Finding the right investment property can be very time consuming and difficult. The real estate market continues to slowly rebound from the housing market crisis. Here are a few ways to find cheaper investment properties as home prices continue to creep up.

1.Negotiate

Negotiation is a powerful tool for any real estate investor looking to buy property. Here are some of the most important things to consider negotiating:

Price. Price is an excellent starting point for any real estate negotiation. Price negotiation can help both sides during a real estate transaction. For the buyer, negotiating helps hedge against buyer’s remorse. For the seller, negotiation helps seller’s remorse (wondering if they priced the property too low).

Repairs. Repairs are a great angle to negotiate when buying a distressed property. Don’t request anteing that requires quality workmanship. For example don’t worry about asking the seller to pain because chances are they won’t meet your standards.

Closing costs. Don’t be afraid to negotiate closing costs with the seller. Ask them to cover any costs associated with the transaction.

2. Search in Surrounding Neighborhoods/Cities

Real estate investors can expect to find cheaper homes in less popular neighborhoods than popular neighborhoods. Be ready to search in several different neighborhoods and cities (that may be outside of your target area) to find the right property. Here are some incredible online tools to help in your search:

Multiple Listing Service (MLS): MLS.com is a real estate advertising and marketing service company. MLS.com’s main goal is to make it quick and easy for you to search and find real estate located all across the USA through their advertised real estate agents’ web sites. MLS.com can help you find providers of many of the services needed in a real estate transaction. MLS.com features some of the best known and most respected names in real estate.

Zillow: Zillow is a home and real estate marketplace dedicated to helping homeowners, home buyers, sellers, renters, real estate agents, mortgage professionals, landlords and property managers find and share vital information about homes, real estate, mortgages and home improvement. They are transforming the way consumers make home-related decisions and connect with professionals.

Trulia: Trulia touts transforming the real estate industry in three different ways: giving consumers the information they need, helping professionals build their businesses, and creating additional value in adjacent markets.

LoopNet: Search listings, research properties, and list availabilities with LoopNet, the most comprehensive resource for commercial real estate online.

3. Work with a Broker or Referral Agency

Brokers and referral agencies can help investors find premium listings that might otherwise not show up in normal searches but remember to do you research before selecting a broker or agency. There are dozens of reasons as to why investors should work with a broker, here are just a few:

1. Better access to listings and homes. It is a broker’s full-time job to work with both sellers and buyers. Brokers will track down homes that meet your criteria, get in touch with seller’s agents, and make appointments for you to view homes. In addition, brokers have easy access to all other properties listed by other agents.

2. Good brokers can be negotiating assassins. An broker can help by speaking for you in tough transactions and smoothing things over to keep them from getting too personal. This can put you in a better position to get the house you want.

4. Build a Network

Sometimes you can find great deals, that would otherwise be unknown, by tapping into your network. Reach out to your contacts, friends, family, and constituents to let them know you’re looking to invest in a certain neighborhood or city. Personal contacts can be the best way to find out about properties before they even hit the market. Not sure where to start in your network? Consider this:

1.Reach out to a mentor. Do you know other investors who have reached levels of success you aspire to have? Reach out to these types of people and learn from their mistakes and as well as their success.

2.Talk to the devil’s advocate. The devil’s advocate will help flush out your investing ideas and opportunities. They will challenge your wants and desire and push you to truly identify the best solution.

3.Talk to a partner. Having someone who is in a similar place and on a similar path is essential to any investor. This is a person who will be in the know, and can empathetically help find the right properties.

4.The insider. Insiders are incredible way to find great deals. This person will help keep you informed of what’s going on now and where the next big thing will be.

5.Survey the Property and Call in Any Specialists

Distressed properties can quickly turn into money pits without the right precautions. Take time to survey the property and hire any specialist to check out any potential costly fixes. Follow this checklist:

1.Kitchen. The kitchen is the most expensive room in the house to remodel. Make sure to check the cabinets, counters, floor, and appliances for any alarming wear.

2.Bathroom. Bathrooms are the second most expensive room to remodel. Check the tub, shower, and toilet for any leaks or cracks. View the pipes to make sure they’re working properly as well.

3.Heating System. A new furnace (including installation) can cost $5,000 and sometimes more. Check the home for old systems.

4.Air Conditioning. Check the air conditioning units for any issues. Central air systems can be very expensive to replace and repair.

5.Roof. Check the roof for any cracked, curling, or missing shingles. Roofs typically last about 15 to 25 years.

6.Windows. Windows are often an overlooked detail in home inspections. Check for hard-to-open windows. Double paned windows cost about $300 for the average sized window frame.

7.Basement. Check the basement for any signs of flooding, leaks, or other water damage.

8.Insulation. Poorly insulated homes can cause all sorts of problems down the road.

9.Driveway. It is expensive to repair driveways and sidewalks. Look carefully for any cracks or sunken areas.

Follow these 5 tips and enhance your chances of finding cheaper real estate investments. We want to know what you think. Leave a comment below and tell us how you find cheaper investment properties!