As a real estate investor, it’s in your best interest to keep your eyes open for distressed properties. Here are three ways to spot one.
3 Surefire Ways to Spot a Distressed Property
If you are like most investors, you’re always on the lookout for a great opportunity. Check out these three surefire ways to spot a distressed property:
- Check property tax records
- Network with probate lawyers
- Cruise around town
Here’s a closer look at each.
Tip #1 for Spotting Distressed Properties: Check Property Tax Records
Property tax records are generally public information, and you can usually find them on county assessor websites. Though not all property tax records that show delinquency mean a property is distressed, they may indicate that a property is about to be in distress. That’s because unpaid property taxes sometimes indicate that property owners aren’t paying their mortgages (Or they’re having a tough time doing so).
Related: What are the requirements for a hard money loan?
Tip #2 for Spotting Distressed Properties: Network With Probate Lawyers
There are attorneys who specialize in probate, which relates to the assets and debts a person has when they pass away. often, when a person dies with debt, a probate judge will require that their assets are sold to pay creditors… and many probate attorneys can put you on the fast track to finding homes that will be available soon.
Related: Pros of getting a hard money loan
Tip #3 for Spotting Distressed Properties: Cruise Around Town
Though not the most efficient way to find distressed properties, simply driving around town may be a great way to find your next investment. If you spot properties they have fallen into disrepair or have foreclosure notices on the door, you may know exactly where to put your money.
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