Buying Rental Property: How I Find the SECRET Opportunities “Daniel……..How do I find real estate deals?” This is a question that I receive the most when I am coaching, giving presentations on real estate investing, or just talking amongst my friends. Now I came up with a quick analogy and I’ll use dating as an example. Now when I say dating, I’m not talking about the “one night stand” type dating, I am talking about looking for a soul mate, someone to spend the rest of your life with. It current times, we have several dating apps available to us BUT is that the best way to find that soul mate? Option 2, you have a friend, that knows you well and has another friend that she knows well too. She sets you two up on a date and BOOM fireworks! Well, I’ve translated this idea into buying rental property. So I believe when it comes to buying rental property, deals are not FOUND…….they are CREATED. In the world of real estate investing there are so many ways to get a deal, but the majority of deals…..are NOT good deals to begin with. But let’s define what a good deal is: 1. I am alone with the seller without having to deal with any type of competition. 2. Genuine real estate problems that I want to solve for them. 3. The seller is willing to collaborate, willing to listen, and really make a good deal.
When buying rental properties, many investors will use varying software, sometimes they will reach out to their real estate broker friends, or they will frequent sites like zillow, redfin, craigslist to try and find properties. And that’s A LOT like trying to find the right, life-long partner on one of these dating apps. Going this route when trying to find deals, you will spend a lot of time sifting through some of the bad apples, unfortunately, as opposed to utilizing your friend, who knows you very well. Now that we got the analogies out of the way, let’s talk about HOW I actually find Secret Investment opportunities when buying rental property. I look for local property managers and I build a relationship with them. Who better to have insight on when a property owner is looking to sell? Or better yet, who better to have the insight on how the building is performing financially, vacancy rate, maintenance issues……the list goes on. Buying rental property