In this article I will continue where real estate investors can find quality offers. Next on the list is getting information online.

The way we do business has been revolutionized with the Internet, and in some ways the Internet has made conducting business and finding information even easier. The Internet has many benefits and, in many cases, it is highly recommended, but when looking for properties to buy, I usually do not depend so much on it. Online commercial property resources such as LoopNet, Costar, CIMLS, and other listing services provide a lot of information about properties for sale, but they are available to everyone, so there is a lot of competition. I always teach you to have some kind of leverage, especially when it comes to trading.

CLASSIFIED ADS

Another good way to locate deals is to place an ad in the newspaper. Many larger metropolitan newspapers have specific sections for commercial or multi-family investment properties, allowing you to target specific brokers or investors, allowing them to contact you for more information.

MAGAZINES AND COMMERCIAL PUBLICATIONS OF THE INDUSTRY

Your local trade associations publish magazines and books that reserve space for placing advertisements. Whether national or regional, this will allow you to market to a well-defined group of investors and brokers. Many of these publications also contain information on specialty brokers, lenders, appraisers, and other team members who are vital to the buying process.

NATIONAL AND LOCAL CONFERENCES AND INVESTMENT CLUBS

These organizations, located in the main markets of the country, provide a forum for real estate professionals of all trades. This is a great place to connect with investors and brokers who can help you get valuable deals and resources.

FIND DISABLED AND UNDERVALUED PROPERTIES

With our current market, there are many distressed deals available. You can access offers from banks of owners who were unable to meet their payment obligation. Lenders are not in the business of real estate management, and in some cases, they have to take over. These properties are then transferred to the real estate portfolio owned by the lender or REO. In some cases, a bank will manage and sell its own REO portfolio, but in other cases, it will assign a company that specializes in REO management and disposition for banks. Banks are quite flexible about the terms and conditions of sale, as they are trying to minimize their losses and remove bad debts from their books. Therefore, there is a great opportunity to reach an agreement that is acceptable to both parties.

The process of finding REO deals is a daunting task and requires consistency and patience. If you think you are only going to make one phone call and you think you will be offered an infinite number of offers, think again. To find REOs, you need to make a contact within a bank who can direct you in the direction of opportunities or representatives of the REO management firms assigned by the bank.

The best way would be to start locally at your bank that you do business with, introduce yourself, and find out who the person or department is in charge of disposing of REO / Non Performing promissory notes or special assets. By meeting these people, you want to make sure you know exactly what you are looking for, that you are a serious investor and have the ability to close projects when a deal is struck.

Buying an REO generally requires a cash deal, banks rarely accept financing through conventional sources. Every day the lender loses money on that property and wants a quick and easy transaction.

SALE OF SHORTS

A short sale is the sale of a property in which the price the lender sells is less than the balance owed on the property loan. This happens when the borrower is unable to pay the balance and the lender decides to sell the property at a loss less than that of proceeding with foreclosure. This allows the lender to save on foreclosure fees and processing and allows the borrower to avoid an extremely low credit score on their report.

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