Finding The Best Deals On Rental Properties

[Jonathan Edmund]

I'm just starting to really look deep into buying my first rental property. I'm a Realtor in Myrtle Beach SC and I'm having trouble finding that good first deal. I have access to the MLS and everything but right now in my market, there aren't a ton of foreclosure or distressed properties and when I run the numbers on anything I find in the MLS, I'm not seeing anything that I would consider a great deal by any means. I want to start with a single family home unless I can find a multi family for a good price. In my area, most multi family properties tend to be in not so great areas so I'm focusing on single family instead.

What are some good ways rental property investors go about finding good deals on homes to where they are getting homes 70-80% of the after repair value? I can't find any sellers that will go low enough for me to make my first purchase unless I was going to use it as a primary residence.

Any tips for really digging to find the right properties? 

[Chris Mason]

Originally posted by @Jonathan Edmund:

I'm just starting to really look deep into buying my first rental property. I'm a Realtor in Myrtle Beach SC and I'm having trouble finding that good first deal. I have access to the MLS and everything but right now in my market, there aren't a ton of foreclosure or distressed properties and when I run the numbers on anything I find in the MLS, I'm not seeing anything that I would consider a great deal by any means. I want to start with a single family home unless I can find a multi family for a good price. In my area, most multi family properties tend to be in not so great areas so I'm focusing on single family instead.

What are some good ways rental property investors go about finding good deals on homes to where they are getting homes 70-80% of the after repair value? I can't find any sellers that will go low enough for me to make my first purchase unless I was going to use it as a primary residence.

Any tips for really digging to find the right properties? 

 You're an agent. Just use all the stuff you normally use to continue drumming up listings. When you come across someone more motivated by speed than top dollar, boom just buy it yourself. List the rest.

If you aren't an actively practicing agent, maybe this is a good excuse to start. Your worst case scenario is you get some listings and commission checks.