Jun 25 2008
Good Investors Know How To Buy
I have been working with investors a lot, lately. The smart ones always remind me of the old adage “You make your money when you buy property, not when you sell it”. Which really means if you don’t buy smart, you won’t make any money when you sell it.
So how do you buy smart?
I would suggest investors hook up with a good real estate agent, finding Bank Owned property. Banks don’t really want to own real estate, for them it’s a Non Performing Asset, so they really do want to get them off their books. And, of course, for the right price, you’ll help them out!
The Upside
Bank Owned properties have already been foreclosed on, are usually vacant, and are deeply discounted. They are not under the threat of foreclosure, have clean titles, and can be in any neighborhood. Banks might also be helpful in financing your purchase, as they would be happy to turn a non performing asset into a performing one.
The Downside
There are only a limited number of Bank Owned properties available at any given time, and the really good ones are locked up in a contract in a short time. Be prepared to act quickly, and have your financing in place before making any offers.
How I Work for Investors
I am always looking for Bank Owned properties, and as soon as they come on the market, I email my Investors details about them right away. Often there will be one or two ‘plums’ they will want to look at “right away”. These properties will generate intense interest from other buyers and investors, so experienced investors will want to be first ones in to view them. If they are outstanding values, they will be prepared to write an offer on the spot.
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