Finding vacant properties would typically seem difficult for real estate investors. You cant go about each street looking for ‘vacant’ properties so to speak. An empty house doesn’t necessarily mean the house is vacant. The law translates vacant as being completely empty and rid of necessary occupancy i.e. a lack of people and personal property. In simpler terms. the house is empty to the extent that a normal person cannot presume that there is normal occupancy. There are houses with probably a dishwasher and an Old TV and these houses can be rightly regarded as vacant.
However, we should be careful not to misrepresent vacancies for being unoccupied. An unoccupied property is a property that contains all personal possessions and normal living items and it seems like the owners can resume occupancy if they return.
Why should you buy vacant houses?
How is a vacant property of importance to you as a real estate investor? Beauty they say lies in the eyes of the beholder and that seems to be the case for vacant properties, while neighbors might consider a vacant house an eyesore, investors might be looking at a flipping profit of $50000 (different strokes right!!). Here’s why you should buy or invest in vacant properties:
- Highly Motivated Sellers: A property might be vacant because the parents died and the kids are not around to maintain the house, in such a scenario the kids are easily motivated to sell the house and get profit for it. Basically, a house that is unoccupied is easier to buy than an occupied one, think about it.
- Beat market value: since the owners are properly looking to rid themselves of the financial responsibility of maintaining a house he/she doesn’t live in, you can get such a house under the market value and helps you make a profit when you flip such property.
Finding Vacant Properties
So how do you find these coveted vacant properties. You can start by:
- The Mail Man: The mailman and of course the local post office knows which houses no longer receive mail. Contacting your local post office is a good start to finding houses that are vacant.
- Driving around the area: Driving around your block might open your eyes to vacant houses around. You can explore different routes on your way home to discover vacant houses. Don’t drive aimlessly around burning gas, you might look for houses with telltale signs of vacancy like a bushy porch, stale painting, or a broken window, you get the drift.
- Research Estate Sales: You could look through the record of estate sales and you might find owner’s names. You may even be able to find the owner’s contact information and inquire about the state of the property.
- Advertising: You can put notices around neighborhoods you are interested in and ask folks to contact you if there’s a vacant property around them.
Ultimately, You can employ the service of a skip tracing service like need to skip to help you uncover vacant properties that will help you meet your real estate investing goals.