A property scout is someone who finds investment properties and presents them to investors for a finder's fee, which may range from $500 to $1,000. With the right motivation and networking skills, this can be a profitable work-from-home opportunity.
Obtain a list of potential products. Start by using real estate websites. Examples are trulia.com, interorealestate.com, movoto.com and idxcentral.com.
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Websites such as these enable you to search for super-cheap deals, mainly fixer-uppers that you may present to investors. Each site allows you to search by city, list price, number of bedrooms, bathrooms, square footage, acreage and other parameters..
Find investors to form a client list. Start with Craigslist.org and then search the local newspapers. In the real estate section you may find ads from investors seeking bargain properties. Watch for aggressive marketing on the freeways and local roads — signs with messages such as "I'll buy your house for CASH" with a phone number at the bottom.
Acquaint yourself with unconventional methods of acquiring property, such as tax deed auctions, probate estates, federal auctions and foreclosures.
Submit a package based on what your client wants. You may include large photos of the property from all sides, physical address, the MLS number, contact information for the owner or administrator of the property, and date and time of a scheduled auction. Also include any information gleaned from county records about liens and other issues with the property and the results of a preliminary title search. Pass along notes about your physical visit to the property and your thoughts/feelings about it.
Collect money. A serious investor will keep good records and know when to pay you the finder's fee. You should not have to track her down. A simple courtesy invoice should be enough once you know she has bought a property you found for her.
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