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As the saying goes, oftentimes your money is made when you BUY the property – not when you SELL the property. Here’s 5 strategies that you can use to make instant equity when you BUY – enjoy!
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When it comes down to making INSTANT MONEY, here’s what I mean…it means that you can purchase a property for LESS than what it’s worth by understanding exactly what to look for.
First, look at homes listed on the market over 100 days. From my experience, past 100 days is when homes have a VERY hard time selling…the mindset of 99% of buyers is to pass it up because it’s an old listing. As an investor, it’s YOUR responsible to understand your local market and identify properties based on their REAL value, not the value of how many days its been listed on the market. Typically, the sellers of homes listed over 100 days on the market are DESPERATE to sell…and many of them are already priced slightly below what they’re worth thanks to an ineffective real estate agent. USE THIS TO YOUR ADVANTAGE.
Second, look at homes with really bad photography. PICTURES of a property don’t dictate what the home is worth. The home is worth what it’s worth…but in terms of what you can buy it for, the less competition you have, the more leverage you have, which means the lower the price you can buy it for. Most buyers will pass this up!
Third, look for properties with VERY little information listed. For example, here’s one little secret I’ve used…for some reason, if a real estate agent doesn’t know the EXACT square footage, they just list it as 0. When ANY buyer or investor looks at a property, 99% of them put in a minimum square footage – because of that, these properties don’t show up. I’ve also seen listings that don’t list the number of bedrooms or bathrooms, they don’t use ANY description, and they combine all of this without any pictures…it’s crazy. And again, most buyers see this and automatically pass on it…even though it could be the BEST HOME IN THE WORLD. LOOK AT THESE PROPERTIES. These are opportunities.
Fourth, look for homes that need some cosmetic repair. Look for properties with old, dated kitchens…maybe they have disgusting carpet. Peeling paint. Etc. Even though is going to cost you money to fix, this is generally the BEST, safest ROI out there when it comes to real estate.
Fifth, look for expired listings. Many times the seller wants to sell, although they don’t want to list and go through the hassle again. By approaching these sellers, you can usually get a very, very good deal on a home!
Doing this is all about knowing your market, understanding market inefficiencies, and knowing how to spot them!
For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com
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