Like so many single-family rental property investors in South Jordan, chances are you are continually in pursuit of a great real estate deal. Conceding that there are numerous dependable ways to search for that bargain property you’ve been hoping for, some of the most successful strategies come with a more creative approach. It doesn’t matter what you’re seeking for in a rental house, and you may be able to bypass the competition by using these four creative ways to find that next South Jordan real estate deal.
1. Contact Absentee Owners Directly
In a competitive real estate market, it would be harder to find a good deal on a property if it has made it to multiple listing services. With plenty of people searching for affordable housing at this time, you’ll presumably be competing not only with other investors but also with individual homebuyers.
In such circumstances, it makes so much sense 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 actually live in their property. This could mean the owner uses the house as a rental, or it would be vacant for one reason or another. You won’t know unless you ask. And tracking down absentee owners isn’t as complicated as you think it to be. You could drive around looking for houses that look vacant, call ads for rental properties listed by mom-and-pop landlords, or check through public records. As soon as you’ve located a potential property, approach the owner with an offer, and see what will happen.
2. Try Bank-Owned Properties
Foreclosed properties can sometimes turn out to be a source for great real estate deals. In most situations, foreclosures happen once the bank has repossessed the home due to the nonpayment of the mortgage. When that arises, the bank will often try to sell the property to recoup some of their money. They have no interest in holding a foreclosed property. That would mean significant savings for a savvy real estate investor.
There are, on the other hand, a few caveats if you plan to try buying a foreclosure. The foreclosure process can be long and complicated, and bidding and buying a foreclosure is different in many ways from buying a property from a private seller. Try to learn all you can about the process before jumping in. Moreover, foreclosures are notorious for being in disrepair, so you’ll have to be prepared to make improvements on a foreclosed property.
3. Watch for New Listings and Very Old Listings
In real estate, every so often, a motivated seller will accept the first offer they get. Taking this into account, there is a lot you can do to ensure that you are first in line. Make sure you are pre-approved for financing. You can then work with your real estate agent to set up alerts once new properties are listed so that you can perhaps be one of the first to make an offer.
One way to apply listed properties to your advantage is to search for properties that have been on the market for a long time. Typically, the property has been for sale for so long that the owners are becoming desperate for an offer. If you can manage it, and if the property qualifies and matches your profile for a great rental house, you may be able to negotiate your way to a great deal.
4. Wait for the Right Deal
Once you are on the hunt for your next investment property, you need to be checking over several real estate deals. For a professional investor, finding great deals in South Jordan is generally about playing the numbers. You may actually need to sift through more than a hundred potential properties before discovering a dozen or so that show enough promise for a more in-depth analysis. Out of those properties, you may make less than ten offers, with perhaps only one or two will be accepted. But if that one “yes” is a great bargain, it’s definitely worth the effort.
By consistently applying one or more of these creative approaches to find a real estate deal, you can build your wealth at a faster pace, along with securing instant equity in each new property you acquire. In this fashion, you’re protected from future downturns while ensuring a stable financial future. Once you have your property, Real Property Management Wasatch 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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