I’m probably considered a newbie still. I’ve owned an investment property for a little over a year now. I’ve been looking for another one (or a couple, if the prices are right). My current property is a duplex, and I’d prefer my next one to be a multi-family dwelling as well. The resources I use are MLS, the statesman, and a few websites (like yahoo, etc.). It’s rare when I find a good property at a price that has the potential to make me any real money. I’ve already tried the forclosure listings at the courthouse and decided that it wasn’t the best route for someone like me (I don’t have the time to chase those deals). Is there some other resources that I can tap? Websites? Publications?
Also, what types of programs are out there to help an investor get into properties for less money down than conventional loans?
By the way, I just discovered this site a few weeks ago and I love it. My compliments to the guru behind it.
First, thanks for the kind comments, but the only possible guru who participates here might be John Locke, and I’m not sure he’d appreciate the title.
The resources you’re using will make it tough to find a deal; not impossible, but difficult. My first two creative deals came from the paper. MLS has been very scarce for decent deals over the last few years, but that may be loosening up some with all the inventory.
In my experience the best way to find deals is to advertise so that the flexible sellers find you. If budget and time are limited, mailing campaigns could be effective. Networking with REALTORS would be helpful as well.
I know there are some grant programs like alphaassistance.com and others that will help mininimize your out-of-pocket costs on a traditional investor deal, but I’ve never used them.
The easiest way in my opinion to lower your out-of-pocket is to learn the various ways you can creatively purchase properties. Even then the seller may receive money upfront, but it doesn’t necessarily have to be YOUR money.
Also, your post makes it sound like your definition of a deal may be easier to meet than those of us who do this full-time. It might be worthwhile to contact as many investors as possible and get on their buyer list. I know I have properties that I could be flexible on (no multis) and I assume other investors do as well.
Great advice, Tim. I think it would be beneficial to put my name on some investor’s lists of potential buyers. If anyone out there would like to add me to their list, please send me a personal message through this site. I’m looking to buy 2 or 3 houses this year and more and more each year. As I said, I’m currently in the market for multi-family, but that could change. And yes, my idea of a good deal is probably somewhere between typical MLS prices and what full-time investors consider to be a good deal, so contacting me could be a mutually beneficial scenario.
Hey, are any of you who are interested on being put on “the investors list” interested in investments in Los Angeles or Watauga Texas as well? If so please let me know, I have several properties here in Los Angeles I am looking to buy and a bird dog on the loose in Texas. Please contact me ASAP.
You can meet lots of other Austin investors at the monthly wealth builders meeting. They meet the first tuesday of every month at the omni hotel at I-35 & Ben White at 7:00pm.
Stacy, could you give any more info on this wealth builders club that meets? I am very new and am planning on attending my first auction in Feb (for educational purposes only). A follow up meeting with such a club could be very enlightening.
Additionally, if anyone knows of such a club in the DFW area that would be great for me. I certainly dont mind driving to Austin for the opportunity to learn, but if there is something here in my own back yard…
Sorry, I double posted. :anon
No need for you to drive to Austin for a club meeting. You have one of the largest clubs in the state, if not the country, right in your own back yard.
Association of Independent Real Estate Owners
1824 Sylvan Avenue
Dallas, Texas 75208
2nd Thursday, 6:30 networking, 7:30 p.m. meeting
I hear that several hundred people attend the AIREO meeting each month.
B&L Investment Club
3805 Malibu Sun Drive
Fort Worth, Texas 76137
Every Thursday 6:30 p.m. to 8:30 p.m.