Even if you are an experienced investor there a things you can do while searching for a property that will only add value and resource to you in the end.
This list could go on forever, but just want to share a few I tend to pay mind too.
Productive Things to do While Searching for Your Next Property
1.) Driving for Dollars
If you haven’t heard this term before, basically it means driving around a neighborhood to get a feel for the market.
You can see what the more or less desirable areas are as well as things like which roads are high traffic, along with all sorts of other ins and outs.
It can also lead to finding a diamond in the rough, like for instance a home that clearly has overgrown landscaping. That could mean an absentee owner and possibly someone you can make a deal with being they are probably disinterested in handling the property.
Whether it’s a market local to you or one out of town. Driving the neighborhood for at least a couple days can give you a lot more information than you would expect at that given market.
2.) Find Contractors and/or Property Managers
If there is one thing I have people ask me more than anything, it’s “do you have a good contractor?” As long as you invest in real estate this will be a priority. Good reliable contractors are a commodity and the better they are the busier they get, so having just one you can rely on may not be enough.
Also, if you begin looking outside of your local market you will need to find a contractor there. Don’t wait till you find your next property to do that. You should be looking for a contractor as soon as you start looking in a new market.
This holds true for property management too. Begin screening them as soon as you decide to invest in a given market.
3.) Join a local REIA or Investor Meetup
I swear by these! I am part of my local Real Estate Investors Association (REIA) and also do a meetup at a local coffee house each month.
By networking at these events you garner all sorts of good information. It ranges from someone giving you the 411 on a local neighborhood to getting a referral for a quality lender.
Even the less common things – many times someone else has already experienced and can give you advice on. Think anything from code violations to permits and city ordinances and so on. Always a wealth of knowledge at these events!
Like I always say – the key to success is to stay busy, stay working.
The above items are just a few things you can do to help keep the momentum of success in your real estate investing going.
If you enjoy my rental property investing tips, then you will love the book:
I walk you step-by-step through finding, buying and renting out a property. The book is your personal mentor!