You've recognized the incredible value in rental properties, but how do you find them? Where should you look?
These questions are deceptively simple, only brushing the surface of a subject that's a little more complicated than it first appears.
Yes, you can find a variety of rental properties with a Google search, but finding an attractive property at an affordable price isn't nearly as easy.
You'll need to use all your available resources, taking advantage of many different strategies.
With that in mind, we'll walk you through six ways to find new rental properties for sale.
1. Network With Real Estate Professionals
You've made connections while working in real estate, and they can help you find properties you wouldn't otherwise know about. Reach out to these professionals and ask them about any real estate that shows promise.
If you're lucky, they'll provide a list of various properties — potential opportunities for investment.
Of course, it's necessary to maintain a certain degree of tact when navigating these conversations.
You don't want to push things if your connection seems hesitant or uncomfortable. Reach out to someone you've already formed a relationship with and speak to them as a person, not a resource.
2. Join an Investment Club in Your Area
On the subject of networking, you may see the appeal in an investment club. They're a valuable asset when looking for rentals, as members of the club will often share properties for sale on an email list.
The typical fee for joining this type of organization usually falls between $100 and $300 each year.
The annual cost of membership may seem a bit steep, but you'll have access to a diverse variety of properties.
If you want to expand your search — and you don't have as many contacts as more experienced investors — an investment club is an attractive option. It's often well worth the price of admission.
3. Browse Websites Connected With the MLS
Typing rental properties for sale into Google will likely have mixed results. You'll come across a few leads, of course, but you';ll enjoy far more success when you browse specific sites that specialize in real estate.
Realtor.com and Redfin.com are especially useful for locating rentals due to their association with the multiple listing service, or MLS.
The MLS is a collection of properties for sale by real estate brokers across the country. When you search for rentals on a site like Realtor.com, it's drawing on information from the MLS to inform your results.
This strategy is one of the most convenient ways to find investment properties.
4. Reference Print Media Like Newspapers
Given the previous suggestion, newspapers may seem slightly outdated, but they're often useful for finding For Sale by Owner properties. As context, FSBO properties refer to real estate the owner sells without any representation.
In doing so, the seller can avoid the cost of commission.
You can find these properties and similar real estate by looking in newspapers for your chosen region. Smaller community newspapers are helpful if you're searching for rentals in specific cities.
If you haven't given print media a chance, consider a quick look to ensure you're exhausting all your available options.
5. Attend an Online or Sheriff Sale Auction
A property auction is an excellent place to find real estate. It's markedly different than most of the standard strategies for tracking down properties, but it';s no less practical. If anything, you have more options when you pursue an auction, given the many types of auction you can attend.
Online auctions, sheriff sale auctions and private auction companies all provide new opportunities to explore.
While there’s a perception that auction properties are in bad shape, this is often untrue. Auctions can be great places to find investment properties from sellers who are highly motivated to sell , need to move quickly, and are willing to accept buyers’ bids.
6. Engage in Outbound Marketing Techniques
You don't need to find sellers if it';s inconvenient. You can have them find you with a few simple techniques for outbound marketing.
Through advertising, direct mail or a long list of other methods, you can draw attention from
sellers and prompt them to contact you with the details of their properties.
That said, you'll end up spending more on outbound marketing than you would with alternative strategies.
Advertising and direct mail will cost money, which may seem less than ideal if you're hoping to save. Even so, these techniques are appealing if you plan on taking a passive approach.
Find New Rental Properties for Your Portfolio
You've recognized the incredible value in rental properties, and now you have the means to find them. Whether you turn to your connections, an investment club, print media or one of the other suggestions above, you can feel confident you'll locate the best property for your future goals.