Finding Real Estate Deals in your own backyard

If you are interested in getting into the real estate "game" your best chances of getting started are likely in your own backyard. First, you have an intrinsic advantage being a "local". You know the lay of the land, what areas are good versus bad, and you have a rough idea of what single family homes go for in your area's market. Just by simply looking at your local real estate agent's website, you can actually look at the various MLS listings of houses that are for sale in your area. Also, I recommend signing up online to receive mailers from your local auction house. I get mailers twice monthly from one of the biggest auction companies in my area. These are like mini-newspapers (that are free) with the latest properties, etc. that are going up for auction. This resource is extremely helpful. Recently, there was an 8-unit apartment building as well as a couple 3 bedrooms/2 bath houses in relatively nice areas for auction. The great thing about auctions is that you have the POTENTIAL to buy the property at a great price...even STEAL it in fact. By knowing and understanding your local economy and real estate market, you have an intrinsic advantage to being a local. I'd recommend, though, that if you decide to pursue the auction route, have a dollar figure in your mind BEFORE you go to the auction. Auctions are designed to stimulate emotions in people in such a way to make people raise the bid. Don't fall into that trap. Please do your research and develop your dollar figure before you go into the auction and make sure YOU STICK TO YOUR DOLLAR FIGURE. If you don't get the property, that's ok. Just remember that deals pop up every day! There will always be another deal.

Disclaimer, prior to purchasing any property whether via auction or sale, please consult with your real estate professional, lawyer, accountant, etc. to make sure the deal fits your investment objectives.