FINDING THE RIGHT DEAL

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In this hyper competitive market, the biggest challenge faced by an eager investor is not lack of money or time. The biggest challenge is to find a deal where the number works. There is a lot of factors that make this tough. The over zealous bidding by people new to the game, extremely large exposure of properties due to the internet, cheap credit options and just the over all attention this avenue of investment has gotten over the years. People see it as a gold mine and want to cash in.

For all the reasons above its becoming harder and harder to find the right deal where the numbers work, that’s where hard work and effective strategies come in handy. These tools are being used by the savvy investor to find deals even in this competitive market. So here are just a few of them to help you along the way. Its no surprise that most of the good deals are found in properties that have not yet hit the market or the seller probably is not even aware that he might want to sell

1. Drive for Dollars: This strategy involves you driving up and down neighbourhood looking for homes which look neglected or abandoned. You look out for damaged roofs, unkept lawns & extreme wear and tear on the house. You take note of all the homes in that neighbourhood that meet that criteria and you reach out to the owner by phone or mail by searching details in tax records.

2. Auctions: One should look for foreclosure auctions, Sheriffs Sale Lists and other such events. These are ideal for a somewhat experienced investor to grab some cheap properties. Services like 4closure.ifo and roody.com can provide you with such lists and even look for owner details for a fee.
Wine and Dine Brokers: When you find a great investor broker make sure you treat them as a huge asset. Many people tend to think the real estate broker is working under you as you pay them the commission but In reality they are the ones brining you thousands of dollars in profit for just a small fee.

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