In every war in history there have been spies who provided information that allowed one side or the other to win the war. Where can you find spies who can help you win the real estate war and conquer major profits?
Here are a few of ideas that hard money lenders like us run across on a daily basis:
Check out foreclosure auctions. You should be there anyway learning everything you can about the market while shopping for a great deal. While you are there, talk to other investors, especially those who seem to know what they are doing. Get to know them and add them to your network. There is strength in numbers, and you never know when they may have a great tip for you.
Check out the local “For Rent” section to get in touch with landlords who might be interested in selling. If they’ve been running an ad for a while and can’t get renters, they may have no choice but to sell. It wouldn’t hurt to introduce yourself. Let them know that should they be interested in selling the property you would be interested in buying it.
Property management companies are a good place to look. These are among the first to know when an owner has decided to sell rather than continue renting a property. Having someone on the inside who can let you know when a former client is looking to sell could put you ahead of the game when it comes to negotiating an offer. Be careful with this one and make sure you keep all transactions above board. That’s how we believe real estate should be handled, with complete integrity, whether you are working with hard money lenders or not.
Networking groups that contain real estate professionals is another great place to find people in the know. Lawyers, realtors, CPA’s all belong to various groups for networking purposes. By joining these groups and attending their meetings, you have the opportunity to network with people who have boots on the ground and know where to find great opportunities in local real estate. Make sure to get an introduction from someone before attending one of these groups and don’t be afraid to get to know the group members. Business cards are a must, and once you start building relationships with your new informants, don’t stop. Keep those relationships fresh by continuing to keep in touch.
When you are ready to make a move on a property, don’t waste time.
No matter how great your spies are, no one is living in a vacuum. Sooner or later, your competition will find out about this opportunity. Hard money lenders design their programs to close without the hassle and within days after a seller accepts your offer. Our hard money loans help you stand out from the rest of the competition and close the deal fast. To read more of our blog articles on how to find real estate deals, please click here.