How to find rental properties?

Question

I’m a new real estate investor in Westchester NY. I’ve been having some difficulties searching for an ideal rental property to purchase in the area. The deals local agents have been showing me and the same deals I’m finding on Zillow or trulia. Does anyone have any suggestions on how to find good deals ?

Nathan Gesner · Answer

Most real estate agents aren't going to spend time looking for you until there's a relationship and they know they will make money. You need to get out and find the deals yourself. You can do that by targeting areas with direct-mail marketing or driving for dollars. Another option is to join local investor groups and start networking. Another option is to develop criteria and then find someone willing to do the legwork for you in exchange for a finder fee. Another option is to find a real estate agent that actually works with investments and can understand what you are looking for and then educating them on what you want and constantly reminding them so they don't forget. It would also help to have more than one agent, particularly if you are in a larger metro.

Ethan Max · Answer

@Alex Horelick thanks for getting back to me. I’m looking for a duplex that would require many renovations. Just trying to get enough rent to cover the mortgate and walk away with a couple hundred dollars. What is the average rental percentage for houses in Westchester? I’d also be interested in any property within an hour drive from me.

Alex Horelick · Answer

Hi @Ethan Max - what type of property are you looking for? Cashflow numbers in Westchester are lower than most areas but it does have its advantages from an investment standpoint.