Real estate is a dog-eat-dog world. If you're looking for an investment property to add to your rental inventory, you can almost guarantee a large handful of eager investors are doing the exact same thing in your buying area. How can you beat them to the punch? In order to get ahead of the game, you need to know where to look, what to look for, and how to attract the attention of the seller whose property you are interested in.
Finding Your New Investment Property
One of the most important tools you can have in your search for rental investment properties is a dedicated, knowledgeable real estate agent who is fast-paced, motivated, and ready to help you pounce on a great deal as soon as the listing goes live. This kind of agent can help you get into showings and file the paperwork to make an offer quickly, which is exactly what you need in such a competitive market.
There are many websites you can search through to find new properties for sale in your area. Many people use sites such as Realtor.com and their local Craigslist. Craigslist is a great resource for finding properties that are for sale by owner but are not listed in other real estate databases. Another useful site is Auction.com, which lists properties that are being sold via auction to the highest bidder. You can even find some amazing deals on high-end luxury properties.
Get the Sellers to Notice You
It's easy to go through listings daydreaming about the properties you see along the way. Once you have found the property you want to purchase, the hard part is often getting the seller to accept your offer, especially if there is a line of suitors wooing the seller into signing. How do you get the seller to notice you? This is actually relatively simple! It's all about how you write the offer.
The price you offer, as well as how quickly you want to close on the sale, can either make or break your offer entirely. Sellers are more prone to accept offers from buyers who are willing to pay closest to the asking price. Buyers who offer to close on the sale as soon as possible also usually have a higher chance of being approved by the seller. Another way to stand out from the rest is to offer a higher "earnest money" amount. Earnest money serves as a non-refundable deposit on the property and shows the seller you are serious about going through with the sale. The higher the deposit, the more serious you are about purchasing.
Speed Equals Success
There isn't a minute to lose when seeking a great investment property for an even better price. In order to succeed in a competitive market, buyers have to be ready to take part in a bidding war. They must also have what it takes to win. Sometimes "having what it takes" simply means being prepared to make an offer and knowing how to think like the seller when doing so. If you keep these things in mind, your foresight and the actions that follow will lead you to success in the world of investment property.
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