What's the secret to find "The Property"? Where do you search? MLS? I'm lost! I feel I will never find a property 30% less market value! Any tips...?
Thanks.
bernel77,
What are you looking for???
The perfect property does not exist. REI is what you make of it. Determine what your goals are and do your marketing or investigating to suit your criteria. You will never find "THE PERFECT PROPERTY". We are all here to help each other, so if you need help, ask.
If gold was lying on the street then everyone would get a piece and it would have no value.
Read these posts, articles in the archives, join your closest local investors club and haunt the library. .. I read voraciously and feel like I am still a newbie in many areas. After some study I think you will gravitate to an area of CRE that most appeals to your nature.
Good luck on the journey!
I am a newbie as well, but this is what I've done to try to fine tune my REI skills.
First, I run through the MLS and find potential properties. Then, I look up those same properties on the county auditors website to see what the appraised value is of the property and properties on that block.
If there is a property that is priced significantly under the appraised value I usually do a drive by to look at it. I've found some properties that are truly under priced (sometimes a hint that the seller is motivated or simply uneducated on its fair market value).
It's a simple drill. Now I just need to get the guts to move on some of the deals I've found. If nothing else, I've found some properties that I could potentially birddog. Many are easily between 70-85% market value and easily under 75% ARV.
My best buys were HUD repos, but listen, they were in good areas. You know the three Ls of real estate. You may find a property for 50% of "LTV" (which is an opinion, not a fact) but if it's in a nasty ghetto you may still not have much. What has worked for me is the vision developed by many years in the construction business. A property that looks like it's crumbling to the uninitiated but is structurally sound and in a good area and priced right - you're gonna prosper with it if you know how to apply the right gloss. ML comps are great, but prices in the newspaper are too. Get your per-square-foot values and work from there.
bernel77,
What are you looking for???
The perfect property does not exist. REI is what you make of it. Determine what your goals are and do your marketing or investigating to suit your criteria. You will never find "THE PERFECT PROPERTY". We are all here to help each other, so if you need help, ask.
Jesse
If gold was lying on the street then everyone would get a piece and it would have no value.
Read these posts, articles in the archives, join your closest local investors club and haunt the library. .. I read voraciously and feel like I am still a newbie in many areas. After some study I think you will gravitate to an area of CRE that most appeals to your nature.
Good luck on the journey!
depends on your market. im in a market thats 30 to 75% below market. try www.realtor.com
I am a newbie as well, but this is what I've done to try to fine tune my REI skills.
First, I run through the MLS and find potential properties. Then, I look up those same properties on the county auditors website to see what the appraised value is of the property and properties on that block.
If there is a property that is priced significantly under the appraised value I usually do a drive by to look at it. I've found some properties that are truly under priced (sometimes a hint that the seller is motivated or simply uneducated on its fair market value).
It's a simple drill. Now I just need to get the guts to move on some of the deals I've found. If nothing else, I've found some properties that I could potentially birddog. Many are easily between 70-85% market value and easily under 75% ARV.
Happy Hunting!
[ Edited by kburkeen on Date 08/11/2003 ]
My best buys were HUD repos, but listen, they were in good areas. You know the three Ls of real estate. You may find a property for 50% of "LTV" (which is an opinion, not a fact) but if it's in a nasty ghetto you may still not have much. What has worked for me is the vision developed by many years in the construction business. A property that looks like it's crumbling to the uninitiated but is structurally sound and in a good area and priced right - you're gonna prosper with it if you know how to apply the right gloss. ML comps are great, but prices in the newspaper are too. Get your per-square-foot values and work from there.