Best websites/places to look for investment properties

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Best websites/places to look for investment properties

Quinton Fernandes
Columbus, OH · Member since 2020 · 9 posts · 8 votes

Hello all,

I have just really started getting into looking for a investment property if not multiple. I am currently in the navy and I know I can get the VA home loan if I live in the building. If I invested in a duplex or multi family I would be under the terms of the va home loan. I really just don't know where to start looking. I just got stationed in Toledo, Ohio in June 2019 and I am really hoping to find something that I can work on in my spare time as well as live in. I am looking for any website/local/anything that would be helpful in find these types of properties. Any help/tips in general would be wonderful.

Thank you so much for y’all’s time.

2Reply
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Kristin Smith
Vermont/Tennessee · Member since 2018 · 25 posts · 29 votes
6y

Aside from the regular MLS such as Realtor.com, here are some options:

HomePath.com for REO listings,

Auction.com (properties listed there are sometimes eligible for conventional financing), 

Xome Auctions, 

LoopNet (perhaps not the greatest resource but look anyway), 

Hubzu although it can be (tedious and confusing), 

also check your city or county website for auction properties ( a very few may be eligible for conventional financing), 

HUD Homestore (another tedious process but worth checking)

ForSaleByOwner.com (search your area, not all properties listed are on the MLS)

4SaleByOwner.com (ditto)

Craigslist Toledo OH, real estate for sale by owner listings (beware scams, but sometimes good things show up)

Facebook Marketplace for Toledo Ohio, there is a real estate section

Local bulletin boards- post a free ad saying what you are looking for

Bigger Pockets Marketplace!

Look up and contact wholesalers in your desired area to see if they have anything that meets your criteria (many are here on Bigger Pockets to connect with)

If you are prepared to go further in your search, you can direct-mail the owners of any multi-family properties you see that you take interest in, to see if they may want to sell. Sometimes even if they don't, they know someone else who does!  There are resources here on BP for how to do that, getting address lists, etc.  

Guys, what have I left out??

16Reply
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  • Kristin Smith
    Vermont/Tennessee · Member since 2018 · 25 posts · 29 votes
    6y

    Aside from the regular MLS such as Realtor.com, here are some options:

    HomePath.com for REO listings,

    Auction.com (properties listed there are sometimes eligible for conventional financing), 

    Xome Auctions, 

    LoopNet (perhaps not the greatest resource but look anyway), 

    Hubzu although it can be (tedious and confusing), 

    also check your city or county website for auction properties ( a very few may be eligible for conventional financing), 

    HUD Homestore (another tedious process but worth checking)

    ForSaleByOwner.com (search your area, not all properties listed are on the MLS)

    4SaleByOwner.com (ditto)

    Craigslist Toledo OH, real estate for sale by owner listings (beware scams, but sometimes good things show up)

    Facebook Marketplace for Toledo Ohio, there is a real estate section

    Local bulletin boards- post a free ad saying what you are looking for

    Bigger Pockets Marketplace!

    Look up and contact wholesalers in your desired area to see if they have anything that meets your criteria (many are here on Bigger Pockets to connect with)

    If you are prepared to go further in your search, you can direct-mail the owners of any multi-family properties you see that you take interest in, to see if they may want to sell. Sometimes even if they don't, they know someone else who does!  There are resources here on BP for how to do that, getting address lists, etc.  

    Guys, what have I left out??

    16Reply
  • Ryan Mainwaring
    Rental Property Investor · Blacklick, OH · Member since 2016 · 286 posts · 253 votes
    6y

    @Kristin Smith Nice job

    1Reply
  • Daniel Kramer
    Rental Property Investor · Toledo, OH · Member since 2019 · 115 posts · 72 votes
    6y

    @Quinton Fernandes @Kristin Smith

    That is a solid list. Like you mentioned with county foreclosures, you might have a hard time using your VA / conventional financing on any of these options but I don't want that to be discouraging. You might even ask your loan officer and they might say OK not knowing that they can't. The biggest hurdle is banks need to have the ability to go inside, with utilities on to have an appraisal. That's almost always impossible with some of those search options.

    It appears that you have a pretty good idea of what you want. Just knowing duplex cuts down your list quite a bit. You also have to live in it yourself, so I imagine you might have some idea of what areas of town you'd want to live. I imagine you also have a price range, there's a third filter.

    Where I'm going with this, is that the combination of narrowing your search and using a VA loan might really focus your search. It might be off the MLS and that is really OK because you get an advantage of leverage by using the VA loan. I'd still try to get a "deal" but that might only be a slight discount. Again, that's OK, because if you are starting your RE journey by house hacking with a VA loan in a solid market like Toledo, in a good neighborhood that you're willing to live in... That's a solid combination on its own right there.

    2Reply
  • Account Closed
    Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    6y

    You cant throw a rock in Toledo without hitting a deal haha

    0Reply
  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    6y

    Hi @Quinton Fernandes, first off, thank you for your service. Secondly, good job taking advantage of that VA loan. The best way to find deals is by getting connected with a realtor, preferably one who invests themself.

