Real estate can be a profitable market with the average real estate investor making between $70,000 and $124,000 annually, as noted by The Motley Fool. However, not every investor can see that type of success. It takes a shrewd business person and extensive knowledge about how to find and create the best real estate deals to achieve it.
Chandler David Smith knows how to achieve this success and would like to share and encourage you to take a real estate investment class. In the meantime, read this guide to the best real estate deals.
Know Where to Look
The number one tip on this guide for the best real estate deals is to know where to look for deals.
Take a Sunday Drive
While it will cost you a bit of time and gas money, one of the best ways to find and create the best real estate deals is to drive around in your neighborhood and even nearby communities. Look for homes that need a bit of work. Find ones that have been on the market for a while and haven't sold. Additionally, search for homes with unkempt yards that look a bit run down. In some cases, an owner may not have the funds to keep up the home and may want to sell and move into something more affordable
During your drive, create a list of the homes you find. Jot down the address as well as a description of the house, property, and what you see already that the home will need.
Consider knocking on the door and asking them if they're interested in selling the property. If you plan on waiting, send them a letter introducing yourself and your objectives. Provide contact information as well.
Contact the Court House or Town Hall
The courthouse or town hall has information about probate listings, tax liens, eviction notices, and more. All of the information is accessible to the general public. Once you have information about potential properties to pick up, contact the homeowners. You may send them a letter or give them a call.
Explain that you realized they're struggling and would like to know if you can help in any way. Then, position your business as a benefit to them. If you would like something more personal, you could even knock on the homeowner's door and introduce yourself.
Search Real Estate Listings
Search real estate listings carefully. You might need to delve deep to find homes with active listings that have been on the market for some time. While the length of time a home remains on the market varies immensely based on the area, aim for homes that have been listed for several weeks or months.
In addition, check for listings of private sellers as well, particularly ones that have been listed for a while. The reason this ranks as how to find and create the best real estate deals is that those who haven't sold in a while may be becoming desperate to sell, and you can swoop in and be a convenient solution, while also profiting.
Know How to Negotiate
A guide to the best real estate deals wouldn't be complete without a few negotiation tips. It can be easy to get roped into spending more than you want. It often happens because you're trying to win and close the deal. But, in reality, you're not winning in this case. In fact, you could lose money in the process. Therefore, make sure you have a maximum you're willing to spend on a property and make this number set in stone.
The seller wants to feel like a winner in this ordeal. If not, he or she may back out before closing, and you lose out in the process. Therefore, lowball the seller. Offer something that seems as though it would be lower than the seller would want. Then, gradually work your way up during the negotiation process. You can often reach an agreement, and the seller feels like he or she won the negotiation at the same time.
This guide to the best real estate deals is merely a few tips. Becoming a good negotiator and knowing how to find a deal takes a bit more effort.
So, if you're ready to learn more of the tricks of the trade and have questions, contact Chandler David Smith through this online contact form. And if you're ready to take the course, you may sign up here.