I know when it comes to being a great whole sale investor you have to do your research (due diligence) on each property so im having a delima. How could I get proper information on a property that is not listed on the MLS, any real estate websites ect. ?
I can think of two primary ways you can find out information on a property that is not in the MLS or otherwise listed online:
1) Walk the neighborhood, and make conversation with anybody you see. I've been able to find out plenty of valuable information on various properties just by making friendly conversation with neighbors.
2) Public records. Many counties have their tax and courthouse documents online, and you can find out things like the square footage, beds, baths, age, construction info, etc. (from the tax assessor's database) and ownership history (who owned it, how mortgages and any other liens on the property, if the owner is deceased, etc.).
You are considering "off market" property, that is, property that is not being publicly offered for sale in the normal channels (MLS, FSBO, etcetera).
So, your challenge is to only identify potential properties but the added (major) step of locating the owner who wants to sell for terms sufficient that you can carve out a profit.
You need to have some criteria for what would make a deal to you or your end buyer.
Also, let's get something clear. Wholesalers are not investors unless they buy and close. Otherwise they are intermediaries. People who flip paper or properties that they don't own are not investing, merely trying to exploit a profit. Nothing wrong with that. But it's not the same as someone who take iwnership and responsibility.
Finding owners who are tough to locate is a valued skill. Much money made by combining skiptracing and real estate.
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