Strategies for Purchasing 1st Home Below Market Value

[Prem Schoff]

I'm just getting started out in REI with the goal of building a rental property portfolio. My wife and I currently rent and she is adamant about us purchasing a home. We are in the pricey NYC area market in North Jersey. Any suggestions for strategies to find a good deal allowing us to net some equity within a few years by purchasing below market value? The typical method of going through a real estate agent and using MLS doesn't seem like the ideal path (if only the easiest and most typical).

[Brandon L.]

@Prem Schoff it seems that "net some equity within a few years" is your goal, correct? You can accomplish that buying at market value.

to the strategies:

1. Drive around and find abandoned properties, contact the owner and negotiate.

2. Find properties on the MLS that have been listed beyond the average sales time frame for your area, attempt to negotiate.

3. Find distressed homeowners and attempt to negotiate.