One of the best ways to find properties is simply to drive through the neighborhoods in which you’re interested. You can think of this as your “farm.” You’ll define certain neighborhoods and on a fairly regular basis drive or walk them. Look for signs that indicate a person is getting ready to sell a home, such as painting and fixing it up. When you find a home that looks suitable, stop by and engage the seller/owner in discussion. Find out what the asking price is and any special features. Then check it out: do a CMA (comparative market analysis).

Remember, if the owner is getting ready to sell, he or she will be very happy to talk with you. You promise the opportunity to save that seller a commission, or at least part of one. If you come up with a reasonable offer, the seller may go ahead and let you purchase the property directly, even before it gets on the market. Chances are you’ll have found a real bargain. A word of warning, however: don’t be like “the blind leading the blind.” If neither you nor the seller has any serious experience in real estate, pay an attorney or a good agent to handle the transaction for you. (You needn’t pay a big commission. Many attorneys and agents will handle the paperwork for a reasonable fee.) You want to be sure that you get clear title and that you don’t open yourself to an angry seller’s later coming back at you for some error in the transaction.