Whether you’re planning to flip a house, hold a property as a rental or o for something completely different: everything begins with finding those great real estate deals. Here are some simple tips you can use to find better deals on your own real estate.
1.Consider buying a bank-foreclosed property
When someone fails to make their mortgage payments for an extended period of time, their lender will repossess the home and remove the occupants.
Once the home is vacant, the lender will list this property for sale on the market. Once the deed has been done, these properties will be some of the greatest deals you can find in real estate.
Banks wants to be in the business of lending money, not owning real estate. They just want the property off their hands, so they typically sell for a very low price.
Since the foreclosure process is long and can take up to several years, these properties are often in need of some serious rehab or updating.
This may lead to even more discounts, for the buyers willing to brave the rehab. So get in the handyman mindset and go get yourself a foreclosed property.
2. Be the first …. Or be the last
The saying goes The early bird gets the worm, which still holds true in the real estate world.
Many times, it’s not the highest offer for the property that gets accepted, it’s simply the first person who put in the offer. So it’s simple, if you’re looking for a good deal be quick about it! Get pre-approved from your bank so you can jump at any property right away. Set up an email that gets alerts right when a new property hits the market, you’ll be pulling in deals in no time!
Once you find a property, don’t delay! Check it out as quickly as you can and put in an offer ASAP!
On the other hand, another way to get great deals is to find properties that have been on the market for too long. Those owners are typically extremely motivated and more willing to sell for a discount because they want the property off their hands.
3. Contact owners directly
One of the best tactics investors use today is to contact owners directly and ask them to consider selling. Tell them all the things that you have to offer them. You should look outside the box rather than depending on the MLS to find deals.
Think about it, at some point a great percentage of our population will think about selling, so why not reach out to them before they list their property? You should target absentee owners, which are people who own are property by do not live there.
4. Look at many deals
Finally, you have to understand that finding great deals is a “numbers game”. So compare your numbers, and compare multiple properties. Now get out there and find yourself some great deals!
If you need more help on how to find incredible real estate deals, feel free to check this FREE webinar and feel free to get in touch with us. We’d love to help you.