“How can I find the best investment property for sale near me?” This is one of the most asked questions by investors, especially new ones.
Fortunately, this is one question that can be easily answered as long as you know where to turn to.
Table of Contents
- Hiring a Real Estate Agent
- Driving for Dollars
- Using Real Estate Websites
- Asking Your Real Estate Network
- Attending Real Estate Auctions
- The Top 10 Locations for Profitable Investment Properties
Ask several real estate experts about the most important skill that investors need at the onset of their careers and you’ll get the same answer: knowing how to find investment property for sale.
Acquiring the said skill, of course, doesn’t happen overnight. Finding real estate properties that’ll turn into profitable investments is a challenge even for some seasoned investors. So if you’re thinking of getting into real estate investing, it is the first thing you need to learn.
It is also especially important if you’re planning to own a rental property in your local housing market. After all, you might not be in a location with a large inventory of homes for sale that you can choose from. So, you might be asking, “How can I find an investment property for sale near me?”
The good news is that there is no need to reinvent the wheel. Successful real estate investors are able to find great deals through multiple ways and strategies. If such ways work for them, then why not consider them yourself?
The key, however, is knowing which way works best for you. Let’s talk about some of the best ways to find investment properties for sale near you.
Related: What Is Real Estate Investing and How Does It Work?
1. Hiring a Real Estate Agent
The primary and most traditional way of finding houses for sale that you can buy for real estate investing is to work with an agent/broker. More specifically, you need to find a real estate agent with experience in your target market.
Why You Should Work With a Real Estate Agent
Real estate investors have always sought the agents’ help in their property search as hiring one can save time and money. It is because a top real estate agent knows about any house that hits the market before anyone else. So, after informing your agent about your search criteria, he/she should be able to lead you toward an investment property for sale near you.
In addition, agents typically have access to real estate sources that you might not have, such the MLS and off-market properties.
As an investor, you would want to have as many options to choose from as possible. Sometimes, some of the best investment opportunities are found outside of the MLS. Real estate agents can point you to potential off-market property investments.
Also, if this is your first time buying an investment property, a real estate agent will walk you through each step of the process and ensure you’ll get the best deal. Because of their expertise and experience, they can guide you every step of the way so you get the most out of a deal. It elevates your real estate investment experience to a whole new level.
The best thing about working with a buyer’s agent? It won’t cost you anything! It’s the seller (not the buyer) who pays this agent’s commission. Really, there isn’t a reason to stop you from hiring an agent to help you find rental properties for sale.
Looking for a top real estate agent to work within your area? Check out our real estate agents directory.
2. Driving for Dollars
If you’ve never heard of driving for dollars, there’s no need to worry—it’s exactly what the name suggests.
Driving for dollars is a simple, yet effective, way of finding investment property for sale near you in the comfort of your own vehicle. It involves driving through your respective neighborhood looking for signs and visual hints that homes are neglected or vacant and could potentially be good real estate deals.
A few examples of such hints include overgrown grass, plywood on the windows, mail piling out of the mailbox, etc. Usually, they suggest that the owner is incapable of maintaining the property or has abandoned it. In either case, the owner is most likely distressed and looking to sell the house.
As you can tell, driving for dollars helps you find off-market properties, as well as cheap houses for sale in your housing market. Hence, it is one of the best ways of finding properties for real estate investors interested in the fix and flip investment strategy.
You can find out who owns the property by searching in public county records or by using Mashboard. Then, quickly get in touch with the owners, ask about the property’s status, and make an offer to buy their home with cash and in “as is” condition.
The Downsides of Driving for Dollars
As great an idea as driving for dollars is, it also comes with several drawbacks.
One, it can be very time-consuming to go driving around town looking for potential properties to invest in, especially if it’s your primary means of hunting down distressed properties. Two, it can be very costly, especially at a time like this when inflation rates are and fuel prices are surging.
Although it does work for some people, you will also need to consider your location. If you’re living in a metropolitan area, it will take you a long time to look for a good investment opportunity. It makes driving for dollars far less efficient than if you lived in a smaller town that offers lots of growth opportunities.
It can be a good way of finding investment properties near you, but you shouldn’t make it your primary hunting method. There are other far better and more efficient ways of going about your business.
Related: 40 Best Places for Buying Investment Property in 2023
3. Using Real Estate Websites
Another way to find rental properties for sale is by doing an online home search using real estate websites. Thanks to such websites, you can find real estate deals from the convenience of your computer. Real estate investing is now a different ballgame, thanks to modern technology.
What took you months to do the conventional way only takes you minutes with all the different real estate platforms and apps. All you need is a digital device and access to the internet, and you can easily look for investment properties for sale nearby.
There are plenty of websites to choose from where you can find listings of homes for sale. But among the plethora of choices available, which one is best to find an investment property for sale near me, you ask? It depends on what you’re looking for and if the site offers listings in your area.
