How Do You Find A Good Deal?
I have been trying to be a real estate investor for the last couple years or so but just cant seem to find out where to begin finding a great deal.
I bought a nice property on 2.3 acres for 176k and sold after some fix-up for 265k seven months later. It was a US Marshalls seized property and I knew I could not go wrong here in northern CA. I made the mistake of thinking I was going to keep the place and build a new house where the existing shack of a house was built. It would have cost about 250k for the house to be built so I threw in the towell and listed it and had 15 offer the 1st week on the market.
I would like to find another good deal but dont really know where to start. Foreclousers, Pre Foreclosusures, MLS. I have a newspaper that prints all of the Notice of Defaults and I print them out and do as much research as I can but I still dont talk to the people because I am afraid the house may have a 2nd mortgage or liens against it and they wont tell me. I wonder if a title report would tell me this info I need or what would be the best way to research a property? Any help would be appreciated. Keller 30.
Part and parcel of finding a good deal is knowing your market. Once you know an area well its simply of matter of finding properties that are available (either for sale, abandoned, in foreclosure, etc) and getting in contact with the owners. You might want to work with fellow RE investors or a knowledgeable real estate agent who help you locate and purchase below-market properties.
Thank you so much for the info. I have lived in the area for 33 years and have done a lot of research on what homes have sold and how much they have gone for. I will definitely take your advice and try to locate a good agent and or investor and get off my **** and start doing something with the info. Thank you. Any good books anyone can suggest. John Lockes book looks ok.
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