I have been doing my research for a long time now, really want to get into rei on my own but shouldnt because of my personal finances right now. I have a friend who has the money but not the time to do the research so i find the property he puts up the money we split the profit. I just cant seem to do my research focused. When looking for properties do you look in certain areas for a good deal, do you look for a good deal anywhere you can find one what process do people use to find what their looking for. Right now im looking at everything all over the place and i feel too spread out as opposed to focusing on what area or type of property? I dont know what the right mind set is. I feel like if I focused on something i would get more out of that specific search but might miss a killer deal right under my nose because im not looking for it. What is the best way to get comps? i find houses for like $20,000 and instantly think great deal then go on to find out there only worth 20k. On the other hand though i see a nice looking house for 250k and later find out its worth 400k. I feel all the sensus type stuff i find is so outdated…anyone who could help I’d really appreciate it.
Pick an area close to home and become an expert in that market. Get out of the house and look at 100 or 200 houses (inside and out) in that area until you KNOW property values. Then, when you find a property at 50% to 70% of market, you will KNOW it.
REI is not a stay-at-home, look-on-the-computer type of business. Get out there and meet people. Join your local REIA. Study until you understand the business.
i find that before evvvvvvvvvvvvvvvvverything else, you need to be absolutly determined to do this S***. do it or die.
then suddenly u will see doors open eveywhere, possibilities!!
Another helpful way to begin learning the market for a specific area is to have a realtor set you up to get all of the new listings, and price changes emailed directly to you.