Looking for properties or situations
Dec 02, 2019
One of the big mistakes that starting investors make is to focus their property search on properties. They look for a property to buy whether through a broker or making cold calls directly to a seller.
This effort can be a waste of time, because really the best way to buy a property is to look for situations. Property owners as they go through life have all kinds of issues that they may need to sell. Sometimes, a business they own is not going well and they need to liquidate real property assets. Other times, you may have a couple going through a divorce, and in some cases a hands-on type of landlord may be relocating and needs to sell to buy in their new community. Don’t forget about going through court records for evictions. Sometimes, a hands-on landlord maybe loosing his/her grip and maybe looking for a way out. Also, don’t forget the heir looking to sell to liquidate assets held in a living trust after a parent dies. In all the above cases you are likely dealing with a motivated seller and if you can position yourself to be in the right place at the right time you can make a great deal.
Whenever I make an offer on a property, I make it my business to learn as much as I can about the seller and what is motivating the sale. Often, I may get push-back from the broker if one is involved, but you’ll be amazed at the kind of information that you can get to help you structure the deal. Sometimes, it can make all the difference.
Warm regards,
-Nes
Love The Rent!!! :)