Are you ready to invest in your first rental property? Or maybe you are looking to invest in your next one! Are you getting discouraged in this competitive market? You are not alone! The booming DFW market has made it challenging for investors to find deals on homes, especially if that investor does not intend to pay cash. So you may be asking “how can I successfully purchase an investment property in this booming market?” Follow along below to find out!
1. Use technology to find distressed sellers
Finding distressed sellers is a real estate investor’s dream. Some of these sellers can include pre-foreclosures, vacant properties, and even divorces. Some websites and tools that can be used to find these properties include Propstream, DealMachine, and Mashvisor. Keep in mind if you’re not using the latest real estate investing tools, watch out because your competition is.
2. Check Craigslist and marketplace
You can find hidden gems on Craigslist/ marketplace – properties that aren’t listed on the MLS, and that most investors aren’t seeing. Listings include both properties that need renovations and turnkey rental properties. You’ll find a lot of these people listing on Craigslist and Facebook marketplace listing these as for sale by owner.
3. Move Fast on deals
Good deals come along all the time, in every market. But they don’t last longer than 24 hours in most cases. Whether you’re hunting for properties on-market through the MLS and a Realtor or off-market through wholesalers, be ready to put a contract on it instantly. Set up email alerts, Sign up for wholesaler mailing lists, and scout local Facebook groups.
In your market, you should get to know every serious investor. Go to real estate investing club groups to meet people in person. Network with investors online through Facebook groups for real estate investors. Don’t stop at investors, either. Collect contacts through lenders, insurance providers, Realtors, home inspectors, appraisers, etc.
5. Find what’s working
If you’re investing in duplexes in Dallas, asking another Dallas real estate investor who loves duplexes exactly how they’re finding their deals they probably won’t share their secrets. But if you ask a duplex investor in Austin, You’re not their competition, not a threat to their business, so they’re far more likely to open up. You can also easily look up what local trends are for the DFW area to see what property types are selling for currently.
Need more guidance or are interested in having help with your investment property? All County Property Management is here to help! For more information about our services please visit our services page here.