Sources of Property

The primary sources for property acquisition are: private individuals, private corporations, city government, and the federal government. Private property is sometimes listed for sale through a licensed Realtor® and available for purchase by the general public. Many of these buildings, while requiring either renovation or updating, have been recently occupied and are in reasonably good physical condition. When purchasing a private individual residence, make sure that your purchase price accurately accounts for the money you will be investing in its renovation. Your bank will help ensure you don’t dump more money in than the house will be worth, but remember that they are also interested in selling you a loan. Don't be afraid to reject a building if the "numbers" don't work for you.

Sometimes, privately owned unoccupied property has been left abandoned for years and is in poor physical condition. These buildings are generally boarded up and not listed for sale by a Realtor®. The owners may also be difficult to track down, particularly in cases where he or she lives out of state or has moved repeatedly. The Polk County Assessor web site can help track down the owner of a particular building.

The Department of Housing and Urban Development may have property for sale. Teachers and police officers may purchase properties in specific zip codes at half price.

Owner Occupants

If you will be renovating the house to live in yourself, you should also spend some time and effort looking deeper into the "quality of life" in the surrounding neighborhood in addition to the economics of the project. Bottom line: is this a place you see yourself being happy living 24 hours a day? If you have children, you may be particularly interested in researching things like the neighborhood schools, parks, and nearby child-friendly restaurants.

Talk to members of the neighborhood association about the benefits and tradeoffs of living in the area.