Circle The Investment Properties That Fit Your Budget

Category: Finance, Real Estate.

Have you reached a point in your life where you know you have to do something to increase your retirement income or you want to find a way to increase your spending cash This article will provide the necessary background to help you find profitable investment property.

However, before you start your search you need to remember that we will be looking for investment properties where we can make a profit from motivated sellers. Armed with your property investment objectives, it is time to go out and find profitable properties. If the seller is not motivated, you will not be able to negotiate a good deal. The road begins by developing a list of potential properties using the profile that you developed during your objectives session- see previous article" How to succeed in Property Investing" . I will repeat it again, you make the profit when you buy not when you sell. There are several sources of properties: Real Estate Agents. If you are able to locate one of this professionals in your area, hold on to them.

You will get better results if you take the time to interview several Real Estate professionals and ask them if they own any investment property themselves. They will understand your needs and they will be invaluable helping achieve your objectives. After they get to know you, they will search you every time that a good property hits their desk. Real estate agents can be an excellent source of undervalued investment properties. They can also help you determine the market value of the potential property. Foreclosures Lists: This is my favorite way of finding investment properties. Your Agent can provide you with a list of all the investment properties that meet your requirements.

The main reasons for foreclosures are missed payments due to job interruptions, and health problems, divorce. The monthly subscription price varies from$ 28 to$ 3This money is well spent. The easiest way to get a hold of this list is to perform an internet search in any of the main search engines for the words foreclosure list" . I have found very nice investment properties using this method. I knew that this was a good deal because the bank was asking for$ 87, 000 and the original sales price was$ 105, 000 two years before. For instance in 2003, I found a 4 year old house with 3 bedrooms and 2 baths in a nice neighborhood.

In addition, the tax assessor had valued this property for$ 106, 00You are able to obtain all this information without leaving your house. After looking at the house, I decided that this was an excellent deal. The internet is a wonderful tool to get information. The Real Estate Agent almost fell of his chair after he saw my initial offer of$ 69, 00After more negotiation, I ended up buying the investment property for$ 72, 00The current assessed value is$ 115, 00 In order to use this method, you need to take the following steps: Review the daily foreclosure list for your area. Circle the investment properties that fit your budget. Select the properties that have been on the list for less than 30 days.

Pay special attention to the properties that are located in nice neighborhoods. Only select properties that are within 50 miles from your home. They are the first ones to go. Use the internet and access the local tax records and obtain the house tax value. This site will give you another clue as to the value of the property. Use the internet to access zillow. com.

Ask your Real Estate Agent to show you your investment property. They will advice you if the property has any major issues. If this is your first investment property, you might want to take a general contractor with you or some one who knows about repairs. After you have gone through all these steps, you should be ready to make an offer. This will be the topic for my next article. This is one of the best steps if you enjoy negotiating. Other methods for finding investment properties that I have used less frequently include: local newspapers, driving around, real estate magazines, government websites, talk to the, fliers local chamber of commerce.

However, this article has moved you miles ahead of your competition. It takes a bit or work to recognize a profitable deal. This is the second article in the series How to succeed in property investing" .

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