Those with a full time job: how do you find your REI properties?

Question

I'm curious how people with full time jobs, who buy 1+ properties per year for buy & hold, go about finding their investment properties? MLS? Foreclosure websites? Advertise? Something I've never even heard of?

Thanks

Paul Timmins · Answer

@Tom Hertel

Go to IREM.org search for ARM certified property managers. Call 5 ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.

Paul

Ryan Fisher · Answer

It is tough, but if you really want to purchase a property you will find the time.  I found that by waking up only 30 minutes earlier each day, I can spend that time analyzing a few properties to get comfortable with the numbers, checking MLS, and going over new listings my realtor sends me.

I know I am still a newbie considering I only have one property, with another deal in the works, but I think getting up a little earlier could potentially help you. No magic formula haha

Good luck and let me know how it all goes when you get that first property!

Crystal Smith · Answer

To acquire 1+ investment properties per year (whether it's buy & hold or flipping), you build a network consisting of:

• Realtor w/ access to MLS & off market investments
• Wholesalers with access to off market deals (Use your realtor to help you analyze those deals)
• If you have an area you want to farm you can put together a mailer & find your own off market deals
• Advertise- Attend REI meetings; Craigs list..... 
• Participate in Auctions, Sheriff Sales
• Probate.....
• The list goes on

Tim Steele · Answer

I buy from several sources. 1)MLS is good, talk to your favorite realtor and have them set you up on an automatic email. So you get an email when something you are looking for comes on the market. 2) Birddogs. I tell people I am in real estate and that I pay a cash if I am able to close a deal they brought me. How much you pay depends on the deal. 3) Make nice with your postal carrier. They know everything and would enjoy a cold water on a really hot day. 4) Drive for dollars, exercise is different areas. When you see a house that looks available, write the address down. Find your own fun way, and you will find time. 5) My outside the box way is  "Geocacheing". It takes me to different areas and there is the thrill of the hunt. This also works if you want to look at real estate on vacation.

Troy Fisher · Answer

+1 For waking up early.  But it really depends on your market, and your Niche.  If you are in SFH in Chicago, meeting the right Realtor is going to change the equation.  Meet @Crystal Smith.  I get an interesting deal from her almost every day in the Chicago Area. If you are looking for Duplexes in Montesano, Washington you might have to hustle a little harder and do your own marketing,  If you are looking for a flip opportunity in San Frnacisco, you might have to network your tail off to meet the right people who get off market properties under contract.

Daria B. · Answer

I use rentometer.com and have gotten my agent on board with understanding that this is critical to my analysis. She looks into the MLS or some other source she has, just the same as sales comps there are rental comps. She comes back with what I find on rentometer.com most times.

Some people call the numbers they see on rent signs in the area they are interested in. I have only done that once and all I did was ask what they were asking for rent and the person volunteered the specifics of the rental (ie w/d, sq ft, etc) without me asking any further.

I also tap the Property Managers in the area, who better than them to give this information.

Daria B. · Answer

I use the MLS via my agent who sends me listing she thinks I might be interested in. I use realtor.com for my searches and drive around different neighborhoods. Those neighborhoods that I am more versed in now after learning what rents are I frequent more often.

Jade S. · Answer

Real estate agent buddy of mine who mines the MLS for rarer good deals, and also pocket listings...off-market FSBO deals (such as the one I'm about to close on)..."driving for dollars" on weekends.  Fortunately I have a field based career that gives me a lot of flexibility and the ability to see homes almost as soon as I get wind of them.

Nick Patterson · Answer

MLS is really the best.

I would also recommend finding a partner, seems that everything is easier when you have someone going though the process with you.  They keep you accountable and a good one will compliment you in terms of skills.  For example, one parnter finds deals the other finances the deal..

Jerry W. · Answer

Hey @Tom Hertel, what has worked for me is simply tell everyone you run across that you buy real estate and describe what you are looking for.  I also check the real estate for sale adds in the newspaper, check craigslist, check Zillow, and I have a set up on my computer that posts every new new listing on the MLS to my computer.  A realtor set it up for me.  I look for foreclosures in the paper, as well as obituaries.  I check the obituary names against the county property owner lists.  I also check all of the for rent advertisements in the paper and online to keep up what rents are going for.  Good luck, hope this helps.

Those with a full time job: how do you find your REI properties?

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