FIND INCREDIBLE REAL ESTATE DEALS. EASILY.

Six simple tips to find better real estate, whether you’re looking for a property for your business, a home for your family, or getting into real estate investing. But remember, everything must begin with a great deal!

1.Foreclosed property deals What is foreclosure property – you may ask? Put simply, when an owner is unable to keep up with mortgage payments over a period of time, the bank (or lender) will ultimately repossess the home and if it occupied, the people living in it will be legally evicted. Once the home is empty, the lender will use the services of a local real estate to list it and sell it. Often at largely discounted prices. Banks, mortgage firms and other lenders are often quick to offer large discounts just to get the liability off their books. Buyers can negotiate further discounts if they are willing to rehab the home, depending on the quantity and value of repairs needed. Talk to the local real estate agents about the foreclosures in your area and start checking them out. Foreclosure properties make for some of the best deals, and often with a fat profit to make.

Also read: http://www.premierhomes4you.com/blog/invest-and-profit-in-foreclosure-property/

2. Pre-foreclosure deals So, you can get a great deal on foreclosed properties, but there is money to be made even with Pre-foreclosures. In the real estate business, it is possible to buy a home before the foreclosure is finalized and the homeowner is evicted. Buying a property during this period known as “pre-foreclosure”. It is a common enough practice employed by many real estate investors and can be a good way to find motivated homeowners.  Consider this – few things in life are more motivating for a homeowner than knowing they may likely be physically removed from their home.

3. Need for speed In real estate, quite often, it’s not the highest offer for a property that gets accepted, it’s simply the first offer. This may sound contrary to what you would expect, but if you are looking for a great deal, you may need to move quickly Get pre-approval from your bank. With a pre-approval you will have access to put up the funds quickly if a deal presents itself.  In some areas, a single house for sale might get a dozen or more offers in the first several days. If you spot a deal that checks out, make an offer the same day if possible. Remember, you are not the only one searching out great deals!

4. Contact potential home-sellers direct If you have the gift of the gab and are good at making genuinely convincing sales pitches, forget the multiple listing service and contact owners directly, asking them to consider selling their home. There is a chance a good percentage of potential home-sellers will entertain that option. Strike up a win; win deal before they list the home with a real estate agent, and there is better returns all around.

5. Target the fence-sitters Fence-sitters, or people who are simply un-decided about what they want to do with their current real estate are one of the best kinds of people to target. They could be absentee owners (someone who owns a property but doesn’t live there for one reason or another. Or they could be landlords, who are have not got any concrete plans for a property. Or even owners who may have inherited a property, and unsure of how to proceed.  Use online public records to look up owners of properties.  Or even consider using an aggregator like ListSource.com

 6. Follow the golden rule Remember the golden rule: You make your money when you buy. Whether you are looking to buy an investment property, purchase a home for yourself or buy real estate for other reasons, you must find a great real estate deals. And finding good deals is largely a “numbers game”.

Real estate deals follow a typical sales funnel. As they make their way down the funnel, the numerous leads that came in get filtered out, leaving just a handful of qualified and solid leads at the bottom. For example, your funnel might look like this:

  • Raw leads – 300
  • Leads remaining after fitting primary criteria (location, budget) – 150
  • Leads remaining after secondary criteria – 50
  • Leads remaining after viewing and analysis – 20
  • Offers made – 10
  • Offers rejected 9
  • Deals secured – 1

Notice that, in the above funnel, only one property deal was made out of the 300 raw leads that came in. So, if you are targeting more deals at the bottom, you need to improve each aspect of your funnel, starting with the quality and number of leads at the top.

Follow these six simple tips to find better real estate and start finding incredible deals today!

INVEST AND PROFIT IN FORECLOSURE PROPERTY

Florida ranked among the top 10 states for highest foreclosure rates in 2017 despite the number of foreclosures dropping by 45 percent compared to 2016. In Florida last year, there were 24,215 foreclosure proceedings filed, compared to 43,772 in 2016, according to ATTOM Data, a multi-sourced property database.

