I am honest and try to talk people out of being my client. Local, family-run business that isn't trying to squeeze every dime from our guests and clients. We give our clients a free 6 month test drive just to figure out if they like us. ;)
I've been a cyber analyst going on 10 years now, so my daily activity involves collecting data, analyzing it, and extracting the most important parts to make an assessment. I believe this will help me in analyzing properties to get the most $$$ out of them.
I believe I can find deals where others have passed on it. Look at properties on the MLS that have been sitting there and everyone has passed them up. I can be creative and find a good return where others could not. Secondly I'm not afraid to contact people about deals. I found many deals sitting in small banks (REO's). I'll never understand why they just sit on them, but they do. Best part no competition.
I believe I can find deals where others have passed on it. Look at properties on the MLS that have been sitting there and everyone has passed them up. I can be creative and find a good return where others could not. Secondly I'm not afraid to contact people about deals. I found many deals sitting in small banks (REO's). I'll never understand why they just sit on them, but they do. Best part no competition.
Do you have any special strategies for finding REO deals? I have picked up 2 of these that ended up on the MLS but what has been your experience?
Contact some small local banks and ask if they are holding any REO's. You can get real good deals. I bought three properties for about $80,000 each last year. If they were on the MLS they would have been over 100K each.
@Paul Sandhu I have impeccable financial intelligence and discipline. When my wife and I left the military we had close to $130k in savings and virtually no debt. We purchased our forever home last October and plan to have it paid off in 7-10 years and we just purchased a duplex with a business partner with a portion of our savings. We plan to add our second property with @Brian Scheer in the coming years.
I’m always willing to make a low offer. Im willing to live in a run down property to fix it up. I believe everything is negotiable. I can now spot a terrible listing in my market. I’m not afraid to survey the neighbors door to door before I make an offer (if possible). I’m not afraid to ask why I can’t have or do something. I know I’m not entitled to anything.
My mentor refers to this as Differential Advantage. We all have one, it is a matter of recognizing it, and emphasizing it. Ours is this: We are able to evaluate and assess real estate from 3 perspectives: developer, architecturally, and from a construction point of view. Most investors are only able to do one, a few two. I have only run into a few that do all three.