This checklist usually goes hand in hand with using the Calling Real Estate Agent Listed Property Checklist as once you select properties that meet your criteria, you need to call the agents with those properties (or in the case where you have an agent representing you as a Buyers Agent, have them call on your behalf).
Where To Find Deals
When searching for properties that are listed by real estate agents, you will need to know where real estate agents tend to post the properties that they have for sale (or other ways to access them). While this list is not comprehensive like our Daily Marketing Checklist covers and is not specific to any one area, you may find it helpful as a guide for point you in the right direction.
- Have a real estate agent send you an automatic list of properties that meet certain search criteria (see below for more info on that)
- Your local public version of the Multiple Listing Service
- CraigsList in the ”'Real Estate For Sale (By Broker)”' section (and lately a lot in the “For Sale By Owner” section are actually listed properties too)
- Local real estate agent websites (usually found by searching using a search engine like Google
- RealtyTrac – This primarily focuses on foreclosure properties which have a higher probability of finding better than average deals.
- HUD – This tends to have properties that have already been foreclosed on and are now owned by [[HUD]]. These tend to be better than average deals.
Search Criteria To Consider
Your search criteria for deals will vary depending on what you are looking to buy, where and how, but here are a few ideas to consider and then, following that, is what James uses:
- Single Family Homes, Duplexes, Triplexes and/or larger
- Neighborhoods or parts of town that you prefer to own or invest in
- Length of ownership or loan balance
- A ratio of estimated rent to price (often used with a modified Net Operating Income analysis)
- Free standing, connected or attached housing
- Garage or other parking related criteria
- Neighborhood demographics
James actually prefers this search criteria because he prefers to find deals where there is equity for Owner Financing and so that the properties he inquiries about are more likely to not be over financed:
- Free and clear properties, properties with low loan balances, properties owned for a long period of time
- Older, established neighborhoods where people have lived there for a long period of time
- Single family homes, duplexes, triplexes or four units (nothing over four units)
- Priced in the second quartile of median price (see median home price quartiles)