By Patrick Esposito Submitted On October 26, 2015
There are many ways to find good deals. Some of the best ways are quite simple. Remember, though, that the key to success in anything is persistence, and perseverance. The best way to start looking for good deals is right in your local newspaper. Look for properties that are for sale in the area that you have chosen to work in. Also look in the price range that is ideal for an investment. The best market is usually middle class, or slightly lower, or slightly higher. If you work in the high end market, those types of houses do not usually make good rentals. And if you work in the lower end, those properties may be difficult to sell, and are not the best neighborhoods to work in.
You can find out a lot about a property or an area just by reading the newspaper. The next step of course is to call and ask about the property. Always be prepared with a pen and paper. Some questions to ask would be:
- Where is the property located?
- What type of construction is the building?
- What is the area zoned for?
- How many bedrooms and baths are there?
- Is there a basement or attic?
- Is there a garage or a shed?
- How many units does the building consist of?
- If it is more than one unit, are the utilities separate, and who pays, the landlord or the tenant?
- What type of flooring is inside?
- How old is the roof?
- What is the property size?
- What is the square footage of the house?
- What are the annual property taxes?
- What condition is the house in?
Some ads in the paper or on the internet will be houses that are listed with a real estate agent. These are good ads to call on because you can learn a lot from a real estate agent, and they will have other houses to show you. That is the next best place to find good deals, through a good real estate agent. Try to find an agent who is familiar with investment property. If you find a good real estate agent who understands what you are looking for, it can be very profitable. There are a number of good reasons why you want to have a real estate agent as part of your success team. Experienced real estate agents generally have a lot of education and experience. One of the keys to success is to use other people’s experience, and other people’s education.
Agents are also good at negotiating. They are good to have as a buffer between you and the seller. They are knowledgeable about the neighborhood, and can help guide you with regards to pricing whether it be when submitting an offer or listing a property. They are usually on the cutting edge when it comes to market information. They can help you obtain valuable information you need when it comes to active, pending, and closed sales. They can give you valuable information such as how many days a property has been on the market, or how many bedrooms or bathrooms may be in a particular house. Agents are always networking, and sometimes an agent may find out about a house before it hits the general market. Real estate agents have access to the multiple listing service (MLS). This service has a world of information on properties that are currently active on the market, pending, or sold. This is all valuable information you will come to appreciate. A good real estate agent has capable negotiating skills, which will come in handy when submitting your offer.
Excerpted from The Informed Real Estate Investor. A Step by Step Guide to Becoming Rich in Real Estate. Pat Esposito is an entrepreneur, an author, and a runner. He is also the founder of Selfpublishauthors.com
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