How To Identify Money-Making Properties!
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!
Matt Bodeman and Scott
A. Rozanski are the "Millionaire Real Estate Pros." They have been helping others discover how to make huge profits in the acquisition of undervalued properties for years. In just the last year and a half alone, Matt and Scott have
purchased over 50 properties using no
money of their
own and made millions of dollars.