Related: How to Find Profitable Rental Investment Properties for Sale
Mashvisor’s Property Finder
The Ultimate Investment Property Search Tool
One of the highly recommended real estate apps and websites by real estate investors is Mashvisor. As a real estate website, Mashvisor helps investors find the right properties for them, whether near or far.
Using Mashvisor’s Property Finder, you can find income properties of any type and in any city and neighborhood across the US housing market.
In addition, we also offer real estate investors a rental property calculator – a must-have tool for anyone looking to succeed in real estate investing. The tool lets you analyze the profitability of any house for sale that you find to determine if it makes for a good real estate investment.
Using advanced machine learning and predictive analytics, Mashvisor will provide you with data like the property’s potential rental income, cash flow, cap rate, cash on cash return, occupancy rate, and the overall ROI. Meaning, you can use the Mashvisor real estate website to search for, find, and analyze the best investment properties in just a matter of minutes.
Get started on your 7-day free trial with Mashvisor today on your way to a thriving real estate investing career.
4. Asking Your Real Estate Network
We’ve all heard it before: real estate is a people business. The relationships you create throughout your career as an investor are valuable. After all, someone in your network might have a real estate deal up their sleeves or know someone who does.
So, to find investment property for sale near you, sometimes all you need to do is simply inform your inner circle that you’re in the market to buy real estate. Ask if they’re aware of potential deals in your area. In most cases, these people would gladly point you in the right direction and give you the leads you need to achieve your goals.
Another tip is to expand your real estate investment network by connecting with other professionals in the real estate industry. Make your best effort to put yourself in front of like-minded individuals, such as wholesalers, property managers, mortgage brokers, lenders, real estate attorneys, etc.
Consider attending real estate events or joining a local real estate investment club to meet other professionals and add them to your network. Stay in touch with them and offer something in return for helping you find a real estate deal.
You can also use technology to your advantage and join different online communities of real estate investors and professionals.
Social media has helped plenty of people get started on their investment journey. It is one of the most productive uses for social media that any practical investor can ever do. You’d be surprised how your network can balloon in just a few months of connecting on social.
5. Attending Real Estate Auctions
Are you searching for a residential investment property for sale near you that was foreclosed or is bank-owned? House auctions are one of the best places where you’ll find these distressed real estate properties.
At real estate auctions, you’ll typically find a number of houses for sale below their market values. If you find one that interests you as a real estate investment, you’ll need to place a bid and compete against others bidding for the same property. If the auction ends and you were the highest bidder, you’ll win yourself a new investment property.
Take a trip to your local county courthouse or scan different online auction websites to keep track of real estate auctions that are taking place near you. You can also check out listing sites like Mashvisor to find auction properties.
However, remember to perform due diligence, as with all the previous ways of finding and buying real estate. Smart real estate investors research and analyze houses for sale at auctions before attending to make sure they’re bidding on a property that’s actually worth their time and money.
The more you know about an auctioned house, the higher your chances of winning the deal.
Related: 5 Ways to Invest in Real Estate in 2023
The Top 10 Locations for Profitable Investment Properties
If you’re the type of investor that’s thinking about where to start looking for an ”investment property for sale near me,” you might want to check out the following locations. The numbers for both lists were taken from Mashvisor’s January 2023 database and were ranked from the highest to the lowest in terms of cash on cash return.
Who knows? One of these places might actually be near you.
Top 5 Long Term Rental Locations in the Country Today
According to Mashvisor’s data, these are the top cities for long term rentals today. We used the following criteria to come up with our list:
- Each location must have at least 100 active listings on the long term rental market
- Each location must have no more than $1,000,000 in median property price
- Each location should have a minimum monthly rental income of $2,000
- Each location should have a cash on cash return of 2% and above
- Each location must have a price to rent ratio of no less than 20
That being said, here are the top five locations for long term rental property investments:
1. Lantana, FL
- Median Property Price: $848,514
- Average Price per Square Foot: $447
- Days on Market: 78
- Number of Long Term Rental Listings: 123
- Monthly Long Term Rental Income: $3,149
- Long Term Cash on Cash Return: 4.26%
- Long Term Cap Rate: 4.33%
- Price to Rent Ratio: 22
- Walk Score: 65
2. Saint Petersburg, FL
- Median Property Price: $716,060
- Average Price per Square Foot: $412
- Days on Market: 144
- Number of Long Term Rental Listings: 1,342
- Monthly Long Term Rental Income: $2,914
- Long Term Cash on Cash Return: 3.96%
- Long Term Cap Rate: 4.01%
- Price to Rent Ratio: 20
- Walk Score: 42
3. Merritt Island, FL
- Median Property Price: $678,197
- Average Price per Square Foot: $359
- Days on Market: 146
- Number of Long Term Rental Listings: 223
- Monthly Long Term Rental Income: $2,839
- Long Term Cash on Cash Return: 3.89%
- Long Term Cap Rate: 3.94%
- Price to Rent Ratio: 20
- Walk Score: 0
4. Williamsburg, VA
- Median Property Price: $610,186
- Average Price per Square Foot: $640
- Days on Market: 85
- Number of Long Term Rental Listings: 186
- Monthly Long Term Rental Income: $2,529
- Long Term Cash on Cash Return: 3.63%
- Long Term Cap Rate: 3.68%
- Price to Rent Ratio: 20
- Walk Score: 85
5. Charleston, SC
- Median Property Price: $868,907
- Average Price per Square Foot: $906
- Days on Market: 87
- Number of Long Term Rental Listings: 446
- Monthly Long Term Rental Income: $3,311
- Long Term Cash on Cash Return: 3.61%
- Long Term Cap Rate: 3.65%
- Price to Rent Ratio: 22
- Walk Score: 40
Start looking for the most profitable long term rental properties in any location near you with Mashvisor today.
