This will be an ongoing series of articles when it comes to investing in Real Estate. When we’re talking about investing, it may not be for everyone. There are methods that as an investor, you have to consider being in this business is to make a profit and provide a service to the community. Based on past experiences we can become attached to properties and we may tend to overdo renovations to appeal to potential clients. You want to invest as much and as little as possible to make a clean safer habitable environment for tenants. The old adage of buying low and selling high is the name of game when it comes to investing. So let’s get to it……
- Find the Areas you want to invest in. You want to be in a comfort zone where you can generate positive cash flow. That means a location within a reasonable driving distance.
- Drive the neighborhoods to understand what the negative or positive attributes are; this will help when it’s time to market the property for rent.
- Now comes the easy part, finding your property. This is the subcategory of methods.
- Check public records for any tax liens or lies pendence for properties in the area.
- Run a local online classified ad advertising that you want to buy properties in your areas of choice.
- There is a possibility there are other “FOR RENT” or “FOR SALE by OWNER” signs on houses in your target area. Always contact them to ask if they’re willing to sell their house(s) at a reasonable price.
- Read the obituaries in your target location(s). There might be an estate sale for a house that must be sold.
- And always check with a local REALTOR who KNOWS the Area and how to find a property that may in your price range.
- Use your secret weapon in your target location(s). Get out and talk to neightbors. I found they know all about your investment areas and will tell you all the goods you need to know.
To be Continued…….