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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: soccerluvof4 on July 21, 2018, 04:42:07 AM

Title: How do you find your rentals?
Post by: soccerluvof4 on July 21, 2018, 04:42:07 AM

I've been looking for several years now and I just dont seem to find a place (2-4 Family) that comes in the 1% rule. In looking in an hour radius and the ones I have a fighting chance  there either built in the 1890's -1900s and the better ones move so quick its almost as if there posted with offers. Any suggestions as I would like to at least find one to get started.

Title: Re: How do you find your rentals?
Post by: sammybiker on July 21, 2018, 09:34:45 AM

Probably my best deals were by word of mouth only.  Why don't you hop on biggerpockets and network with some investors in your area and also attend a couple REI meetups and tell people what you're looking for?

Title: Re: How do you find your rentals?
Post by: waltworks on July 21, 2018, 11:12:07 AM

What Sammy said. You are not going to find 1% rule deals (sound like you're looking for multifamily, where you want more than 1% usually) on the open market in the US much anymore unless you are willing to look far out of your local area.

You will have to put in the work to become connected enough to the real estate market to find off-market deals. That will be a lot of work, so if this is just a casual interest in finding a rental, don't bother and just keep plugging money into whatever you already invest in.

-W

Title: Re: How do you find your rentals?
Post by: tralfamadorian on July 21, 2018, 11:59:00 AM

I've never had much success with networking on biggerpockets; the active members in my target markets were unexperienced newbies who couldn't bring anything useful to the table (funds, experience, skills). YMMV.

RL networking with real estate attorneys, agents and everyday people have been my best leads along with finding properties that were under-utilized (ex: a 3/1.5 that could easily be converted to 4/2).

Title: Re: How do you find your rentals?
Post by: soccerluvof4 on July 22, 2018, 02:29:17 PM

Thanks for your answers! I know alot of realtors and closely but even with them its like when I bring it up its kinda ignored. Unless I fall into something I probably will just keep doing what I am doing.

Title: Re: How do you find your rentals?
Post by: FrugalRealEstateGuy on July 23, 2018, 01:37:43 PM

It sounds like you need to get out of your comfort zone a little. Target some people going to mortgage foreclosure or people who are behind on their property taxes. Send out postcards or letters OR go knock on their door!!
I used to knock on doors. Nowadays I send postcards to all the above. Also I send to people who recently got divorced, estates and my driving for dollars addresses that I have found over time.
If you get too many good deals you could always wholesale them.