Diff ways to find Buy-and-Hold Properties

[DP Patel]

Hello BP'ers,

I am new to BP as well as REI side. But my primary focus is on Buy-and-Hold property as a starting point to generate cash flow. I have been looking SFH (Single Family Homes) in North Dallas area thru MLS listing and RE agent. (Main focus is on: 3 bedroom, 2 bath, attached 2-car garage, under 2000 sqft, 0-20 years old), I have seen many properties and put an offers on 3 homes (Almost near to listed price), but seller has decided to go with other buyer. Also, with my short experience, I have realized that these single family homes are going under contract within a day-or-two. With my more reading on BP, I have realized that the contract is not only going for first-time home buyers but there must be investor like me, who are looking for a investment property.

Am I doing something wrong on these offers or is DFW market is too hot for this type of < 2000 sq ft properties under $175K? So far, I have looked only one avenue thru MLS listing for buy-and-hold, but I am sure my friends on BP must be using a different ways (other than MLS) to acquire these type of properties… Any help on finding these avenues are greatly appreciated…

Thanks a bunch…

DP

[Jason Fraser]

here's a few ideas to find buy and hold properties that aren't on the MLS.

1. Calling For Rents to see if the person renting the property may want yo sell I.e the accidental land lord. If you're looking on line like on Craigslist, you're looking for amateur landlords: no websites or company names Acme Rental Co, poor photos, lack of important photos like kitchens and baths, poorly written descriptions.

2. Calling For Sale By Owners. Be sure to arm yourself with what houses sell for in the area so you know if the asking price is reasonable along so you're not wasting time with unmotivated sellers.

3. Driving for dollars. Recently I drove by one house that looked not so great compared to the surrounding houses on the way to look at a FSBO. It could be vacant and there were no signs either as listed or for rent or for sale by owner. So this may be an opportunity to wholesale or flip the property.

4. Direct marketing to absentee owners out of state or at least 3 hours outside of DFW. Person owns a house in DFW but had to relocate Utah quickly for work. Now they have a house in Texas they own and making payments and a current home they live in a Utah and making payments on. Two houses, two payments. They don't need the house in DFW and may not want to be long distance landlords. Here is your opportunity to solve their two houses, two payment problem.