If you're looking for the perfect investment property you do have to do a little bit of research but there are secrets to finding the best property for your needs. Whether you're looking in Tigard or Vancouver, downtown Portland or Beaverton, finding the perfect investment property is not as difficult as you might think but it also helps to know exactly what you are looking for. Are you looking for a property that you can cash flow and gain monthly income as in a rental or are you looking for something to put in a little bit of work and turn around and sell it for a return on your investment? In any case, there are some secret ways to find great investment properties.
Use the Internet
Obviously using the Internet helps you search and enter the type of real estate you are looking for along with the city where you want to invest. This is probably one of the most common and of course, not that secretive.
Look for "for sale by owner" signs
Owners often don't want to pay and list their advertisement every week or pay commissions so driving around the neighborhood or area you want to invest in looking for these types of properties can be a great way to find the perfect investment.
Look for abandoned properties
If you drive through the neighborhood of your choice you might find houses with tall weeds in the front yard or signs on the front door showing there's probably no one home. This is a clear sign that the owner doesn't want to deal with the property and might sell it for cheap.
Find old "for rent" adds
You can look in the local newspaper for rental adds that may have been listed for a long time. If the rental at a several weeks old landlords may be ready to sell.
Connect with a great real estate agent
Sometimes the key to finding the perfect investment property is to have a close relationship with an investment type of agent. This agent understands the market in different areas and can help you find the right property for your needs.
Local newspaper sometimes will publish eviction notices and you can get information online or at the courthouse. This could be a potential seller, especially if it's a landlord wanting to offload their property.
Put an ad in the paper
The newspaper is a great place to find a property but it's also a good way to advertise for a property. Placing an ad on Facebook or in local newspapers stating that you'll buy a property in any condition might be the incentive someone needs to get rid of their property.
For more information or get a list of investment properties in Portland that might meet your search criteria please give us a call.