Find Investment Properties for Sale
Sep 7th, 2009 | By Les Sheppard | Category: Property InvestingWelcome back! Have you made sure you never miss a new property? Subscribe to updates with your best email address in the sidebar to the right.You see everything new at least 48 hours before the crowd!
Where are the best sources of investment property for sale?
Personally, I have found the best sources to be discounted new build units from developers in my target areas, vacant properties found through contacts developed with estate agents, and occasionally responses received from ads I place in the property section of my local paper or from flyers dropped door to door. Here’s how I get these methods to work:
Working with developers: The best time to enquire about investment properties for sale is at either end of the build program. Getting in early can be of benefit, as a few early purchases help the sales teams to persuade other buyers and assist the developers cash flow. At the end of a development scheme you’ll find deals on offer to clear out the last few remaining units. These are not necessarily the worst of the batch, as sometimes another buyers deal may have fallen through. For the developer, you’re helping them clear out their sales costs, and the profit in the scheme often comes from the last units sold.
Focus your efforts on the small to medium sized developers – you’ll find it easier to reach the decision makers in a smaller organisation, and they’ll have more freedom to do the deal.
Working with estate agents: To find investment properties for sales here, you need to build credibility with the estate agents sales team. Try to get with the most experienced person in the office, as they’ll often be directing the work of the other team members anyway (saves you having to explain your requirements twice, as well!).
It pays to have your finance (investment mortgages, deposits etc) already in place – these guys see a lot of people looking for bargains, and they won’t take you seriously if you waste their time. Another tip… Don’t ask an estate agent if they are handling any repossessed properties as they legally cannot tell you. Try asking if they have any “vacant” or “empty” properties instead, and you’ll get the info you want.
Finding investment property for sale through adverts: I have had a measure of success in advertising in my local paper, in the property section mainly, but occasionally just with lineage ads, usually just by saying that I am a cash buyer (true if I have all my finances in place beforehand) able to move swiftly on completion. Some sellers are in a position where they are desperate to move quickly (motivated), and the attraction is often speed over price. Be sure to respond quickly to any new leads, as someone ion this position will be trying to throw every lever they can think of to resolve their issue, and you can easily miss a deal or get into bidding wars if you’re not on the trail.
Finally, I have from time to time used door drop flyers to generate new investment property for sale leads. This has the benefit of being more targeted (i.e.; I can control exactly the areas that I want to drop, based on my buying criteria), and by getting the flyers dropped during the afternoon I can increase response rates – after the postman has been, and before the owners get home from work. Again, speed is of the essence, those motivated to respond to your message often need a quick resolution.
Got any other methods to share? … Feel free to leave a comment.
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