As a real estate investor, you know that finding deals is the key to success when it comes to building your portfolio of investment properties. The big question though is how do you find deals when there’s a tight real estate market? The answer is to search for deals off-market.
In this article, we will share with you several tips for finding off-market rental properties in the Monterey area.
#1 – Driving for Dollars
One of the best ways of finding off-market rental properties anywhere in the United States is to go driving for dollars.
The name is as easy as it sounds; you pinpoint an area of town that you want to search, get in your vehicle and drive there to look for rental properties that may currently be off-market.
When driving for dollars, it’s important to pay close attention to things like the exterior of a property because if a property looks “run down”, this may be a clear sign that the owner has fallen behind on their mortgage and would be ready to sell.
Besides looking for properties that look run down, you should also be on the lookout for homes or multifamily properties that haven’t had landscape maintenance in a while or have no vehicles in the driveway.
When you find some potential properties it’s best to also get off your vehicle and start talking with neighbors who live in the area because the neighbors may also be able to provide you with feedback for what’s really happening with a property and how to contact the owners.
#2 – Think Like A Renter
Another way to find off-market properties in the Monterey area is to think like a renter and start searching for rentals online. This method is effective because if a DIY landlord is managing their own properties, you may be able to get in direct contact with the owner by calling the phone number on their ad and then asking if their rental property is for sale.
#3 – Local Marketing
So far we’ve given you several time-tested ways to find off-market deals. Another effective approach that you should consider using is to advertise your services on Facebook because there may be local owners who use Facebook that would be interested in selling their off-market Monterey area properties.
The Internet is great but so is direct marketing. This means that you should also contact owners by mailing them fliers or postcards, sending them ringless voicemail drops or sending them text messages using an online service.
Contact 36 North Property Management
At 36 North Property Management, we can assist you with finding properties and managing them. To learn more about the services that we can offer you contact us today by calling (831) 484-4604 or click here to connect with us online.