Like most single-family rental property investors in Tampa, you’re keeping your eyes peeled for great real estate deals. In spite of the numerous ways to go about getting that bargain property, some of the most successful strategies take a more creative approach. No matter what it is you’re looking for in a rental house, dodge the competition by using these four creative ways to find that next Tampa real estate deal.
1. Contact Absentee Owners Directly
In a competitive real estate market, good deals on a property may be tough to come by, especially when the deal has been listed on multiple listing services. You will most likely be in the market competing with other investors and individual homebuyers since there are so many people searching for affordable housing.
This is why going for a different approach is not just practical, it’s necessary. One creative tactic used by many successful rental property investors is to contact absentee property owners directly and ask them to sell to you. Absentee owners are property owners who don’t live in their property. This means that the house is either vacant or being used as a rental. Asking the owner is your best course of action. Plus, tracking down absentee owners isn’t really that big of a deal. You could drive around looking for houses that look vacant, call ads for rental properties listed by mom-and-pop landlords, or checking through public records. When you finally settle on a potential property, set your offer on the table and see what the owner has to say.
2. Try Bank-Owned Properties
Foreclosed properties can at times turn out to be a source for great real estate deals. In a lot of settings, foreclosures happen because the bank has repossessed the home due to the nonpayment of the mortgage. What ends up happening is the bank will oftentimes sell the property to recuperate some of their money. They have no interest in holding a foreclosed property. That can mean major savings for a savvy real estate investor.
There are, however, a few things you should know before you purchase a foreclosure. The foreclosure process can be long and complex, and bidding and buying a foreclosure is different in many ways from buying a property from a private seller. It’s important that you know what you’re getting yourself into. So, know the details of the process before making any further decision. Also, foreclosures are notorious for being in disrepair, so you’ll need to be prepared to make improvements on a foreclosed property.
3. Watch for New Listings and Very Old Listings
In real estate, a motivated seller will often welcome the first offer they get. Because of this, it would do you well to do whatever it takes to be the first in line. Make it a point that you are already pre-approved for financing. You can then work with your real estate agent to set up alerts when new properties are listed so that you can be one of the first to make an offer.
One other approach is to view the market for listed properties that have been listed for a long time. A lot of times, these properties end up being shelved because they’ve been on the listing for so long that their owners are becoming desperate for offers. If you can manage it, and if the property fits your profile for a good rental house, you can definitely negotiate your way to a great deal.
4. Wait for the Right Deal
In the pursuit of your next investment property, you should be looking at a lot of real estate deals. For a professional investor, finding great deals in Tampa is usually about playing the numbers. You probably have to sift through so many potential properties before narrowing them down to a few that show enough promise for a deeper analysis. After that, you might make less than ten offers, and only one or two are going to be accepted. Even so, if that one “yes” is a great bargain, it’s definitely worth the effort.
With these creative approaches, you can find a real estate deal, and then build your wealth at a faster pace by securing instant equity in each new property you acquire. Accordingly, you’re protected from future downturns while ensuring a solid financial future. Once you have your property, Real Property Management TradeWinds would be happy to help you manage it. Contact us online today to learn how we can help you save time and money.
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