Rental Profits With Out Pain Part 4

Next,I’d like to show you how to locate properties. Specifically, we are going to talk about targeting properties, or targeting areas.

I am going to show you a couple of websites you can use yourself to do some research. The first one is called the Investigative Reporting Workshop. I got this from the American University of Washington, D.C. This is a great tool.

Find the Right Town

http://banktracker.investigativereportingworkshop.org/banks

Let us just type in a bank,BNC Bank. Essentially this shows you a chart, or a graph, that will show you the default assets of a bank.

There are two bars there.One is the national average of default assets which is properties the banks have loans against.The other line is for the bank in question, so you can compare it to the national average to see how they are performing.

If their line is way above the national average, you know that bank is in a little bit of trouble. I suggest you call that bank, or even better, go and visit them in person.Tell them you would like to look at their list of default assets.

Now banks are notorious for playing hardball in the beginning. They are going to say things like, “Hey, we do not have to sell these properties. The price is not negotiable. That’s the way it is. You can take it or leave it.” Do not believe them!If you go in there with a cash offer, believe me you can get properties for half off. A lot of banks will sell them through realtors, but many of the smaller bankers will sell them themselves. I recommend you visit them in person to see what kind of information you can dig up.

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