    0Reply
  • Corby GoadeBusiness Member
    Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
    6y

    I'd connect with an experienced investment friendly realtor. If you are able to find a good one, they will help you exhaust the list above and guide you through the entire process including connecting you with a great lender who is intimately familiar with VA loans. Heck, you probably have 30 PMs from realtors right now!

    1Reply
  • Quinton Fernandes
    OP
    Columbus, OH · Member since 2020 · 9 posts · 8 votes
    6y

    @Kristin Smith

    Thank you so much for the awesome list. Seeing as the weather is awful today I guess I know what I will be doing. Say I wasn't to use my VA home loan and just do a regular loan 30yr. Looking for opinions here: would it be smart to start with a single family home, a duplex, multi-family home with more than 4 units? Any advice would be helpful.

    1Reply
  • Kristin Smith
    Vermont/Tennessee · Member since 2018 · 25 posts · 29 votes
    6y

    Any units you rent out will need to be managed. Are you planning to manage the tenants yourself I assume? Many people do that at first when starting small. If that’s the case, decide how many units you are comfortable managing with your schedule and consider how you will meet any needs they may have (such as midnight property emergencies like heat going out, plumbing leaks, etc), and find some maintenance and repair people that you trust to handle the big things you cannot do yourself. That should help you decide how much you want to tackle at once. With the concept of “scale of economy”, the more units you can get with this multi family dwelling, the better. Instead of 5 separate houses with 5 roofs to maintain, etc, you only worry about one roof over everyone. And so on... Starting out with a three or four plex should be doable for you, albeit somewhat harder to find than single homes or duplexes. If you’re motivated, go for a small apartment building!  You will qualify for a higher amount of financing if it is considered a commercial property (even though you will live there) because the lender will take into account the income you would receive from the other units, so don’t be afraid to look in a higher price range for bigger multifamily properties.  Living in the unit yourself will keep your down payment requirement much lower.  
    Many investors say that they wished they had started right out with a multi family property, the bigger the better. More units = more cash flow under one roof. 
    You have an excellent plan, happy hunting!

    0Reply
  • Daniel Kramer
    Rental Property Investor · Toledo, OH · Member since 2019 · 115 posts · 72 votes
    6y

    @Quinton Fernandes I always encourage young single friends to go 2-4 unit for the house hack. I wish i would have, it's a beautiful thing to have a multifamily investment property with an extremely low down payment. If you move, you have yourself a decent multi-unit rental property to hold onto that you can either manage yourself from a distance or let someone else manage. Over 4 units and you won't get to use your advantageous residential VA loan. Not to mention that's a huge leap. Single family obviously won't give you much opportunity to house hack, but its biggest advantage is exit strategy / liquidity. You can hold onto it as a SF rental, or you can sell it to the general population looking to buy a SF home. It can be hard to sell a 2-4 unit when you have a limited buyer pool (investors / smart people like you).

    2Reply
  • Tom Ott
    Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
    6y
    Originally posted by @Quinton Fernandes:

    Hello all,

    I have just really started getting into looking for a investment property if not multiple. I am currently in the navy and I know I can get the VA home loan if I live in the building. If I invested in a duplex or multi family I would be under the terms of the va home loan. I really just don't know where to start looking. I just got stationed in Toledo, Ohio in June 2019 and I am really hoping to find something that I can work on in my spare time as well as live in. I am looking for any website/local/anything that would be helpful in find these types of properties. Any help/tips in general would be wonderful.

    Thank you so much for y’all’s time.

     I would pick a market and then look at investment companies doing work there. Most investment websites are not that great. 

    0Reply
  • Bob Prisco
    Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
    6y

    @Quinton Fernandes none!! If you want a great deal you need to connect with those doing deals vs " researching online " How are you going to know a good deal if you do not know the market ? Again, connect with those doing deals.  I can get as many good deals I want, withOUT ever searching online, its all about your network

    Good Luck 

    0Reply
  • Quinton Fernandes
    OP
    Columbus, OH · Member since 2020 · 9 posts · 8 votes
    6y

    @Daniel Kramer

    Thank you for all the info. So would you recommend if I did use the va loan to get a real estate agent? Or would it be better to just go at this by my self?

    Thanks again

    0Reply
  • Quinton Fernandes
    OP
    Columbus, OH · Member since 2020 · 9 posts · 8 votes
    6y

    @Zeke Liston

    Thank you for the quick response do you know any realtors that are up in Toledo area?

    1Reply
  • Quinton Fernandes
    OP
    Columbus, OH · Member since 2020 · 9 posts · 8 votes
    6y

    @Kristin Smith

    That is really great advice. Is it hard to do property management from out of state? I won’t be here forever as the navy does move me around. If I was able to find the money for a larger multi-family home how many units would you start off with?

    Thanks for all the info very helpful

    0Reply
  • Quinton Fernandes
    OP
    Columbus, OH · Member since 2020 · 9 posts · 8 votes
    6y

    @Daniel Kramer

    That is awesome advice. I am just curious how much do the average cost per unit go for? And can you give me any tips on what exactly I should be looking for when buying a 2-4 unit?

