12 Tips: How to Locate Property

20 May 12 Tips: How to Locate Property

Locate Property in Los Angeles and Orange County California.

How to Make the Right Choices when Acquiring New Assets.

When locating a new property, engaging the right property management firm is key!!  Reynolds Realty Advisors provides full property evaluation services. We partner with you from the beginning to evaluate the property, determine repair costs and income optimization options, ensuring you purchase the right asset for the right price!

We are your partners from acquisition through the renovation, leasing and maintenance.

Your Investment….Our Focus.  Your Asset….Our Experience!

Here are twelve strategies to locate new properties. We hope you find these tips useful for making the right choices when acquiring new assets.

1. Distressed properties. These offer the best opportunities for creating value. Be sure to avoid floor-plan obsolescence and structural problems. Analyze the property as if you were going to live in it. Be aware of properties with major structural problems. Partner with your property management firm to get bids on costs for easily solving problems, determining your optimization plan, costs and offer price for that asset.
2. Vacant properties. Keep an eye out for properties with boarded window or doors, those that lacking cosmetics, landscape or maintenance, or repos and shells. Determine what would be the highest and best value for that asset.
3. Auction houses. There are numerous auction houses nationwide. Call on auction houses in advance to understand the acquisition process, list price versus sales price and know how much you are willing to pay for property based upon its true value.
4. Bank workout department. Work with bank asset management departments to help solve their problems. Be seen as their solution as they will off-load assets you there thereafter, becoming a part of the REO group as an approved investor.
5. Professional associations. Working closely with local chapters of national organizations is best. Organizations an include, such as National Apartment Association, Apartment Association of Orange County, Better Business Bureau, Institute of Real Estate Management, Society of Industrial and Office Realtors and BNI International.
6. Realtors. Work with commercial realtors with Certified Commercial Investment Management designations for complexes is best. New agents will have more time and be more willing to help find value added opportunities.
7. Courthouse. Title companies, county websites, Internet search engines and courthouses are great options for sourcing deals.
8. Unpaid taxes. Tax sales done by the county are some of the best deals on the market.
9. Internet. There are dozens of Internet sites key for sourcing properties. Work with experts who can help you to navigate through them effectively and efficiently.
10. Attorneys. Handle bankruptcy, eviction notices, review financing agreements, private funding, probate, default or asset management for banks, county prosecutor’s office.  Knowing how to start a relationship is vital.
11. Letter campaigns. Use letter campaigns to source owners looking to sell but who have not yet made the commitment. Working with relocating owners and leveraging 1031 exchanges are also very effective.
12. Government sources. Find government-supplied properties through IRS, U.S. federal marshal, sheriff’s sales and online.

Locate Property – Identify Income Assets. Los Angeles and Orange County California.