Posted on: 27 September 2017Share
Setting aside the mortgage meltdown in 2008, real estate is still one of the most profitable passive investments that you can make in your lifetime. There is a reason why real estate in cities like New York, London, and San Francisco is still getting more and more expensive each year. People will buy houses and apartments in places that have proximity to shopping malls, business districts, food spots, and social venues – all the good things in life.
Whether you are a professional real estate investor or a someone looking for an extra income, you can always find great areas with land for sale. If you have a particular location in mind, the easiest you can do is to search online for advertisements. However, this can only give you a rough estimate of the availability of land for sale in that location. An online search will not necessarily show you how different areas compare to each other. Here are some techniques to help you find the greatest real estate deal in your life:
Check Out Property Lots for Sale.
Finding property lots for sale is the most common way of finding a piece of land. Oftentimes, these properties are listed or advertised thus there is less time and effort spent searching for it. You can find these properties by contacting realtors directly, attending local property auctions and even direct sales with homeowners.
Look Out for Bank-Owned Properties.
Many people apply for house loans to buy properties. When times are tough and the mortgage loans are left unpaid, the property is foreclosed upon and the house ownership is given to the bank. Banks tend to put these properties for sale to get their ROI. This can also be true for bank-owned properties that were once used as collateral by homeowners. This is a great source for finding a great deal on your own real estate. You can contact the bank directly and ask for foreclosure listings.
Find Absentee Owners
This might be tricky but finding absentee owners can get you closer to your dream property. Absentee owners are those who own unutilized lands or buildings or currently renting them out. You can seek those absentee owners privately and make them an offer they cannot refuse.
Hire Land Brokers
Hiring land brokers can save you a lot of time, energy and from potentially being ripped off. Land brokers deal exclusively with selling lots; therefore, they can recommend a land or a property that will give you the best value for your money.
Consult Home Builders
If your ultimate goal is to build a new home on the land, you can get started with choosing your home builders. Since they are in the business of building homes on empty lots, they might have some leads on areas where a lot of new home construction is going on. It helps to start planning out your home, anyway, so that you know the square footage of land you need and any other constraints for the piece of land you choose.