7 Productive Actions to Take While Searching For Your Next Property

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7 Productive Actions to Take While Searching For Your Next Property

by | Read full article at BiggerPockets.com

A recent conversation with a new investor got me thinking about starting out. It has been a long time since I was a newbie, and while things have changed a whole lot, some things will always be the same. If you aren’t going to do the rehab work yourself, you will need to find a contractor. This is only slightly easier than finding Jimmy Hoffa. Unless you have a pile of cash sitting around, you will need to secure funding.

Finding a property can take a long time in this market. But there are lots of things that you can work on while you’re looking for your next deal.

7 Productive Actions to Take While Searching For Your Next Property

1. Find an investor-friendly agent.

A residential real estate agent is typically working with retail buyers. They may not understand your focus or your criteria. Finding an investor-friendly agent can help you build your business because they may have a network of clients who are investors and are always looking for the next deal. An investor-friendly agent will build a reputation of being able to sell properties that others can’t and may even be able to help connect you to another client for things like joint ventures. At the very least, an investor-friendly agent won’t balk at writing up lower offers and making offers on numerous properties.

Remember, you can have more than one agent bringing you deals. If your agent doesn’t understand investors, find one who does.

2. Drive for dollars.

When you are first starting out, having a small, specific area to target can help you get a grasp of what is going on in that market. Rather than learning all the neighborhoods of your town/county/state, you can focus on one area and really learn the ins and outs. One of the best ways to get started is to “drive for dollars,” or drive around and look at the houses in your target area. Even better than driving is getting out of your car and walking. Yes, it takes longer to walk a neighborhood, but you get a more in-depth understanding of the properties and their location. Talking to the neighbors can yield an enormous amount of information.

Look for things like tall weeds or grass, weathered door hangers, and stickers on the door informing of code violations or utilities that have been turned off. Check out the status of the roof, siding and window panes. Old windows, metal siding and curling shingles can indicate a lack of interest in the property.

by  | Read full article at BiggerPockets.com