Finding Deals
Hello BP! I'm just starting out with investing in buy and hold rentals. I have spoken with a local credit union about financing. They are willing to to do portfolio lending on investment properties under 50k with 20% down, with an interest rate ranging from 3.25% to 4.25% depending on credit score. I'm just having a hard time finding decent properties. What is the best way to find buy and hold rentals? And has anyone tried talking to property management companies about landlords possibly wanting to sell? Thanks for any advice.
Most Popular Reply
Are you looking for on-market or off market rentals? Portfolio deals are more than likely going to be found via reits or commercial lenders who are about to foreclose or liquidate on borrowers who have those portfolios through them. I would suggest to definitely call property managers for leads on properties that might be getting ready to be sold. And you could even retain them as a good turn around as well. Title companies are good places to go to for leads for who is buying and who is selling. Mortgage brokers and companies would also be a good lead. Of course you will want to network with the bigger investors in your area for leads as well. Find a way to help them but not be overbearing.
Of course your approach to the properties that you are looking at could very well be changed - some opportunities may not be as black and white as others. And of course the reverse is just as just. So know what options you have with what you are looking at. Good luck hope this helped!