How do i find a deal below market value ?
@Ronit Raviv step one is know how to calculate market value from comps etc. Then learn how to calculate rehabs once you have those things down then you start looking on MLS on Craigslist on BP everywhere. For advanced investing you could even start a direct mail campaign to find motivated sellers.
Thanks for you reply. Any idea how long it takes to complete evacuation after purchase ?
Hi @Ronit Raviv ,
1. Get in connect with as many real estate attorneys you can. They always have information of properties that are going to sell or going to hit the market.
2. Check local newspaper or your state government websites for properties that are being foreclosed.
3. Real Estate auctions are another great option but it's quite tricky for new investors.
4. Connect with local wholesalers and get into their buyer list. You can find them on local REIA meetings.
5. Send direct mail. This is the quickest way to finding good deals below market value.
Hope this helps. Good luck!
1. Have cash to purchase properties
2. Get an investor friendly real estate agent with pocket listings.
3. Let everyone you know you buy houses with cash and can close in 7 to 10 days.
4. Network with local investors and when you find a deal that doesn't meet your criteria pass it alone to one of your new best friends. Let them know what you buy and they will return the favor.
These simple task have worked for me for 35 plus years. I literally have more deals than I can buy. Of course I'm pretty much done buying rentals, I'm in the payoff stage.
@Ronit Raviv Evacuation?
Thank you ,sounds good.
@Ronit Raviv mail has been proven to be effective for finding property. The list is a big detail to pay attention to.
Absentee Owners get a lot of offers -so it can be tough to compete which can drive the price up.
There are some owner-occupied segments with people who share motivating factors for selling their home.
Seniors with Long-time Ownership: often ready to downsize or transition to assistance.
Homeowners with Low Financial Stability Scores (FSS): Struggling financially and likely ready to cash in on their asset.
Both these categories have additional advantages in that they probably don’t haven’t been updated and may have deferred maintenance. They won’t be expecting the same money as their neighbors with the shiny new kitchen and fresh paint.
Thanks for your note.
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