How to find distressed properties for sale
As real estate investors, many people will ask us about the process: How to find distressed properties for sale. Here are some ways we find such properties:
- MLS: The Multiple Listing Services is a search engine that a licensed real estate agent/realtor/broker has access. MLS access is only granted on a specific search area basis; thus, the MLS covers limited ranges. For example, if a property wanted to be sought in the Twin Cities area, the Rochester MLS would not cover the Twin Cities. Reel Property Solutions, LLC works closely with a real estate agent for listed properties in the Rochester and surrounding areas. This way the agent has access to a lot of information that we would not have on our own.
- Drive for Dollars: This is when we actually get in a vehic
le and seek out properties that look distressed, such as having a bad roof, siding is going bad, windows appear to be rotted, etc. Then we do a property search to determine who to send a letter and hope for a response. - FSBO signs: For Sale By Owner signs tend to be found in a property yard, typically red and white with the contact person’s phone number. Some of these properties are already in great condition, so we do not look further. Other times, the properties are distressed so we make contact.
- Craigslist: This is a website for all sorts of services, goods, trades, etc. Search the Housing tab and find people who want to buy and/or sell. Not all listings will be valid, so due diligence and trusting the gut instinct is imperative!
- Networking: Establishing a group of like-minded people to work with and be of help to all involved is the best way to describe networking. Perhaps someone knows of someone wanting to sell a property. Recently a network passed along information about a foreclosure. Then we contacted our real estate agent for more details (this was a listed property). The first question to ask is: Is this property still available? Since Rochester is a Seller’s Market, sometimes a property will have an accepted offer right away and the server system is not updated.
- Marketing: Bandit signs, bus ads, mailing campaigns. These are a few ways of how to find distressed properties for sale- those with a distraught situation can contact us! Currently, Reel Property Solutions, LLC has a bus ad and Bandit signs. We always like to know how people have found us so we can tweak our marketing.
Throughout any form we follow on how to find distressed properties for sale, Reel Property Solutions, LLC is supported by Fortune Builders to guide us as needed. With this extensive real estate investing training, Reel Property Solutions, LLC is able to display a LOT of confidence, knowledge, and most of all, gain instant trust with the potential seller or representative.
Reel Property Solutions, LLC is always seeking distressed properties. If you or someone you know has real estate for sale, contact us. info@reelpropertysolutionsllc.com or 507-218-8788.
We would also be happy to answer questions about how to find distressed properties for sale!