In my opinion, if you’re an investor, and you’re sitting around waiting for an REO property to come along that meets your price range, you’re doing yourself a huge disservice.
Why? Because unless you’re extremely buddy-buddy with the top listing agents in the area, you’re probably going to miss out on the “steals” in the Detroit area.
Don’t Wait Around for REO’s
You see, it’s one thing to find a “deal,” but if you’re a savvy investor, you’re looking for “steals.”
The only way you’re going to get these kind of deals from agents and REO’s, is to buy a bunch of deals.
See, I’ve found that many agents either keep the best deals for themselves, or they give their top investor clients the heads-up on the best deals the split-second they’re available.
And who can blame them?
Agents get paid when someone buys a property, so instead of fielding a bunch of calls and wasting gas money and time showing them to every person that calls and “claims” they’re a serious investor, why not travel the path of least resistance (especially considering how high gas is nowadays)?
So you’re killing your chances of finding Detroit homes for sale cheap if you’re relying on REO’s alone.
Don’t be lazy; get out there and find your own deals. It takes work, but it’s worth it.
Other Ways to Find Detroit Homes For Sale Cheap
There are a lot more ways to find deals here in the Detroit marketplace, but here are just a few of them:
- Current landlords, especially those that became landlords by default, and not by choice
- Real estate agents
- Public records
- Homeowners ages 65 and up
- Bandit signs
- Absentee owner lists
Related: How to Find Motivated Sellers
I know it’s easy to sit-back and wait for REO’s to pop-up, but keep in mind that REO’s make up just a percentage of the properties available in the marketplace that fit your criteria.
Yes, it takes work, but I promise you that if you’re serious and adamant about finding deals, you’ll find them.
Especially here in the Detroit area, where sometimes it seems like “everybody and their mama” claims to be a real estate investor.
Most investors are lazy, and rely on REO’s. If you want to find properties that haven’t been picked-over already, diversify your source of properties.
Best of luck.