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Where to Buy Houses for Real Estate Investing

By Simon Macharia Subscribe to RSS | January 10th 2012 | Views:
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In order to make a profit in real estate investing, you must have a continuous flow of good deals. This means you must buy houses at low prices and turn around and make a profit, regardless of your business model.

So how can you buy houses at prices low enough to make a profit?

1) Motivated sellers

This is my most favorite method of getting great deals. It is still the most favorite method of getting deals that never find their way into the open market, way below market value.

A motivated seller is someone who badly needs to get rid of their house. In most cases they are behind on their mortgage, facing foreclosure, divorced, burned by bad tenants, have inherited property, and so on. They can do anything to get rid of these properties which have become a big bother in their lives.

So how do you find motivated sellers?

You simply need to market to home owners who are in legal trouble. In my market, I am able to get a listing of all county court filings every day. If they own real estate, they get into my mailing list.

These people are ready to do business once they call.

2) Wholesalers

Other real estate investors that sell houses at wholesale prices form an alternative source of cheap houses.

I get lots of good deals most of which I cannot pursue. I sell them at wholesale prices to other real estate investors who put them back on the market.

When you buy a wholesale deal, you can buy the house in a simultaneous closing or take over the contract to buy the house. Check our other articles for details of these transactions.

3) Local REI meetings

It is most likely there is a local meeting of real estate investors near where you live. These are people who buy and sell real estate actively in your local market.

This is a place where you can find good deals.

4) REOs and the MLS

Unfortunately these are not the best deals you can find. The asking price is usually too high for most real estate investors even though thousands of properties are sitting out there with no buyers.

Do not forget this is the most over-shopped source of real estate deals and the price breaks may not be that high.

These are the deals I recommend the least for investment purposes.

5) Courthouse auctions

In order to get good deals from court house auctions, you need to do a lot of home work. Unless you are well polished in this kind of research, I would not recommend this route.

6) Craigslist and other online sources

Again, good investment deals are rare here because the resource is too over-shopped and most Realtors and FSBO owners advertise here. Getting a good deal from Craigslist is therefore not easy.

Simon Macharia - About Author:
Most successful real estate investors close more deals using less effort, time and money by leveraging the power of technology to make their work easier. Learn how you can run your business from an interactive website for real estate investing that automates most of your tasks increasing profits for you.

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