Properties for Rent

[nyorker]

Hello,

I keep reading in different places that the midwest is the place to find affordable properties. I was wondering how do rental owners find distressed owners willing to sell cheap and fast. Also is this still feasible to do? I read here not to long ago that rentals are not what it used to be.

[Enigma]

So my dad has 2 primary ways that he finds distressed owners willing to sell cheap and fast.  He networks with the bank & with realtestate agents.  Keeps a keen eye to some of the properties that are marketed too high but have the potential with lots of work to be gems.  He also maintains a large rental estate so he may network a little in the court system while working on an eviction.

[Enigma]

Oh and I have bought 3 houses via online auction.  They needed a lot of work.  Even the last one that I won via auction the reserve was not met but they cut their losses and deemed me the winner.

[Jon Bon]

Hello,

I keep reading in different places that the midwest is the place to find affordable properties. I was wondering how do rental owners find distressed owners willing to sell cheap and fast. Also is this still feasible to do? I read here not to long ago that rentals are not what it used to be.

It can be done but its REALLY hard when the market is this hot. There are tons of folks out there doing exactly this. It helps to be close to the area you want to be in but not completely necessary. Midwest is kind of a big area. I think the cities are generally great places to invest(when prices cool off a bit) but those country/rust belt towns I would not touch.

I kind of think you should not do this, you are reading about others getting rich are you not? Comparison is the thief of joy. Invest in what you know, and invest in what you can see.