Find Out How You Can Use These 10 Resources To Find The Best Deals
So where do the Real Estate Investors get the bargains? How do they score the killer deals? Where do you find these great deals?
There are so many different ways to answer this question.
Some investors hear it from the real estate networking groups I talked about earlier in this book. Some investors network with lawyers and bankers that let them know of upcoming divorce, estate sales or foreclosures. Some go to the newspaper looking for great deals. Some go on Craigslist and search there.
The commonality between these options is investors go out and look for them. You won’t know of the deals unless you go around and search for them. Buried treasure isn’t just going to show up unless you go dig for it. Opportunities don’t just fall in your lap when you’re home watching TV.
Below is a simple list of 10 places you can find great real estate bargains. This list is not exhaustive by far. There are many other ways to look for great deals.
- Real Estate Investment Groups
- Local Newspapers
- Real Estate Agents
- Mortgage Brokers
- Divorce/Estate Lawyers
- Property Managers
How do I know if it’s a great deal or not?
Well, you need to know what the fair market value is. If you don’t, then consult someone who does, such as a Real Estate Agent.
One key point is that great deals are not always priced at great price. Let me repeat that, great deals are not always priced right.
What do you mean, Gary?
Well, sellers almost always think their home is worth more than it is. Even if they don’t, they’ll most likely price their property higher than what it’s worth. Very rarely will you see a property INITIALLY priced below market value. Sellers always want to get the most dollar for their property.
So, what does that mean for you? Many great deals come from being able to negotiate a great deal. If you don’t negotiate, then you might not get a good deal.
Most sellers will be very resistant to selling below market value, but some are either unaware of what their home is worth or maybe just very motivated to sell, even at a loss.
How do I find these “motivated” sellers?
Super simple: You MOFO (Make Offers and Find Out).
Key Principle: You’ll never know if the seller is motivated or not until you make an offer.
If you’ve done your analysis and the property is great, shoot them an offer. Make lots of offers. The more you do it, the better you’ll get at it. Don’t fall in love with the investment property, just make offers and if the price is higher than the threshold you’ve set, move on. There are tonnes of great deals out there, you just have to go and find them.
If you don’t try, you’ll never know. A majority of great deals I’ve are done by those who were brave enough to make offers.
For example, say a property is worth $300,000, but the seller is asking $325,000. If you immediately think, “the property’s asking too much, I’m going to move on”, then you’ll never know if the seller was motivated or not.
Who knows what would happen if you make an offer like $275,000. You might counter back and forth and end with buying the property for $290,000 (below market value).
Obviously, you don’t make an offer on every overpriced listing. Do your analysis and due diligence with your Real Estate Agent. Overtime, you’ll be able to train your eye to be able to spot great properties and potential great deals.
If you’re new to buying homes and you’d like discover how you can find your best deal and most affordable home in Vancouver with one of the most trusted realtors in the area. Then call Gary today at 778-862-9787 or fill out this simple form.