5 Tips For Finding Wholesale Properties
Wholesale properties are deeply discounted, making it easy to profit from your investment by either reselling the property or renting it out. However, finding these properties can be a bit of a challenge. Therefore, here are five tips for finding wholesale properties to help you get started on the right track.
- Know What You’re Looking For
Not all properties will generate a good profit. You need to know which types of properties are in demand in your target area to close profitable deals.
Set Price Limits
You typically need a hard money loan or cash to buy wholesale properties. Know how much financing you can obtain to avoid deals you can’t afford. Bear in mind that you’ll need to not only pay for the property itself but also cover the cost of repairs.
Check Foreclosed Property Listings
You can find foreclosed property listings on popular real estate websites such as Zillow, Redfin, and Realtor.com. Additionally, many banks also list foreclosed properties for sale on their sites.
Look Up Notices of Default
A lender must send a borrower a notice of default (NOD) to start foreclosing on the property. NODs are public records, and you can use this information to contact distressed mortgage holders and make a purchase offer.
Work With a Real Estate Wholesale Agent
Working with a wholesale real estate agent saves you time and hassle. The wholesaler does the hard work of finding properties for sale for you. You just have to look through the listings and send offers for the ones that are the best fit for your portfolio.
Invest with Ben is the wholesale agent of choice if you want to buy properties in and around Indianapolis. Sign up for free today to view our inventory or make an offer for the property of your choice.