The Best Tools to Find Investment Properties

As a real estate investor, just like any other profession, you’ll have some “tools of the trade” that you turn to time and time again in order to not just find the best properties, but make a fair offer and close the deal quickly and efficiently. Given how competitive the real estate market has become because of inventory shortages as well as the great migration from cities and urban areas to the suburbs, the pressure is on now more than ever to not only know about the right tools but understand how to use them.

With that being said, there are a variety of online and offline tools that we use and highly recommend. If you’re looking for tools that will help even the playing field, we’ve got you covered:

MLS / Listing Sites

The MLS or Multiple Listing Service can help you find investment properties for sale quickly and efficiently. With the MLS, licensed real estate agents and brokers are required to provide verifiable and accurate information. Historically, only agents could get access to this information and it was a cumbersome process to keep it updated. However, now thanks to online services like Realtor.com and RealtyTrac.com, multiple listings from different real estate agencies and brokers are combined into one place, and users can browse them for free

If you want to do an advanced search, you’ll need to pay a fee, but having immediate access to properties using the very latest information cannot be understated. It’s a great way to keep an eye on the very latest listings.

Online Real Estate Websites

If you’re looking to fix and flip a property, online real estate listings like Trulia.com and Zillow.com are a great way to find homes in need of repair. These services include some real estate agent listings but can also include user listings. You can narrow your search by city and state, but unlike the MLS, you can also find out about the neighborhood itself.

This allows you to get a bigger picture of the area and what things like the schools are like, so that you can decide whether or not to make a long term investment. If you want to search for properties for long term investments, Apartments.com is a good way to do a precursory search. It also provides all the details needed about a given neighborhood, so you can decide the right course of action for your needs.

Online Real Estate Auctions

Free online auction services like Auction.com and Hubzu.com let you browse real estate real estate properties that have gone into foreclosure and are being sold at auction. If you’re diligent about looking for great deals and finding diamonds in the rough, this is an excellent tool.

Sites like this will detail what kind of property it is, why it’s up for auction, how much time is left until bids are no longer accepted, and opening bids so that you can see if you want to make an offer. Most of these bids can be conducted online, but some of them require you to be there in person.

Mashvisor

Mashvisor is an awesome online tool — leveraging heat maps and predictive analysis to give you information about recent home sales, rental details and much more, all compiled in a color coded map that’s easy to read at-a-glance. Mashvisor does require payment for their service, but for those who like a visual overview about a particular neighborhood or property, you’ll find Mashvisor an excellent service that helps to clear out the MLS clutter in a way that’s straightforward and easily understandable.

Mashvisor lets you use some of its features for free but the full version is definitely worth the investment if you want a hot/cold overview of the metrics that matter most to investors.

Social Media

Social media is one of the best ways to find certain types of property. Depending on what you’re looking for, different hashtags can help you narrow down your search: #justlisted or #offmarketlisting to name a few. There are lots of different hashtags so dabble a bit in the world of social media real estate investing and you’ll learn them quickly, enabling you to navigate the listings more efficiently.

Driving for Dollars

Good old-fashioned driving for dollars gives you eyes on the ground and is still a great way to find listings that haven’t gone up on the market yet. That means you have leverage and time to get together everything you need to make an offer. Driving for dollars, if you’re not aware, is exactly what it sounds like, driving around and trying to find investment properties in your area. It’s time-consuming but it can put you ahead of other investors, especially in competitive markets.

It’s also possible to find homes in need of major repair and inquire as to whether or not the owner may be interested in selling. If you can immediately improve it, you can make a nice profit. If you find such a property, reach out to them by leaving a postcard or a letter in the mailbox. Online real estate mailing services like OpenLetterMarketing.com can help you print postcards and other such mailings expressly for this purpose.

Network Like a Pro

Finally, right up there with driving for dollars is traditional networking. With things like social media it might seem outdated and out of style to network the old fashioned way, but you’d be surprised at how well it can pay off, especially local real estate investing groups. Naturally, you can’t be driving through every area and making note of the homes or properties in need of repair or those that will be going up for sale soon, so by working together with others, you greatly increase your odds of finding a great investment!

Remember that it doesn’t always have to be competitive. Certain real estate investors are looking for certain kinds of deals, and if a deal isn’t right for them, they’ll pass it along. You should do the same.

Now that you have the best online tools for real estate investing, the next question is how to secure funding. Fortunately, we’re here to help! As hard money lenders in California, we can help you get financing for construction loans, fix and flips and other types of real estate investing. You may also contact a local Los Angeles hard money lender to find out the best rates and terms for your project.