There are many ways to find distressed properties that are cheap — or even free — to use. A local Realtor® can set up a search for you, and auction websites such as Hubzu.com, Hudsonandmarshall.com, Auction.com, and Zone.com are all good places to look. Also, be sure to check with the local county courthouse for upcoming auctions as well. There can be great deals sold at the courthouse! Plus, attending auctions are fun and a great way to meet other cash buyers and active real estate investors! Realtors® are GREAT to utilize because we have access to our local MLS (Multiple Listing Service). If you are buying in my area I can help locate properties on our MLS, as well. In addition to the MLS, I have access to a LARGE database of Real Estate Agents and Realtors® that I personally know. I can sometimes send an email out to my database and find good leads on distressed homes that other agents were not able to sell because of the homes rough condition. If you are not local to me, the local Realtors® you chose to work with should be able to do the same for you! Another good option in this category/type of homes is a home that maybe isn't so "distressed" but is more "outdated". Maybe it was built somewhere in between the 1970's to 1990's and has all original shag carpet, wallpaper throughout, and the original bathroom and kitchen. These types of properties can make great rentals as they typically can qualify for a traditional bank loan. Just because they are outdated doesn't mean that anything is wrong with the condition. You can typically get these a little under their ARV and then make the appropriate updates and rent out for a great value! These are some of my FAVORITE types of deals!
Pre-Foreclosures/Foreclosures
According to the 2017 NAR® Investment & Vacation Home
32
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