There are a lot of the properties listed for sale each and every day. So many, that it can be overwhelming to decide on which properties might be good to buy for an investment. Maybe you are one of those individuals thinking about getting into real estate investing. Or maybe you are one of those individuals who already are investing, but have not been all that successful in finding those "diamonds in the rough". In either case, please read on and discover how to correctly identify money-making properties that will help you to realize huge profits time and time again.
Finding a realtor that you can trust is essential if you want to be successful in real estate investing. Without this "external" team member you are left using your gut and more than likely a lot of your time researching the market to help make your decision. Realtors can access information on properties in minutes that may take you hours or days to access, so use them!
When you do find a realtor that you can trust have them assist you with the following:
The property's asking price. Could you get it for less than what is being asked? A realtor can tell you.
The property's selling price and what repairs are going to be needed to get it sold for the same amount as other like homes in the area are selling for. You want to make sure your property is just a "notch above" the others in your market at your price range.
Find out how long like properties in the area have been on the market (on average). This will tell you the amount of time that you can expect until you flip it (if that's the route you're taking).
Find out the average sale price for like properties in your area also. This will help you decide how much to rehab (dollar amount and quality), and how much you can expect your house to sell for.
Next are some suggestions on how to identify a property. These tips will put you ahead of the competition in your area and help you to buy smart for huge profits:
Look for properties with large bedrooms. People like space. They don't want to walk into their bedroom and fall face down into the bed.
Look for openess in a floor plan. A very open floor plan can give the illusion of more space.
Try to locate properties with bigger kitchens. Why is this important, you may ask? The next time you have a party, take a look at where everyone gathers (understand?).
Make sure that the property you are considering has a dry basement and that the foundation is straight with no bowing. Wet basements mean leaks and leaks mean repairs, and repairs mean EXPENSES! In addition, wet basements can mean the dreaded four letter word, M-O-L-D. Steer clear of wet basements!
Find a property that has a maintenance-free exterior, such as a brick or maintenance-free vinyl siding. They're out there, you just got to look.
Consider the neighbors and the neighborhood. Come by at different times of the day to see how the neighborhood is. Is it loud? Are there a lot of kids who should be in school or people milling about who should be at work? Are there any abandoned cars? Are the neighbors' homes next to the property, across the street from the property, and behind the property in disrepair? If you answered "yes" to any of these questions--FIND ANOTHER PROPERTY!
Run a registered sex offender search for your area. You don't want to rent to a family and then find out that there is a sex offender living right next door.
Look for a property with a newer roof and mechanicals.
Find a property with some curb appeal.
These tips offered in this article should have you on your way to identifying money-making properties in no time. Once you get it down to a system, there will be no stopping you from making huge profits each and every time!
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