Finding a Good Investment Property
Property market (Photo credit: Alan Cleaver)
There are many great online resources to find investment properties. Listingbook is a tool that you can join for free (it used to only be available through a real estate agent). You can quickly configure Listingbook to send you a daily feed of available properties that meet your specific criteria (price, bedroom count, location, etc). Redfin is also a great site that you can join for free and will also send you a daily feed of listings that meet your preset criteria. I think the information that Redfin provides on each property and the layout is excellent and includes sale history, public record data including property tax records, comparable sales, market data, and information on schools and community amenities. If you are working with a real estate agent, they can also send custom MLS reports to you each time a new listing is posted that meets your preset criteria. I highly recommend working with a good agent who understands investment property (preferably owns a few properties him/her self).
If you subscribe to a few different sites, you can get a good sense of the market on a daily basis by scanning your email. If you see an interesting listing, you can send along to your agent to get additional information so you can run the numbers to see if it's worth making an offer.
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