Real Estate Investor · New York City, NY · Member since 2015 · 8 posts · 8 votes
11y
Hey Malik,
One method you can utilize is the advance search feature on most brokerage websites. In my neck of the woods, I know I can't find, let's say 2,3,4 family homes for under $300k. If I set my max to $300k and multifamily properties start popping up, chances are they are distressed in some way. If they are grossly under what you would expect the market rate would be, chances are they may be empty and in need of serious rehabbing. I did this recently and sure enough I came across a few. Once you have identified a few online, that should cut back on how much driving around you need to do. You can plan to visit the potential prospects using mass transit. (not sure how what that looks like for you.)
But if you enjoy driving around farming neighborhoods like I do, you can rent a car using relay rides or zip car for a couple of hours. Or you can rent a bike if you don't already have one. I'm planning on buying a bike for this exact reason. Get great exercise and farm an area at the same time. And worst case scenario, you can identify pockets of neighborhoods you wan to check out and walk it. Again, burn some calories and farm, building wealth and health. Good luck.
Investor · Rosebud, AR · Member since 2014 · 133 posts · 49 votes
11y
internet searches find property's. you might have to team up with someone who drives for inspections and checking on properties. your limited by travel restrictions. but there are creative ways of doing anything.
Real Estate Investor · New York City, NY · Member since 2015 · 8 posts · 8 votes
11y
Hey Malik,
One method you can utilize is the advance search feature on most brokerage websites. In my neck of the woods, I know I can't find, let's say 2,3,4 family homes for under $300k. If I set my max to $300k and multifamily properties start popping up, chances are they are distressed in some way. If they are grossly under what you would expect the market rate would be, chances are they may be empty and in need of serious rehabbing. I did this recently and sure enough I came across a few. Once you have identified a few online, that should cut back on how much driving around you need to do. You can plan to visit the potential prospects using mass transit. (not sure how what that looks like for you.)
But if you enjoy driving around farming neighborhoods like I do, you can rent a car using relay rides or zip car for a couple of hours. Or you can rent a bike if you don't already have one. I'm planning on buying a bike for this exact reason. Get great exercise and farm an area at the same time. And worst case scenario, you can identify pockets of neighborhoods you wan to check out and walk it. Again, burn some calories and farm, building wealth and health. Good luck.
Investor · Fort Lauderdale, FL · Member since 2015 · 172 posts · 30 votes
11y
Malik, I know you heard the saying "Where there is a will, there is a way". Being a newbie to this industry, you just have to make a way to get out and find properties. One of the things that I am doing now, because I am a newbie, I have begin to speak with other people looking to make extra money on the side from bird dogging. The County where I live in South Florida, there are 37 cities, so I need extra eyes to help me locate potential deals. Start talking to your friends and family members about the neighborhoods and the communities the reside in to see if they know of anyone that may be looking to sell and/or any vacant properties that may be available. Remember it doesn't hurt to through in an extra incentive for those individuals that truly believe in what you are doing and don't mind bringing you the information.