Owing to the shaky job market, a volatile stock market, and the popularity of certain TV shows, more and more people are looking to real estate investing for financial security.
And for good reason: real estate is a fairly safe investment with the potential for better returns than other kinds of investing. But with more people flocking to real estate, it’s getting harder to find the deals. So here are a few ideas on how to find amazing investment deals in NY.
How To Find Amazing Investment Deals in NY
Don’t Ignore Craigslist
Craigslist has been around too long we often tend to overlook it, but it’s far from dead. It’s still the first place a lot of people advertise when they have something to sell – and that includes real estate – or want to buy something. You can, of course, advertise that you’re looking for real estate to buy, or look for ads for real estate for sale. But there is another Craigslist strategy that can be more effective.
And that is to look for posts by landlords advertising rental property. Now, you’re not looking for property to rent, but this can be a good back-door way to find amazing investment deals in NY.
Landlording can be and usually is an ongoing hassle and a major headache. And a lot of landlords would jump at the opportunity to sell their property and be rid of all that. So just call them up and explain that you’re not interested in renting, but want to buy investment property. You’ll often strike gold. They may not be interested in selling the advertised property, but it’s likely they have other properties they do want to sell – and at a good price.
Peruse Eviction Records
Yes, eviction records – and for the same reason, you should sift through Craigslist ads. It’s a good way to find landlords with cheap properties who are ready to sell. For a landlord, evictions are usually very stressful and require a lot of time and expense. So after having gone through the eviction process, some landlords may be ready to get out of the rental business.
In most places, evictions are on public record. So you can find out who is in the middle of an eviction and then make them an offer on the property. Often, a landlord in the middle of an eviction will be a motivated seller.
Hop in Your Car and Drive Around
The good thing about this one is that it’s an enjoyable way to find amazing investment deals in NY. Driving around and observing houses in local neighborhoods and in neighboring towns can be a good way to locate some amazing investment deals.
As you drive around, you want to be on the lookout for properties that appear to be distressed or vacant. For example, is the grass almost knee high, or is the mailbox overflowing with uncollected mail? These are indications that the house is probably vacant. Or, again, is there a tarp in the roof or pieces of siding missing? These indicators of a distressed property can be signs of a possible good deal for investors.
All you need to do then is contact the owner by phone or mail and make an offer. Such owners are also likely to be motivated sellers. And all it will cost you is a little time and gas.
It really is possible to find amazing investment deals in NY. All you have to do is use these and other effective search tactics to find the gems. But it’s also a good idea to get help from qualified real estate investing professionals.