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Finding Cheap Single Family Homes
As an investor, especially a real estate investor, you want to get a property that will provide you with the highest possible cash flow and the best possible ROI (return on investment). Some investors opt for residential complexes, while others opt for family apartments. If you’re a guy who’s new to the arena and wants to get your feet wet, single-family homes are the best way to go. Depending on your investment strategy, you may want to invest in single-family real estate to either flip the property, live in it yourself, or as a source of cash flow by renting it out to someone else.
The only thing about finding this type of property is the high prices you can find. Since real estate prices have skyrocketed in recent years, the cost of a single family home may be more than you want to pay. However, there is a way out. You can actually find cheap single family properties. Yes, you can practically get one that is a steal. How is this possible?
There are actually many ways you can get single family homes. If you do a little research and dig carefully, you can come up with several sources. Here are some resources you can try that have generated leads for other real estate investors:
o Fastener Uppers – One way to find cheap single family real estate is to contact local construction companies. Investors don’t realize that construction companies work closely with real estate agents, sellers, and even the city or town where you live. They have friends in places you wouldn’t be able to contact. They can find out which properties are for sale or will be sold and where the properties are located. Don’t be afraid to stop and ask the site manager if he knows something. Just tell him you’re a real estate investor and he’ll be more than willing to share what he knows.
o Foreclosures – Another way to find single family properties is to look for foreclosures. Get a foreclosure listing from a real estate agent or online and search for it. There is even a website dedicated to foreclosures. This is the best and easiest way to find a family property cheaply. You can find some properties for practically pennies on the dollar. All you are doing in many cases is just paying off the mortgage that is due.
o Tax Liens – Here’s how some investors get involved when it comes to real estate. They usually get a list of tax entitlements from the tax department at the tax office of the local or county government. You can also find these lists published in the Sunday papers. Many types of real estate are listed. Just make sure what you want is a single family owned property. In some circumstances, you may find that you will only pay $500 or less for the property.
o HUD – Don’t forget to look at the HUD. They have ways to help finance your first home, but they usually have listings of single-family homes that are less expensive than you would find at a realtor.
o Bank Auctions – When looking for your next family property, why not go to Bank Auctions. Many investors went to them and made money. But before you go to one, do your homework. Check out the homes that are up for auction beforehand and find out the market value of the homes and taxes in the area, etc. Knowing these facts will save you a lot of money and time by only bidding on a price that is slightly below market value. That way, you won’t spend more than what the property is really worth.
o Distressed Homes – Another way to find single family owned real estate is by simply driving down the street in your neighborhood or another. Find a home that’s really dope. Look for jacked-up cars in the driveway, spilled oil or trash, dead or overgrown lawns, and obvious signs of neglect. Check out the neighborhood too. How close is it to shops and maybe nearby bus lines. These types of settlements are low-income residents. As such, they are willing to sell their assets cheaply just to get out of these conditions.
Finding cheap family owned property is actually not that difficult if you know where to look. We hope the information contained in this article gives you some ideas on where to look for them.
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