Rental Property Investor · Truckee, CA · Member since 2018 · 12 posts · 2 votes
Hello BP community!
I live near Lake Tahoe and am shopping the Reno Sparks area. For my first purchase I wanted to simply buy off MLS, something that has become stale, at a discount. The problem is, I'm having trouble getting properties to cash flow on paper, additionally, home prices are making the 1% rule unattainable.
It's becoming increasingly obvious that I need to buy off market. (I don't want to, I'm a realtor and I believe in the process). BUT in this market, I think I need to in order to provide a monthly cash flow.
I've read multiple posts on how to find these off-market deals (driving for dollars, letters, ads, wholesalers). What I haven't found in the forums is how, exactly the process goes with buying off-market. How do you walk through title and escrow, etc.....? What bases need to be covered with buying off-market?
Rental Property Investor · Maryville, TN · Member since 2009 · 529 posts · 414 votes
8y
Just get a seller to sign a sale contract, bring it and your earnest money to any title company to initiate the deal. If seller needs/wants representation, suggest a r.e. attorney who will typically check contract and offer advice for a few hundred bucks. much bigger challenge will be finding any properties that meets your criteria. Keep an eye out for situations that most might overlook, like re positioning, rezoning, finding a property that you can add units etc