Ideally, for a start-up real estate investor, probably the best way to open up such career is to find yourself a decent, small, long standing apartment but strategically located, at a very low price and only requires a meager amount of cash down payment. To find this type of bargains, there are several ways of doing it. But everyone should bear in mind that until now, there is no perfect formula that could work all the time.
In scouting for real estate bargains, first stop is the typical and basic reading and studying of local newspapers. There are properties that are listed for sale by their respective owners. These owners opted to sell directly to potential buyers and avoid having to deal with real estate brokers and their commissions which are usually provided by the sellers themselves. Look for classified ads and under the column real estate wanted, place your ad “Wanted: Real Estate”. This would surely create a buzz and you will both have brokers and property owners come knocking down your door.
As you get serious along the way, and your search starts to drain you a bit, it would be timely to start consulting real estate brokers. These people possess vast amounts of detailed information and are also very familiar with market trends. Brokers can also be of big help for a first time real estate investor. They can brief you on building plans, permits and licenses, taxes and other pertinent matters. Since their commissions are paid by the seller, brokers can sometimes become very much aggressive in closing out deals.
Conducting real estate searches on the net has just recently picked up. Every minute on the world wide web, information is added and shared to the rest of the world. Thus it is an ideal place for start up real estate investors in seeking for real estate bargains. Though the net still needs to be further explored by real estate investors, experimentation and relentless research still promises opportunities for real estate bargain prices and deals.
Other not so typical means of real estate bargain hunting is through establishment and provision of commission based sales leads. There are everyday small companies that can provide sales leads to a real estate investor. You can provide sales commissions to taxi drivers, mailmen, movers or moving companies. These people are frequent roamers of a particular city or area who at one time or another could catch a glimpse of potential real estate properties on sale. They can provide a real estate investor with first hand information on vacant buildings, potential commercial and residential areas. Once information is provided, it is now your task to make further contacts with the owners of the property.
Another option is to visit public auction houses and banks for a list of their foreclosed properties. Usually, foreclosed properties can be acquired through bargains, for the reason that some banks and auction houses also need to dispose of their real estate properties because it also entails bigger asset management costs on their part. Though there are no limits as to how real estate bargains can be found, it is always best to always have common sense and practicality along the way in order to achieve and accomplish the goals and aspirations as a real estate investor.