Middle Class Millionaires

One of the most asked real estate investing questions I hear is, “Where do I look for deals?” Of course, marketplaces and personalities are different everywhere, so I can’t tell you where the best place for you to look is. I can only throw out some ideas that hopefully open a few more doors to you.

Local Classifieds

Check your local paper once a week for classified ads. You may also want to try placing a “want to buy ad.”

Talk To The Banks

Call your local banks to see what they do with or who they use to sell foreclosed properties if no one else bids on them when they are auctioned.

Drive Around

As you drive around your investment area, look for one or both of two things:

1) For sale signs. You generally won’t find these on apartment complexes, but there are a few home owners out there that do nothing else besides stick the sign in the front yard.

2) Properties that look run down, mismanaged, empty, or otherwise ready to be sold. You might be able to locate the owner via tax records, or your friendly neighborhood title company.

Back To The Paper

Pick back up the paper and use the numbers listed in the “for rent” section of the classifieds as a lead to track down multi-family building owners. Ask them if they’d like to sell their property. I wouldn’t do this every day, of course, but occasionally you might just dig up a lead.

Online Real Estate Listings

There are many residential and commercial online listing resources.

Commercial:
http://www.loopnet.com
http://www.cimls.com
http://www.cityfeet.com

General
http://www.realtor.com
http://www.homes.com
http://realestate.yahoo.com

FSBO websites

There are a number of for sale by owner websites out there where homeowners can list their property. Most of them cater exclusively to single family homes, but a couple of them include commercial/multifamily listings, too.

http://www.fsbo.com
http://www.foresalebyowner.com
http://www.homesbyowner.com
http://www.miadomo.com

Online Classifieds

There are a few online classified services that are not dedicated to real estate where you might still have some luck.

http://www.craigslist.com
http://www.backpage.com
http://pages.ebay.com/realestate/

Use An Agent

You can find an agent to scope out the deals for you. Some investors like to use agents, some don’t.

Talk About It

Don’t be afraid to mention that you are looking for investments when you talk to people. You don’t have to be pushy or annoying.
The more people that know you’re looking, the better the likelihood that someone is going to call you with a deal.

Now Go Find Them!

If you have any other ideas to add to the list, let us know.

Good luck!