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
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.
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