Commercial real estate investments can be a great way to grow your wealth over time. However, finding the right investment property can be tricky, especially when the market is good for sellers.
However, there are some methods you can use to find those below-market investment properties out there:
Use the tools on real estate sites. Trulia and Zillow, for example, will send you alerts when a property goes on the market with the characteristics you are seeking.
Investigate "For Sale By Owner" (FSBO) properties. Usually, these owners are hoping for a quick sale, so they might be open to negotiations that favor you.
Search for specific keywords. A property in prime condition is going to go for a prime rate. Look for words like "investor special" and "needs work" to find properties that need a little help to realize their potential.
Get on social media. Facebook and other social sites have investor groups in many different areas of the country. You can often find someone looking to unload a property or two.
Look at online auctions. Online auctions are also a great place to learn more about a market. Just watching how a market is going and what bidding is like can often tell you a great deal.
Consider foreclosure and pre-foreclosure sales. Even in good economic times, a property owner can run into financial trouble and leave you with an open opportunity.
As always, it pays to be cautious about your real estate investments, whether you're thinking about buying a residential rental complex or an industrial property. When you are considering making a commercial real estate purchase, it's wise to have experienced legal guidance.