Like so many single-family rental property investors in Clinton Township, chances are you are always in search of a great real estate deal. Even though there are several time-tested ways to search for that bargain property you’ve been wanting, some of the most successful strategies may require a more creative approach. Irrespective of what you’re searching for in a rental house, you may be able to bypass the competition by using these four creative ways to find that next Clinton Township real estate deal.
1. Contact Absentee Owners Directly
In a competitive real estate market, it could be hard to get a good deal on a property if it has already been posted to multiple listing services. With too many people searching for affordable housing right now, you’ll maybe be competing not only with other investors but also with individual homebuyers.
In such circumstances, it is sensible 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 stay in their property. This could mean the owner uses the house as a rental, or it could be vacant for one reason or another. You won’t know unless you ask. And tracking down absentee owners isn’t as stressful as you imagine. 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. As soon as you’ve located a potential property, approach the owner with an offer, and watch what happens.
2. Try Bank-Owned Properties
Foreclosed properties can sometimes turn out to be a source for great real estate deals. In most cases, foreclosures happen because the bank has repossessed the home due to the nonpayment of the mortgage. When that occurs, 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 can imply significant savings for a savvy real estate investor.
There are actually just 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. Make sure to learn all you can about the process before jumping in. Similarly, 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 accept the first offer they get. From this perspective, there’s a lot you can perform to ensure that you are the first in line. Make sure you are pre-approved for financing. You can then work with your real estate agent to set up alerts in case new properties are listed so that you can be one of the first to make an offer.
One other way to effectively use listed properties to your advantage is to search for properties that have been on the market for a long time. Most often, 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 corresponds to your profile for a first rental house, you could be able to negotiate your way to a great deal.
4. Wait for the Right Deal
If you are on the hunt for your next investment property, you could be looking into plenty of real estate deals. For a professional investor, finding great deals in Clinton Township is most often actually about playing the numbers. You may have to sift through more than a hundred potential properties before looking at a dozen or so that show enough promise for a more in-depth analysis. Out of those properties, you may get to make less than ten offers, and perhaps only one or two will be accepted. But if that one “yes” is a great bargain, it’s definitely worth the effort.
By utilizing one or more of these creative approaches to find a real estate deal, you can build your wealth at a faster pace, together with securing instant equity in each new property you acquire. Accordingly, you’re protected from future downturns while ensuring a stable financial future. Once you have your property, Real Property Management Metro Detroit 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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