time, most of these owners are becoming desperate for an offer. If you can manage it, and if the property fits your profile for a good rental house, you might as well negotiate your way to a great deal.
4. Wait for the Right Deal
When looking for your next investment property, make sure to look at a lot of real estate deals. For a professional investor, finding great deals in Exeter is frequently about playing the numbers. There are a bunch of potential properties you have to sift through before you can filter them down to the ones that show enough promise for a deeper analysis. After that, you might make less than ten offers, and only one or two are going to be accepted. However, if that one “yes” is a great bargain, it’s definitely worth the effort.
With these creative approaches, you can find a real estate deal, and then build your wealth at a faster pace by securing instant equity in each new property you acquire. Accordingly, you’re protected from future downturns while ensuring a solid financial future. Once you have your property, Real Property Management Seacoast New Hampshire 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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