Are you a new real estate investor wondering how to find your first deal? In this post, we’re sharing some strategies for finding deals on your first property, plus a bonus tip that is really the best way to find real estate deals.
1. Consider purchasing property in an area with lower property values. Generally, properties in areas with lower property values are less expensive than properties in areas with higher property values. You can research this information online or work with a real estate agent.
2. Properties that need overhauling or repairs can be a great opportunity to get a good deal. Of course, you will need to consider the cost for the rehab work when determining your total investment.
3. Some people believe that “motivated sellers” might be desperate. This term is frequently used as a marketing term and actually means the opposite when it comes to the properties being sold in the traditional manner. However, there are people who are legitimately in a bad situation and just want out, and so those are the people you want to deal with.
4. Off-market deals are properties that are being sold by the owner rather than being listed on the real estate market. They aren’t always listed in the same manner as traditional sales.
Although these tips are a good place to start, our best tip on finding good deals is this: network, network, network! As you educate yourself and build a network of like-minded people, the real estate deals may find YOU, just because the people in your network might not know anyone else who can help.
At the heart of being a real estate investor is being a person who is willing to help others out, and creating win-win situations for everyone involved. This is a recipe for success in real estate investing.
Of course, you will need to do your due diligence and determine if a specific property meets your goals, and if not — pass the deal onto someone else who may be interested.
Real estate coach and mentor Brian Gormley is an experienced attorney and real estate investor who can help you reach your real estate investment goals. If you’re interesting in learning how to invest in real estate, check out our Masterclass or contact Brian using the form below to discuss one on one coaching!