Insight to Help You Find Leads and Succeed With Real Estate Investing
Real estate provides good investment potential with the value of real estate historically increasing over time. But in order to invest in a property, you need to know how to find good potential investment leads. Here are some recommendations to help you successfully find useful real estate investing leads.
Search for Motivated Seller
When you are on the hunt for a property that you can buy as a profitable investment, there is a process that you can use to find sellers who have the type of property that you want. A good investment property is going to be one that is sold at a discount or for favorable terms that allow you to recoup on your investment in the short or long term or both.
The best way to do this is to understand what types of situations make a seller motivated to sell their property and not be concerned about getting top dollar for it. Traditional home sellers have the time to clean up, repair, and prepare their homes for the best sale price possible. They are usually not in a hurry and are living in the home still or have moved out but still in a position where they can oversee a successful sale with their realtor.
A seller who is motivated to sell their home may be one who is behind on their payments and getting close to foreclosure or are moving due to work and no longer living in the home. You may also find a seller lead by looking at home listings that have expired without the home selling, which you can find with the help of a realtor. Drive around to see if you find a property that is in disrepair or with its landscaping overgrown and the property looks vacant. This type of property is one in which the owner may be living elsewhere or has passed away and the property is available for purchase but just not listed yet.
Evaluate the Property
After you have found a property investing lead, you can look at the seller's situation to see if there is a possibility of seller financing. As an example, you may be able to finance the property for a few months at low or no interest cost to the seller, especially if you can give them a large down payment. If they are behind on their mortgage, a large down payment can cover their mortgage arrears and also go to the seller so they can secure other housing accommodations. Then, you can make payments to the mortgage company to assume the loan and rehab the property to resell it or turn it into a rental property.
If you have questions about home seller leads for investing, be sure to contact a company that specializes in this.