I have been searching and searching, but where are you other investors finding these deals with all this equity?
I have been looking and telling everytone i know what i do but when something comes across my desk it either has no equity because they haven’t live there long enough to build any, or they have no equity because of refi’s.
What am i doing wrong here or really what should i be doing to attract properties with more equity?
The key to successful real estate investing is not finding deals with equity but finding deals and creating equity.
Find motivated sellers and start negotiating the price. If the house is in a bad market than you have the advantage. Even if the property has $50K in equity and the market stinks in that area you can get the seller to lower the offer and create more equity
ok so when you say create equity are the deals your finding have existing financing in place? Are these pre-foreclosures? I mean i’ve heard almost of every strategy out there. So when a home is upside down and is behind in payments and the lender won’t do a short sale cause its Countrywide :banghead what do you do then?
word of mouth is good, but it is not enough to build business on. You need to market to the right people who will most likely be motivated and with equity. It is not an easy business, but deals do exist and you just have to look in the right places, and hope to find good ones.