    0Reply
  • Quinton Fernandes
    OP
    Columbus, OH · Member since 2020 · 9 posts · 8 votes
    6y

    @Bob Prisco

    Do you know anyone I might be able to connect with or if not Cleveland? I have some family there in Strongsville so if I need a place to crash so I can work on a project, I have a place to stay over the weekend.

    0Reply
  • Daniel Kramer
    Rental Property Investor · Toledo, OH · Member since 2019 · 115 posts · 72 votes
    6y

    @Quinton Fernandes

    When it involves the MLS, I always suggest an agent. No cost to you, it's a no brainier. You can and will likely search on your own in parallel but there is no reason to not have an agent for buying.

    1Reply
  • Daniel Kramer
    Rental Property Investor · Toledo, OH · Member since 2019 · 115 posts · 72 votes
    6y

    @Quinton Fernandes

    It really depends on the neighborhood and number of bedrooms. A 3-bed side of a duplex in Perrysburg could be 1,300 or a 1 bed in North Toledo could be 350. I suggest first identifying where you want to live, do a Zillow search for duplex and your price range, see where there are concentrations of duplexes and if that can overlap with where you want to live. Start there, then start doing some calculations based on average rent in that area, for both when you're living in it and when you move out.

    Dan

    0Reply
  • Zeke Liston
    Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
    6y

    @Quinton Fernandes not of the top of my head but I am positive you'll be able to connect with some through BiggerPockets!

    0Reply
  • Bob Prisco
    Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
    6y

    @Quinton Fernandes  what is it you are wanting to do ?  

    0Reply
  • Bob Prisco
    Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
    6y

    @Daniel Kramer no need to waste your time on MLS, that is not where the deals are. I have done about 500 out there, using MLS about 10 years ago only for a handful. I can get as many GOOD deals as I want without speaking with a realtor, its all about your network

    Good Luck  

    0Reply
  • Daniel Kramer
    Rental Property Investor · Toledo, OH · Member since 2019 · 115 posts · 72 votes
    6y

    @Bob Prisco I understand and that's great. What we are talking about here is using a VA loan and a first time buyer. My advice is that getting a decent deal in a good market like Toledo, a 2-4 unit, using VA loan leverage... Is a great launch pad to 1) learn property management, 2) build equity, 3) gain contacts. He's not asking how to do 500 deals.

    2Reply
  • Bob Prisco
    Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
    6y

    @Daniel Kramer sorry the topic was how to find good investment deals. i did not notice the topic change throughout  the thread,,,,,

    All the best 

    0Reply
  • Stone Jin
    Rental Property Investor · Chandler AZ and Sylvania, OH · Member since 2009 · 708 posts · 561 votes
    6y
    Originally posted by @Kristin Smith:

    Aside from the regular MLS such as Realtor.com, here are some options:

    HomePath.com for REO listings,

    Auction.com (properties listed there are sometimes eligible for conventional financing), 

    Xome Auctions, 

    LoopNet (perhaps not the greatest resource but look anyway), 

    Hubzu although it can be (tedious and confusing), 

    also check your city or county website for auction properties ( a very few may be eligible for conventional financing), 

    HUD Homestore (another tedious process but worth checking)

    ForSaleByOwner.com (search your area, not all properties listed are on the MLS)

    4SaleByOwner.com (ditto)

    Craigslist Toledo OH, real estate for sale by owner listings (beware scams, but sometimes good things show up)

    Facebook Marketplace for Toledo Ohio, there is a real estate section

    Local bulletin boards- post a free ad saying what you are looking for

    Bigger Pockets Marketplace!

    Look up and contact wholesalers in your desired area to see if they have anything that meets your criteria (many are here on Bigger Pockets to connect with)

    If you are prepared to go further in your search, you can direct-mail the owners of any multi-family properties you see that you take interest in, to see if they may want to sell. Sometimes even if they don't, they know someone else who does!  There are resources here on BP for how to do that, getting address lists, etc.  

    Guys, what have I left out??

    Homesteps.com (freddie foreclosures)

    realtybid.com

    Toledo only, Pamelaroseauction.com bethroseauction.com

    Good luck

    2Reply
  • Chad Boyers
    Real Estate Agent · Toledo, OH · Member since 2019 · 88 posts · 38 votes
    6y

    @Quinton Fernandes

    If you use a VA loan, the benefit is low/no down payment. The negative is that there is a funding fee, which is typically a few thousand dollars that is rolled into the loan. I believe you would be restricted to 1-4 unit properties to qualify for VA as well. If you decided to move but not sell the property, you will have reduced or no VA benefit available on the next property that you purchase.

    Regarding the websites, many of them are overlaps of each other. Most, if not all, of Fannie/Freddie/HUD properties will be listed by a local broker, which are seen in the MLS. Auction sites (auction.com, xome, etc) can be good deals, but typically don't allow interior access to properties and are many times cash-only sales.

    I work with a handful of investors, but it isn't the bread and butter of my business. I'm glad to answer any questions that you have, feel free to PM me anytime.

    0Reply
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