Finding specific off market properties

[Audrey Blotz]

New investor here looking for some advice - I've realized that my ideal property is a home with some type of ADU so that I can rent out the main house long-term and use the ADU for short/midterm rental.

I recently listened to a real estate rookie podcast in which the new investor was looking for a similar property and mailed out letters to specific properties in a specific neighborhood in order to find off market deals. 

How can I find a list of homes that are not currently for sale but that may have an ADU, so that I can start to reach out to these owners about any potential interest in selling? Is this possible?

Thank you all! 

Audrey  

[James Carlson]

@Audrey Blotz

You might call a title company to see if they have any thoughts about searching property records for homes w/ ADUs. Or a real estate agent might be able to search past sales and put a filter on for in-law setup or ADU.

BUUUT ... I wouldn't overthink this.

The idea of a "best deal" has derailed a lot more first-time investors than it's helped. Saving $10k or $20k off a purchase price is maybe $120/mo difference in payment. (Not saying that's nothing.) But real wealth comes from long-term buy-and-hold, and if you hold this for 20 years, the money you'll make then will dwarf that small savings.

Plus, at least here in Colorado, the market is picking up. You could lose a lot more by waiting a year for "the best deal" than by buying on market right now. And the sooner you buy, the sooner you can rent that ADU, the sooner you start making money, and can save for another investment in the future.

That's my take at least.