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By Craig Picard
There is one reason why you are failing in your real estate investing and that is the fact that you are not buying your properties from the right places. Yes, there are individuals in foreclosure trying to get rid of their property before they are evicted. This can present a great opportunity as long as the homeowner doesn’t owe a lot on the property.
And you can also find some deals at auctions, but it always seems like others are outbidding you or the bank submits their own bid and it’s just too high for you.
There are so many ways for you to find property, but finding property doesn’t mean that you are going to be a real estate investing success. If you purchase a property 25% below market value and sell it for market value, you’re really not making a big profit. Your profit is even smaller when you have to make improvements to the property.
You don’t want to see those small profits. No one wants to see small profits, but it is an unfortunate fact that some individuals simply don’t know better.
But how can you get more?
Well, it’s through bank REO’s. Bank REO’s are how you’re going to be able to pull in a profit of anywhere between 35% and 50%, which is excellent for the real estate investor. This is actually a real estate investor’s dream because this results in even more future buying power and a higher income.
It may sound too good to be true, but it isn’t. It is just a matter of being aggressive in your investing by doing the following:
— Telling those who are involved in bank REO’s in some way that you are there to take them off their hands and help the housing market out. After your first buy, you will be the one they come to.
— Telling buyers in your area that you are the one to buy from. That way you can sell the properties very quickly.
— Always following up with your sources and your leads to ensure you get your hands on the properties that you want to put your hands on.
— Always negotiate with the bank. If something is wrong with the property, talk to them about compensating you for it. If you are financing and you need to negotiate terms of the loan, do it.
The most important thing is to not get discouraged and also ask for help if you need it from those who specialize in REO’s and who are willing to teach. Investing in Bank REO’s is certainly worth it for the fact the profits can be quite incredible and you can turn the property quickly.
There is also the fact that you do have options and a lot of negotiation power with the bank when it comes to these properties. When dealing with the bank, the ball is in your court. You have to keep in mind that you are exactly what they need to take the property off of their hands.
About the Author: Craig Picard and Don Goff have helped 367 real estate investors grow their real estate investing business from zero to over $10,000 per month in only 3 months. To get your free real estate investing training tools go to
FreeRealEstateInvestingSystem.com
Source:
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