So how do you find distress and lucrative properties?
There are many ways to find these properties. Here are some ways that you can find distressed property. Bird dogs, Real Estate Agent, multiple listing services, short sales, (REO’s)real estate by owner, pre-foreclosures, foreclosures, friends, internet websites and others.
When looking for real estate it’s extremely important to develop a strong network and surround yourself with individuals that can help you out. The more people you know and the more resources you have and the best chances you have to find a good deal. Other networking sites for real estate are Big Pockets, Connect Investors and Diverse Investing.
Bird dogging is just one way to network. What is Bird dogging? A bird dog is an individual that puts out marketing material trying to find a buyer of distress property. They also scan the computer for auction sites or bank deals and then refer the deals onto other investors or purchasers after acquiring the asset with a quick claim deed.
Other great resources which come from networking is working with an outstanding real estate agent that is familiar with the area. Having a real estate agent that knows the area can definitely come in handy. A good real estate agent will know the value of the property, whether the property is trending up or down, is the area selling quickly, does the location make sense to your specification, and provide professional services that come with being a good real estate agent.
There are many ways to find a real estate agent. Similar to a mortgage lender which is either word or month or the internet. Real Estate websites like Realtor.com or Zillow are also sites that can help when finding a real estate agent. These sites are also good for looking for possible distress homes. Other ways to find distress property are through auction sites, foreclosure sites, and even the MLS. The MLS is closed to the public in some areas and only realtors can disclose this information to the public. Every once in a while, you can find a great deal on Zillow or Realtor.com. .
Short sales, real estate by owner, per-foreclosures and foreclosures are excellent ways to find a deal in real estate. There are multiple websites to find a great deal on the internet. A short sale is when the current owner is behind on the mortgage, but the property has not yet entered foreclosure. With short sales and pre-foreclosure and foreclosure most investors need to bring a large sum of cash to the closing table. Sometimes the deal is sight unseen. Meaning you do not get a chance to walk through the house and see the damages. You are purchasing the house on a as is bases. Here are some action and foreclosure sites that can help when looking for a good deal. Most of these sites are in my county and State, however, they have these sites in most every county and State.
Heritage Actions – Https://www,ha.com
Duval Real Foreclose – https://www.duval.realforclose.com
Saint John’s Foreclose http://www.saintjohn.realforclose.com
Wholesale Reality – https://www.wholsalejax.com
Hubzu – https://www.hubzu.com
Investment Property – https://www.investability.com
GSA – https://www.gsaauctions.gov
US Marshall Services – https://usmarshals.gov
USA Auctions – https://www.usa.gov
For more information on understanding risk you can go to www.DiverseInvesting.com or purchase The Road Map to Investing on Amazon.
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