As you work your farm, take notice of properties that appear recently abandoned. Don't overlook the information you can get from a neighbor about an adjoining property.

Start working your investment area by driving around it regularly. Always carry a notepad with you and make necessary notes. When you see ugly properties — those that are rundown and need paint or are cluttered with rubbish, trash, and junked cars — write down the addresses. Search for properties that are listed for sale, both by real-estate agents and for sale by owners. Be constantly on the lookout for vacant and empty properties.

Also be sure to look for For Sale By Owner (FSBO, pronounced fizz-bow) signs. Property owners facing foreclosure will often first attempt to sell the property themselves, hoping to avoid the embarrassment of a real-estate agent learning of their financial plight.

As you search for properties in your farm area, write down the phone numbers, addresses, and quick descriptions of the properties. When you get back to your office, call the For Sale By Owner properties. (You will learn more about what to ask later.) If there are neighbors near a FSBO property, don't hesitate to ask about the property. The more you ask, the more you will find out. Carry on a conversation with the neighbor. Find out as much as you can about the property and the property owner. Don't be afraid to ask why the property is for sale or why the property owner might be moving.