Lots of investors are looking to get started nationwide, and as active real estate investors doing quite well in Rhode Island and surrounding states, we get asked to share our secrets all the time.
Fortunately, we love to share and help other investors How to find off market real estate in Rhode Island.
One of the most common questions we get from other investors is ” How are you finding so many good investment properties in Rhode Island priced below 70% ARV?”
With the flood of foreclosure deals all but dried up (compared to where they were a few years back)… people are having to get more creative in finding the best deals on great local investment properties.
We use a variety of marketing routes to locate the best “off-market” deals… online, offline, etc… so there is no one way that is the best way to find good investment properties.
But the info below walks you through some ways you can put to action to find great properties to add to your investment portfolio.
Most investors in Rhode Island are afraid of competition – they think that if they share their secrets, someone will steal their ideas from them.
That’s not how it works. We work with many other investors to accomplish things together that we can’t do alone.
We share our experience and philosophy because we’re finding more deals than we could ever purchase ourselves. Ultimately, we’re all investing in the same places, and there’s more than enough business to share the wealth, so it makes sense to work with others.
There’s a few core principles that are important to understand if you want to get the best investment property deals.
First, think long term.
Real estate doesn’t move like the stock market. It’s where people live, work and play – not just numbers on a screen. It’s almost impossible to make a huge amount of cash in a short-term real estate deal, those come few and far between.
So don’t expect to get away with fancy tricks, or that you’re smarter than the people who have been doing this stuff for years. Thinking long-term means learning from the past to better anticipate the future.
It also means that if you don’t find the type of deals you’re looking for right away… just know that this isn’t a sprint… it’s a marathon.
That’s why it’s a great idea to find several sources of properties that fit your criteria (like FOMRE’s VIP Buyers List >> ) so you have a heavier flow of great deals to look at.
Second, focus on relationships.
The investment community is much smaller than most people think.
There are only a handful of investors in each market who conduct most of the business. Sure there’s many “real estate investors”, but only a small group of us are full-time investors, doing a lot of deals each month. Most the rest are either wholesalers who have never purchased a property themselves, or are part-time investors who have made a few purchases.
Most are used to working with the same people on a regular basis. If you’re looking for the best deals in these areas, it’s worth the time and effort to find those doing the most deals and learn from them. If you can, work with them. They’re your best source of good deals, now and in the future.
How do you get to know them? Go to your local REIA, or contact other investors you see posting a lot of FSBO, or investment property ads and talk to them. Ask them which real estate agents they use, what wholesalers in the area are active (and get their info), or if they ever find deals that don’t fit their criteria, and let everyone know that you are looking for investment properties that fit your criteria. Learning how to find good investment properties isn’t a hard thing… but relationships can be a key element in getting some of the best deals on properties that no one else has access to.
Who should you get to know?
- A few of the top investment friendly real estate brokers in Rhode Island
- A couple real estate appraisers who deal w/ the types of properties you deal with in Rhode Island
- The top handful of property wholesalers in Rhode Island
- The top handful of property rehabbers / flippers in Rhode Island
- Title agents that deal with investment properties a lot in Rhode Island
Third, identify your target investments.
Real Estate Investing is like many other aspects of life – the people who are the most focused often succeed the most. You have to find your niche. Some people make millions just in parking garages or storage units.
Others specialize in residential apartments, while others deal strictly with retail, or wholesale. If you take the time to do your homework, you can analyze the different segments of the market to see which opportunities are truly the best for you – and not just the best marketed. Once you find exactly what you want to own, you can create a plan to find out who owns it and make sure that they know to call you when they want to sell that property.
This takes a lot of work, but it’s a tried-and-true method for creating long-term wealth.
Finally – use technology.
Sign up for FOMRE’s list of exclusive properties, and we’ll notify you instantly when we receive new investment properties in Rhode Island.
We frequently source properties for deep discounts, secure them and then sell them for a discounted rate to other investors on our list who are ready, willing and able to invest, and close fast. There’s other ways to get notified about properties on the open market – you should get familiar with searching the multiple listing service with the rest of the herd, because every once in a blue moon a great deal shows up. But the best deals, priced below 70% ARV, are usually only found by building those relationships with other investors, who are locating more than they can purchase themselves.
We don’t deal with average deals – we only pass along great deals to our list of investors. We’re not real estate brokers, and our business is a niche marketing model.
If you’re looking to seriously invest in any market nationwide, we’d love to learn your buying criteria.
So hopefully this has helped you have a little more knowledge on how to find great investment properties. Be sure to join our VIP buyers list below!