Tips for Finding Rental Properties for Sale When Inventory Is Slow
Are you struggling with finding rental properties to add to your portfolio of investment properties? If so, you’re not alone.
In case you haven’t been following the news recently, the Corona Virus has reshaped almost every aspect of modern life including the business world because the Federal Reserve recently lowered mortgage interest rates by half a point.
The Fed’s move naturally has reinvigorated the real estate market as more people have been buying homes and refinancing their existing mortgages.
Sadly, with more people searching for properties in the real estate market, this also means that it’s gotten harder for investors to find rental properties for sale.
Even though inventory may be slow to come to market now, the reality is that it’s not always as difficult for investors to find properties to add to their rental portfolios especially if they follow start driving for dollars.
Yes, it’s indeed easier than ever before for investors to find properties online but the reality is that in the market where inventory is tight, investors have to start “doubling down” on their efforts and this includes driving for dollars.
Driving for Dollars – The Key To Finding Rental Properties During A Slow Market
What is driving for dollars? It’s the process of getting into your vehicle and personally searching for available rental properties in the local area.
Pick an area and focus on it – This is important because if you search in multiple areas every day of the week, you may miss a property so it’s always better to focus on one area for at least a week at a time.
Find properties that show signs of neglect – Another driving for dollars “key to success” is to search for properties that look like they’ve been neglected. A big example of this is homes that have overgrown landscapes, newspapers piled up, trash or other debris in the yards.
Talk with neighbors – Besides really focusing on an area, another important thing to do when driving for dollars is to get out of your vehicle and speak with neighbors who live in the area. This is an effective step because talking with the right person might lead to inside information into someone who may be thinking about selling their home.
Check local tax records – Once you find some great leads, the next thing that you should do is learn more about those properties by visiting the local county tax assessor’s office. This will provide you with insight into their ownership status including if they are an absentee owner.
Driving for dollars is especially effective in the PDX Oregon area during the winter because it’s one of the easiest ways to identify vacant properties because those homes typically will not have window treatments, tracks in the driveway after it snows, gutters that are falling off, or a beat-up roof.
Besides focusing on one area at a time, you should also be willing to expand the area that you’re considering investing in because you may find more properties just outside of the PDX area if you are willing to expand your reach instead of just focusing on 1-2 zip codes at a time.
Contact Rent Portland Homes Professionals
At Rent Portland Homes Professionals, we can assist you with sourcing, acquiring and managing investment properties. To learn more about the services we can offer you contact us today by calling (503) 447-7735 or click here.