HERE ARE SOME TIPS THAT WILL HELP THE REAL ESTATE INVESTOR
2. Ideally, you would like to find investment properties that are located in these emerging areas and have cosmetic flaws but no serious structural problems.
3.Beware of the risks and opportunities in engaging "Handyman Special Foreclosures." Their affordable prices and various choices available make them highly favored among real estate property investors. These are foreclosed properties that are in need of repair or renovation which is the primary reason for their cheap prices. The risks are the possibility of buying a property with deteriorating structure, walls or roof and will cost a lot to repair. Of course the benefits are huge, chief among them being buying low selling high.
4. Think, Buy, Hold, and Rent rather than Buy, Rehab, Flip. There is nothing wrong with flipping a property or two for some short term money. However, in the current market you may want to consider renting rather than selling. It makes for good long term strategy. A bit of patience can provide a lot of future earnings to investors who are willing to sit and wait for a few more years until the values of properties start to rise and reach respectable levels once more.
5. If you find that you are holding a particular property for too long, consider doing a lease/option. You will get your property occupied while helping a prospective buyer to rent with the option of owning the house later.
6. When buying properties you should have certain criteria in place. Here are the criteria that one of my colleagues use:
Play the numbers game – the more prospects that meet your criteria the better the deal. Get as many motivated seller leads as possible into your pipeline and cherry pick the best one until you find that diamond in a rough.
Find out if they are motivated and what that motivation is – If they are not motivated, pass and move on to the next one. Motivated sellers will sell at a discount. Always find out why they are selling as they will give you a great reason why they should discount the price such as they need the money today.
Do not deviate from the criteria of 50% of value – Never ever pay more than your criteria dictates. Pass and find another. Remember, this is a numbers game so the solution is to get more leads not compromise and overpay and take on too much risk with lower return. By doing this, you will avoid huge mistakes that investors make all the time.
Do your due diligence – Make sure to do your due diligence and get an inspection. Investment properties always require an inspection and thorough due diligence to mitigate risk and likelihood of unpleasant surprises.
Negotiate down every chance until you get a no – Give reasons why it is not the best fit or point out flaws without offending them. Tell them you are still interested but want to reflect it in the price and ask for a reduction. Do this until they say no. Then you have found their bottom line lowest they will take. Do this every chance you get
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