Property Investment Advice; Buy Right, Sale Easy!

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Real Estate Investing is an overwhelming and tough business to get started in, for a newbie! If you don’t know what you are doing you can get in a lot of financial trouble quick. If you talk to enough experience investor they will tell you, the key is to buy right! What does that mean? That is the advise that I am going to give to you in this article.

Do You Have The Foundation To Build Upon?

First thing you need to know before anything else is how to analyze property, If you don’t know  you have no leg to stand on.  Second,how to find deals, not knowing how to find deals, is like selling vacuum cleaners without knocking doors!  If you haven’t read The 9 foundations to getting started in real estate investing, you should check it out! Lets dig in and answer these how to questions.

How to Analyze Property 

Property analyzise is the foundation of your investing career, master this and you will always buy right!  How do you go about doing this?  You ask!  Well with the internet this is pretty easy once you have the tools.

Online Tools 

Multiple Listing Service, If you are a Realtor you have access to the MLS. If not you need a Realtor on your team. home value estimator, Helps you come up with after repair value or ARV.

Total View Real Estate Helps you come up with an ARV

For Sale By Owner Helps you come up with  an ARV

Zip Realty Helps you come up with  an ARV

County Tax Accessor Site, gives owners information like there mailing address and property Taxes owed. Also a market value that may not be exact, but will help with your ARV’s.

The above online tools helps you come up with what the market will pay for subject property.

How do you come up with an arv of subject property without MLS?

Pull up all the websites above and average the numbers by knocking off the extreme high and extreme lows. Then come up with  an average preferably on the conservative side .

Calculate Operating Expenses

Owning a rental property is like owning a business.  You need to know your over head!
Below is a list of expense that come with owning a rental property or possible monthly over head for a fix and flip, that could eat into your profits if your fix and flip takes to long.
Property taxes

trash pick up

cut grass

snow removal

Lights/water if all bills paid

mortgage dedt

property manager fee

Depending on location some of these fees may not apply.  A good return is somewhere between 300 to 400 per door rented. that’s after all monthly overhead. Including yearly taxes divided into 12 months.

Find the Right Location

Location, location, location is what you hear when you start in real estate. Yes it is true, but remember just cause you will not live in that neighborhood does not mean someone else doesn’t either!
Everyone needs a roof over there head, some people rather live in poorer neighborhood cause they grew up in that neighborhood.
My advice research neighborhoods find your farm, A neighborhood you want to know like the back of your hand. This way when a house come’s up for sale in that area you will know right off the bat rather it is a deal or not, then take action to acquirer that property.

Finding Deals

There is more than one way to find a deal! You can go to your local tax assessor site , type in a street name and look for people who owe back taxes on a property they do not live in.
Drive for dollars, look for run down properties that looks abandon, take note of the address, go to the tax assessor site find out who owns the property and either knock there door or send them a letter.
Craigslist is a source for investment opportunities, type in the search bar investor or need to sale, for sale by owner. This is one way of finding deals and possible  investors to assign your contract too.
These are just 3 of  unknown number of ways to acquirer deals.

The Winning Formula

Stay consistent and persistent and you will soon achieve what it is you set yourself to achieve.  Figure out your daily to do’s and do those thing everyday.  Master property analyse by analyzing 5 to 10 properties a day. Go hunting for deals to analyze, find which way works best for you! Good Luck!
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