When you want to give a head start to your real estate investment career you can start off by purchasing small, older apartments situated at a good location and available at smaller down payments. When you are a new investor and you are not sure what sort of property will be suitable for your expectations and needs it is better to start off small.

It is necessary that you first build up a good network with people like the attorneys, the real estate brokers etc. The real estate attorneys are well aware of the laws and the statutes related to real estate. Moreover, they are usually in constant contact with the people who wish to sell their properties for reasons such as illness, death at home, divorce, job loss etc. They usually approach people like attorneys and Realtors to assist them in selling their properties.

There could be other distressed properties like those in foreclosures, which may be up for grabs at a good bargain. If you find such properties suitable for your needs then you may be able to approach the homeowner to explore the possibility of buying them. If you are considerate and show due understanding of their situation you may be able to strike a deal with them. Start at a lower price and move up to a price that you are prepared to pay. You can get the property at a good bargain at the auctions also. Such properties are generally repossessed and auctioned by banks, financial institutions, IRS, GSA, FDIC, FHA, VA etc and may make for a good bargain.

The newspaper advertisements about the resale of property held by home owners may also offer you good bargains. You can also log on to different websites who offer such services and who can send you some regular or even daily listings of such properties. These sites try to regularly update you on the properties that have been put up for sale by the owners or other investors. You can also become a part of the investors groups who can be great support to find good bargains.

All the properties that are flipped are not in a bad shape. If you are allowed to undertake an inspection of the property you may be able to find some property that may need just a few repairs. Survey the neighborhood to find what types of home exist around that area. If you are buying a family home, make sure it is in an area with a low crime rate and with an easy access to public utilities like school, hospital, entertainment hubs etc. Such bargains from flipping investors can also get you a good property to renovate it and earn substantial profits in due course.

There are many more ways to find a good real estate bargain including a few unconventional ones. You never know when having a junk and disposal business owner as a friend can prove to of great help to you. Such a person will be among the first people to know that a property is up for sale as he would be called up to clean out the basements and attics. You may be the first one to approach the seller with an offer and if they are in a dire need to sell off, you may be able to get a good bargain.

It is important to understand that you cannot pinpoint what works the best. An investor may benefit immensely by the contacts they develop with people related to the real estate field in some way or other.

Written by: VD

Date Written: 03 July 08

Reviewer Assigned by: David

Reviewed by: HS

Quality Control: AG

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Common Error Check: Done

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Quality Control Completed on: 07/07/2008