Jericho, NY · Member since 2016 · 143 posts · 49 votes
Hello, My name is Juan,
I am actually a mortgage broker in NY, i have experience obtaining mortgages even no-income-verification mortgages, but I do not have much experience at all in finding cashflow properties. I am looking to find some properties under $100,000 that are somewhat close to me, I guess New York, PA, NJ are reasonable since they are somewhat close to me, But obviously I need to go as far away from the city as possible if I want to make it work.
But where do you guys go on to find these properties ? any help is appreciated, i hope to one day be able to return the favor here.
Data. The best is from CoreLogic/RealQuestPro. Covers 98% of the counties in the U.S.
You can pick an area, intersection, county, etc. and sort by anything. For example, say you wanted a list of all the property owners & addresses for all the 3-5 bedroom homes, in x area, with no mortgage, with a lot size of x to y, with an assessed value of x to y, build after x year, with no pool but with a basement, and much more. That is about 1/10 of what you can access. Dream it up!
Then use that data to only contact the sellers that meet your criteria. Send them a sincere, actionable offer, and let the motivated ones reach back out to you! Much easier way to smoke out who is interested in selling, who is in your price range, and who can make the decision (since no mortgage). Of course if you are okay working with a bank, you can add in all the loan info and sort with that criteria in addition.