Scouting for Real Estate Treasure
Every real estate investor knows that they need to do a lot of scouting to find good deals. However, not every investor finds their deals in the same way. With online sites such as Twitter, Ebay and Craigslist becoming the norm, the most popular method of scouting real estate these days is definitely the internet. But keep in mind, there are many other ways to find real estate goldmines.
Perhaps one of the best ways to find your million dollar deal is just to go driving. Of course, for this to be effective, you have to know what you are looking for when you do it. Scouting your neighborhood does not mean you should be looking for homes with “for sale” signs. Instead, you should be looking for neglected properties. Pay attention to homes that have overgrown bushes, weeds and lawns. Look for garbage and a general “trashy” appearance. You should also look for multi-units and apartment buildings that do not appear to have proper upkeep. The point here is to scope out properties that appear to be falling by the wayside. You will want to make sure that you do not make yourself highly noticeable. Think of yourself as a detective and do not purposely interact with anyone on a property you are checking out.
Once you find a property that looks like it may be a good investment, the next step is to get the parcel number from the local zoning office in your town. Once you get the parcel number you can look up the owners’ information and prepare a professional letter to them regarding a possible purchase of the property. If the property owners happen to live out of state, the chance of you working out a successful deal just got that much greater.
