Many fortunes have been made in real estate, and many more will be made until the end of time because people need to have a place to live. Money has been made just selling homes, buying and flipping homes, and renting homes, it can be done in every different type of property that there is. One of the most important things that a real estate mogul will tell you is that you need to make your profit the day you buy the property, not when you sell it, in other words, buy real estate at wholesale then sell at retail.
Finding Property That’s Distressed Is Where The Bargains Are
You’ll hear people say this, but then they won’t tell you how to find those properties. Some will advise you to find a good real estate agent, but that can be a way to get you to stop looking for answers to your question. You really need to cut out the real estate agent altogether in order to make the most money on the deal.
Find A Good Area Of Blue Collar Homes Where Yards Are Fairly Well Kept
Then, gas up your car and start driving up and down every street in the neighborhood while you carefully look at each house. Any homes that have mail or flyers piled up on the porch, tall grass, a broken window, or other signs of neglect, write down the address. Take a minute to write yourself some notes about condition and upkeep.
If your electric company has little colored tags that they place on the
electric meters, find out which one indicates that the home is disconnected. Also, see if you can get a list of homes that are disconnected from the water company as well. These are all possible good deals that you may be able to buy with little or no money down and sell quickly.
Once You Have An Extensive List, Head To The County Clerks Office
This will be slightly different in every city or county, but somewhere there is a complete list of all the homes, who owns them, their tax evaluations, and other important information. Some places are even online and you can access all the information from your home computer.
You’re going to find all kinds of different situations. Some people have moved and abandoned their homes to find jobs elsewhere, other houses are rentals where the landlord is overwhelmed, some of the owners have died and the relatives don’t know what to do with the house. Once you have all the information you can find, you’ll need to start calling any phone numbers that you’re able to find.
At least 80% of the homes on your list are going to be in transition, not available now, but maybe later. Others you won’t ever find the owners, but several will be for sale for real cheap, especially if you have cash. The more homes you start with on your list, the more excellent prospects you’ll have at the end of your search to choose from.
You’ll find some homes that you can flip to another investor in a week and make a few thousand dollars to keep yourself from having to look for a menial job. Others you’ll want to do some repairs and throw them back up on the market quickly while others will make great rental homes. Either way, the best method for making money on real estate is to buy them wholesale and sell them at retail.
Another way to locate wholesale deals is to have them find you. People out there are searching constantly for cash buyers to take a house off their hands for various reasons. One of the largest wholesale cash buyers in the nation is We Like to Buy Houses company. You can see their website for tips and tricks and they will even sell you wholesale leads if you like. — http://www.weliketobuyhouses.com
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