The first place that comes to most people's mind when looking for real estate is the classified ads in the newspaper. This is probably the best and fastest place to find a property that fits your needs. Look for ads that have one or more of the following features: Owner Terms- This usually means a motivated seller who understands creative ways to sell real estate. These people are usually open to any reasonable offer in price or terms.
Foreclosures- Banks and government organizations are usually the ones who advertise these properties but sometimes an owner who knows their in trouble will try to sell their property before it is foreclosed on. They usually are very open to any ideas that will save their credit!
Lease Options- In the real estate business control is the key to success and lease option deals give you the control you need! Always follow up on these ads.
Damaged Property or "Fixer Uppers"- Most people don't really know how damaged a property is except what they are told by other people. Always base your opinion on the base needs to make the property rentable, which can be a considerable less amount than what the owner is looking at to make the property their home. I know people who make a living just buying, fixing and selling this kind of real estate.
The next best place to find real estate is your courthouse. Get to know the people who deal with foreclosures and property taxes. These people can alert you to some of the best deals you will ever find!
Family and Friends- Be proud of your new career! Let the people your around know that your always looking for more real estate. Give them some of your business cards and ask them to give these cards to anyone they talk to that is selling a property. Always reward for any deals where you make a purchase from their lead.
Birddogs- Find people in the areas where you want to acquire properties. These people could be employees at a gas station, convenience store, hair salon or any place where people gather. Offer rewards for any lead they give you that results in a purchase. Ask them to pass out your card to anyone who may be a prospect.
Real Estate Agencies- Get to know the real estate offices in the areas you are interested in acquiring property. Let them know what you are looking for and make sure they get your card! Ask them to notify you when any listing that fits your needs comes to their office. Not all will remember to notify you but some will and good deals will be made!
Search- After you decide on an area that you're interested in acquiring property drive through the area and take note of any properties that could be for sell. Look for empty homes, damaged homes and run-down properties. These three all could lead to a purchase for you just by asking the owner. When a property sets empty for a few months or is not being taken care of there is a reason and most of the time the reason is one the owner would like to get rid of! To find the owner of these kinds of property you can talk to the neighbors or go to the tax office with the address. Most of the time they will help you locate the owner.
When you look for property make sure you keep records of the ones you are interested in and where you saw the ad or made the contact. This way you won't be checking the same property over and over! I have done this and it gets old real fast!
Remember action is the key to your success! Statistics show that you need to talk to 25 prospects then view 10 properties and make 5 offers to purchase 1 property! In a large city this is possible to do every week, which would lead to a new purchase every week! If you could just purchase 1 every other month you would be set.
FSBO- (For sale by owner) When a person tries to sell their home by themselves they usually find that the job is more complicated than they originally though it would be. After you talk to the average person who knows next to nothing about ways to acquire or sell real estate they can be very open to your suggestions. Being knowledgeable and confident in your speech will close some good deals for you.