If you are interested in finding rental investments, here are some tips on where to find rental properties at great deals. With the recent decline in real estate prices this may be a great time to invest in residential and particularly commercial rental property as the prices are much lower than they were just a few years ago (and hopefully lower than they will be in a few years!). Here are some tips for uncovering rental property deals in your area.
Money is made on investments at the time of purchase. If you pay too much even the best rental property can be a loser. As a buyer you are the person in charge at this time as there are more sellers and buyers. Don’t get pressured into anything and be willing to walk away from any transaction that is not a deal.
Not only have there been a lot of foreclosures on single family homes, but there have also been many foreclosures on residential and commercial real estate. Listings for these properties should not be hard to find in most areas. Also, check out the websites of small, local banks who are less likely to have procedures in place to deal with these properties. While larger banks may have entire departments devoted to dealing with foreclosures and troubled loans, small banks may be willing to unload their foreclosed rental properties cheaply to avoid the hassle.
Finding short sales on rental properties might be difficult, but by establishing a network of real estate agents, landlords, attorneys, and others that deal with real estate, an investor might be able to find some rental properties that are seeking a buyer for a short sale. Troubled borrowers and worried mortgage holders may also be willing to consider a short sale if they knew that you were interested, so get the word out to those around you.
Craigslist / Internet Listings
When people are in a desperate financial situation, their properties are likely to end up listed on free sites like Craigslist. Keep an eye out for listings on rental property in your area on Craigslist and related site. Consider listing your interest in buying rental properties on these sites as well.
Real Estate Agents
Real estate agents are one of the best sources of great deals on rental property. They know who needs to sell quickly to avoid foreclosure and can help a willing buyer to get rental properties at a great price. Remember, that real estate agents who are listing a property are typically paid on a commission and have an interest in seeing the property sell at a high price, but when things are tough (as they are for many agents) any deal is better than none.