HI,
I’m new to real estate investing and have been looking for an investment property through a broker since I’m not sure of how else to go about it. I’m looking for single family homes that are cosmetically challenged.
I have a cash investor lined up but am not sure of the best way to find a worthwhile property. I’ve been looking at short sale properties.
What is the best way to go about finding homes that fit my criteria? Please help
The best way is to hire a real estate agent to find the deals.
Find a real estate agent that understands short sales and is willing to lowball them. Then approach the owners of short sale listings directly and offer to buy their personal property if they will accept your agent’s low ball offer. When you submit your offer, make sure you include 3 low sold comps and 3 low active comps along with a high contractor’s bid of everything wrong with the house and how much it will cost to repair.
Low ball offers with get you laugh at and not taking serious.
Maybe by clueless listing agents. However, once you have the seller on board, then you control the short sale. My clients get better deals than REOs.
I agree you get the seller on board you control the short sale. Remember the lender will make the final decision.
That is true. The key is to get to the BPO and show them the low comps.
Most banks/lenders will only accept MLS comps.
Bit confusing,are you looking for an investment property for yourself or one for another investor…or …are you going into a partnerhip type deal.
All of these will have bearing on what is a good investment property.
You might think it good and the investmeng group not thnk it so good.
Give us a bit more clarification and perhaps we can give better answers.
I used to do BPOs. You can use any valid comps.
If you are looking for investing in property then I would like to suggest you that you should meet with a real estate agent. A real estate agent has all the details about market values and housing market’s changes. So he will definitely offer you a best deal.
“A real estate agent has all the details about market values and housing market’s changes. So he will definitely offer you a best deal.” Really? … REALLY???
There is only one person who will get you the best deal, and that is you. Counting on an agent to have your best interest at heart is foolish. Most agents, unless they are specifically a buyers agent, have a fiduciary duty to get the best price for the seller, NOT you. Educate yourself, find alternate sources for comps rather than rely solely on the MLS, find the deals that are NOT on the MLS, become an expert in your market area.
I avoid agents unless absolutely necessary. I find they are generally more trouble than they are worth and are usually an impediment to getting a deal to close. I have had agents tell me outright that you cannot buy at 60% of market value although I have actually done it several times. I’ve had them refuse to submit a low ball offer until I suggested I might have to report them to the state Real Estate Commission.
I would recommend you find yourself a repossessed property. The first property I bought was a repo, and there also were many cosmetic fixes that needed attention. Luckily the revamp expenses weren’t too much.
Try finding these type of properties on your own - then you will also save money on commission, meaning you can buy an even bigger and more spacious home 