Top 5 Short Term Rental Locations in the Country Today
Similarly, we’ve also come up with a list of ideal short term rental locations for those who wish to start an Airbnb business. The following criteria were used to filter Mashvisor’s massive list of investment locations:
- Each location must have at least 100 active listings on the short term rental market
- Each location must have no more than $1,000,000 in median property price
- Each location should have a minimum monthly rental income of $2,000
- Each location should have a cash on cash return of 2% and above
- Each location must have an occupancy rate of no less than 50%
Based on Mashvisor’s data, here are the five best locations for vacation rentals today, ranked from those with the highest to the lowest cash on cash returns::
1. Northlake, IL
- Median Property Price: $329,300
- Average Price per Square Foot: $204
- Days on Market: 95
- Number of Short Term Rental Listings: 116
- Monthly Short Term Rental Income: $4,259
- Short Term Cash on Cash Return: 7.82%
- Short Term Cap Rate: 7.96%
- Short Term Daily Rate: $169
- Short Term Occupancy Rate: 54%
- Walk Score: 33
2. Bellwood, IL
- Median Property Price: $258,460
- Average Price per Square Foot: $208
- Days on Market: 84
- Number of Short Term Rental Listings: 173
- Monthly Short Term Rental Income: $3,820
- Short Term Cash on Cash Return: 7.77%
- Short Term Cap Rate: 7.91%
- Short Term Daily Rate: $164
- Short Term Occupancy Rate: 62%
- Walk Score: 83
3. Rileyville, VA
- Median Property Price: $332,031
- Average Price per Square Foot: $192
- Days on Market: 15
- Number of Short Term Rental Listings: 153
- Monthly Short Term Rental Income: $3,733
- Short Term Cash on Cash Return: 7.57%
- Short Term Cap Rate: 7.69%
- Short Term Daily Rate: $235
- Short Term Occupancy Rate: 55%
- Walk Score: 10
4. Columbia, MO
- Median Property Price: $294,905
- Average Price per Square Foot: $137
- Days on Market: 82
- Number of Short Term Rental Listings: 258
- Monthly Short Term Rental Income: $3,264
- Short Term Cash on Cash Return: 7.54%
- Short Term Cap Rate: 7.67%
- Short Term Daily Rate: $144
- Short Term Occupancy Rate: 59%
- Walk Score: 30
5. Parma Heights, OH
- Median Property Price: $194,232
- Average Price per Square Foot: $141
- Days on Market: 61
- Number of Short Term Rental Listings: 135
- Monthly Short Term Rental Income: $2,409
- Short Term Cash on Cash Return: 7.40%
- Short Term Cap Rate: 7.61%
- Short Term Daily Rate: $140
- Short Term Occupancy Rate: 50%
- Walk Score: 66
Look for and analyze the most profitable short term rental properties in areas near you with Mashvisor today.
Ready to Start Your Property Search?
As you can see, there are multiple answers to “how can I find investment property for sale near me?” Successful investors, however, understand that finding the best real estate investments entails exercising a number of different ways rather than sticking to only one.
The minute you focus your investment property search on one medium, you’re essentially limiting the number of houses for sale you’ll find before you even get started. There are absolutely no limits to the number of ways an investor may find residential investment property for sale, so why not take advantage of it?
The great thing about real estate investing in a digital world is that you can now look for investment properties anywhere at any time. It is one of the benefits that Mashvisor offers its users. You can easily spot excellent investment opportunities with just a few clicks on your mouse. It saves you plenty of time and money compared to the conventional way.
If you’re wondering, “how do I find the best investment property for sale near me,” learn about how Mashvisor can help you find the best deals in the most profitable markets by scheduling a demo now.