Adding investment properties to your portfolio is a no-brainer in today’s economy. While it pays to invest, you don’t want to spend too much or put your money into a niche that isn’t right for you. Many investors are looking for deals on Metro Detroit real estate, and we’re here to let you know exactly how to find them. Keep reading to learn more about the different types of deals you can find, then reach out to our team to learn more about how Pinnell Enterprises, LLC can help you reach your real estate goals.
Look for Bank Owned Properties
Properties owned by the bank can often be picked up for next to nothing. You can look for foreclosures or even short sales to help you get a deal on an investment property. When buying bank-owned properties, it is important to be careful. If an owner hasn’t been able to pay the mortgage, it is likely that they haven’t kept up with regular maintenance either. While you should expect some work when buying a foreclosure, you don’t want to have to struggle with a complete remodel of the house. Pinnell Enterprises, LLC can help you find the highest quality bank-owned properties so you can purchase without worry.
Drive for Dollars
While this may be the most labor-intensive way to find potential deals, it can be very effective. Many new investors begin with this strategy as it helps them learn about the neighborhood, get a good look at the property, and build the confidence to reach out to people regarding their rundown or neglected properties. Driving for dollars is a strategy used by many. Simply get in your car, drive a few neighborhoods in your area, and make a list of 20+ homes that look vacant, rundown, or forgotten about. Then go back home, do your research, and reach out to the owners of the properties you found. While it is all public information, you don’t want to get off on the wrong foot by making the homeowner feel as if you have violated their privacy. Be sure to choose your strategy and wording carefully so that you can make the best impression possible.
Get the Word Out
A great and simple way to get the word out that you are looking for investment properties is simply to tell people. Tell your friends, coworkers, and even your barista. Word of mouth can be a valuable asset for investment buyers in Metro Detroit. When people know you are looking for investment deals they will think of you should one arise. So don’t be afraid to let everyone know that you are actively looking for deals on investment properties in Metro Detroit!
Talk to Your Agent
Do you have an agent on your team? Agents often have the inside scoop on properties before they hit the market. If you are looking for deals on Metro Detroit investment properties, be sure to check in with your agent to see if they are aware of any discounted properties. If you don’t yet have an agent, be sure to seek the help of one that is investor friendly. Many agents are focused on the end buyer and don’t focus on the unique needs an investor may have. Pinnell Enterprises, LLC can put you in touch with an investor-friendly real estate agent right here in Metro Detroit!
Create a Direct Mail Campaign
To reach out-of-state, absentee owners, you can gather data and create a direct mail campaign. This is done by setting your criteria and ordering a list from a data provider. Lists can start at a couple of hundred dollars and go up from there. In some cases, phone numbers can be appended to your list for an additional fee. When it is time to create your mailers, postcards are often used in this situation as they are lower in price and the information isn’t obscured by an envelope. You can work with a mail house to facilitate your campaign or start on your own. Creating large, blanket campaigns will typically require the help of a professional. As with the driving for dollars method, you want to choose your wording carefully so as not to appear as if you are violating their privacy.
Work With Pinnell Enterprises, LLC
When you work with Pinnell Enterprises, LLC, you can skip the mailers, phone calls, and marketing. As professional real estate buyers, we help local investors find the best deals on Metro Detroit investment properties. Whether you are looking for commercial real estate, single-family homes, apartment buildings, land, or partnership opportunities, our team can help. We pride ourselves on helping investors find deals on properties throughout Michigan and would love the opportunity to help you too. Reach out to our team for more information and to get the fact about properties currently up for sale in the Metro Detroit area. We can help you find the best deals on investment properties! (734) 245-9654