Donny,
Here’s the best tip I know.
Look for owners with problems, and fix the problems.
Spend some of your money on a good marketing plan to have these owners contact you.
As to the vacant, run down properties, you will have to learn to be a skiptracer/private detective type to locate most of them. It can be done, and actually, it’s fun. It’s a favorite method of mine. After you learn how to find them, you will start making more deals.
Good luck,
Bill
Best way to locate investment property?? - Posted by Donny Dell
Posted by Donny Dell on July 23, 2002 at 21:26:46:
Hi, I have funds and am ready to invest in RE. But I sometimes feel I am just spinning my wheels trying to locate the property. I first thought the hardest part about this business was getting funds, but I now see the hardest part is locating the property. Can anyone explain the best way to locate distressed property, so far I am just sending out letters to vacant property owners, I get a lot of letters marked return to sender, owner not fout etc. Everyone else just does not respond at all.
Any tips?
I think you ask a very important question when you say: “Can anyone explain the best way to locate distressed property, . . .”
The best way is the way that you like and that also gets you enough acceptable deals.
I recommend that you read John T. Reed’s book “How to Buy Real Estate for at Least 20 % Below Market Value.”
You can find it on his website johntreed.com . It is the best survey of bargain-buying strategies of which I am aware.
You know, I found a web site for the taxing authority in my county, and if you know the address, you can pull up the owner’s name, taxing value and even a brief discription. Check for a website, it’ll save you some work.
I used to send letters as well only recieved one call back. The way I used to do that works is take the property address and find out what township or what municipal office the property is attached to. Then call the office and ask to speak to the tax dept, they will give you all the info you need to know —who is responsible for the prop–who is handeling the estate in case of a death etc…If you get the spelling of there name you might be able to call information and get the persons # nif the tax office wont give it out. Good luck