If you are interested in finding an investment property, then you need to think outside the box to get a good deal. Understand that everyone else who is looking to invest in the Phoenix real estate market is looking at the MLS listings, looking in the newspapers and driving around looking for signs. So you need to have a better plan to find the great deal before everyone else finds it too.
Even with the Internet, one of the best ways to advertise anything is word of mouth. Talking to the people that you know and that you do business with, the lady at the coffee shop, the guy who is painting your office building, let them know that you are looking for a property. It won’t always work, but many times, it will bring the property right to you before anyone else even knows it’s for sale. You might even consider offering a finder’s fee for anyone who gets great property information for you. Even a small amount of money can really motivate some people to go out of their way to find you a deal. They look at it as free money or a bonus and are happy to help you out.
Abandon properties can also be a good investment. It’s never too hard to spot a property that is abandoned and the Internet makes tracking down the owner pretty easy. Then all you need to do is contact the owner. You might even want to present your offer as if you are doing him or her a great service. Such as mentioning that you saw their property that they obviously no longer want, due to its state of disrepair. Then say that you are willing to take that headache off their hands for an offer of X. Point out that it will get them out from under the carrying costs, any property tax and insurance they might still be paying for on a vacant property. Sometimes a great deal is achieved just because of how you presented it.
If you see a for rent sign on a property for an extended period of time, that too could be a good opportunity for you. If the owner has been unable to rent the property then he or she might consider selling it at a good price. Knowing that you might need to make some repairs or renovations to have better success renting the property, you will want to be sure that you factor those costs into your offer and don’t overpay for the initial purchase.
Finding a great investment property in Phoenix is all about knowing where to look and who to talk to. Visit www.azrealestatewholesale.com to learn about all of the properties this firm has to offer. Their unique and proprietary system allows them to locate hundreds of properties in the city and offer them to investors at discounts of 20-50% below market value.