Do you want to invest in real estate? This is where to find the best real estate deals
“Henry, where can I find real good investment deals?” If you’ve ever looked for real estate to buy, you know it’s available everywhere. Yet other investors just starting out often ask me this question.
Here’s my answer: There are plenty of places to find great deals. You can find jewelry in your own backyard or in your hometown. I have been investing in California and you may know what that market has been like. Prices have been very high and there is a lot of regulation.
Here is some good news: Now that real estate prices are down in many areas, the chances of finding great deals are even greater!
Before you decide to look for a real estate investment property, I’d like to ask you a question: “Where do you want to live?” The best place to start looking is in the area where you live or want to live.
Being a long distance landlord is usually not the best idea. Living near your properties has many advantages. When you’re just starting out, you can be the “handyman” called if your tenant has a maintenance issue. It’s much easier to handle any issues or check your property if you live within a reasonable driving distance.
Here’s more good news: There are bargains in all kinds of real estate investments. You can choose the type of investment that best suits your lifestyle, skill levels, and personality and specialize in that.
You can find deals on hotels, single-family homes, duplexes, multi-family residential units, commercial properties, and vacation or tourist properties. One or more of these may appeal to you more than the others.
Two of my favorite resources for finding a great deal are the local classifieds and getting a tip from a friend. When I tell my friends what kind of property I’m looking for, they’ll let me know when they find one. But there are many, many resources both online and offline.
The important thing to remember is that you don’t have to look any further than your own hometown, unless of course you really want to move.