South Florida, still has the nation’s highest foreclosure rate at 1.3% and it stands to reason there are thousands of foreclosed homes to invest in. With the numbers reducing, the right investment may be harder to find, but savvy real estate investors are still finding them, and holding or flipping them profitably! The trick to turning a profit without falling prey to problems, is understanding what put these properties into foreclosure in the first place.

What is driving Foreclosures? Nationally, foreclosure filings for 2017 fell 27 percent compared to 2016, reaching their lowest level since 2005, according to the report. Foreclosures are a mix of new and legacy problems. Defaults on mortgages, delinquent property taxes, fraud, flawed court systems and banks still playing catch-up are all part of the problem. Though the situation is better today, property owners are still falling victim to a flawed system which hasn’t properly delivered. You still hear of properties that have fallen back into foreclosure as a result of lending criteria better aligned to interests of banks, mortgage providers and financiers.

Distressed property sales are no pushover. If you think, distressed property owners are all in the market to sell – think again. The decision to hold off a sale or foreclosure can be tied to various reasons. One reason is that property owners that have lost trust in parties that offer to ‘help owners out of foreclosure’ because of the dubious nature of transactions. Unscrupulous operators tend to tarnish the image of the lending business, delivering a setback to owners. Another reason is tighter controls, new rules and regulations to reduce turnover, making it harder for owners to sell, in the face of ready and interested investors. Yet other owners are not convinced they are really going to lose their properties, and delay taking action. Or they are bullish on their property value, delaying foreclosure.

Best practice. Today, investors need better strategies, more convincing arguments and smarter marketing tactics to win-over distressed property owners. Online foreclosure listings like Trulia foreclosures, foreclosures.com, Yahoo foreclosures, MSN real estate are a great start-point. Foreclosure auctions, Banks & Mortgage lenders, Real estate wholesalers and investor groups are all great sources of market information. Title companies mortgage companies, brokers and realtors are good for business based on referrals. Knowing where to look for distressed properties and foreclosure deals, is only one side to investing in the thousands of distressed properties in South Florida. Learning how to prospect and how to make winning offers is the key to sustainable long-term gains.  Invest in the right education, market knowledge, capital and financing, before investing in distressed property.

If sourcing, buying and recycling foreclosure properties for profit is your goal, practice due diligence first!

FORECLOSURE PROPERTY AND THE NEED FOR DUE DILIGENCE.

"GO THE EXTRA MILE!"

When considering a prospective foreclosure property purchase, the importance of going beyond the façade cannot be understated. Why? Because, the ramifications of a foreclosure purchase gone wrong, can have serious consequences not just for the individual, but also future owners and tenants.

Market potential is the single greatest motivator for investing in foreclosure property. If you were to buy it and flip it, just how much money would you stand to make? Given the sale considerations, perhaps you could land a deal 20 or 30% below the market rate, allowing you to flip the property and make a tidy percentage. But the importance of conducting detailed due diligence is very important.

Conducting due diligence on a foreclosure property is of paramount importance.  Make sure to clear any liens before you buy a foreclosure property, and be fully aware of any outstanding payments to contractors or financiers. Even if all seems okay at first sight, you may face hidden maintenance bills and renovation costs based on project work carried out, prior to your purchase!

It pays to conduct detailed property inspections on a home that’s been vacant for some time, which is often the case with foreclosure homes. Plumbing problems, water leaks, mold, and other obvious problems may be easier to spot, but unseen problems can lurk in structural and foundation concerns, which only an expert can tell. If you have limited real estate experience, it pays get an experienced property manager to do this. This can save you a ton of cash in un-wanted repairs, in the future. Property management companies have years of experience and skills to pick up on details you may skip, as you move quickly to secure the deal.

With a new foreclosure property, maintenance costs can recur continuously for a long time to get it to acceptable standards. You may also need to make more substantial, one-time investments. It is not uncommon to allocate up to 10 percent of the purchase price to repairs – and these are upfront costs, which you will have to pick up yourself.

Quite often banks and finance institutions may choose to forego full disclosure of a property’s foreclosure details. Meaning you will know less about its history of past improvements, structural concerns, and chronic maintenance problems. These will surface over time, and depending on their severity, play a damaging role your property’s ownership and resale value.

So, by all means, go ahead with that foreclosure investment. But only after you are sure that all the little details have been looked-into first!