You Can’t Flip it Until You Find It
So, you’ve decided to go hunting for big game known as distressed properties. You envision quick and fantastic profits once you’ve bagged this quarry. Unfortunately, you can’t flip it until you find it. And in the foggy swamp of real estate hunting grounds, foreclosure properties are among the world’s most elusive creatures. Locating one is not an impossible dream, mind you. But you do need to know how and where to look. With that in mind, here are some indispensible guidelines for converting your dreams into profits.
Get the Inside Scoop. You want to know where choice distress properties are hiding? Done! A slew of national companies can furnish you with reports of properties in default. But first you have to furnish them with a modest fee. Hey, you’re not the only one with a profit motive.
Hit Up Your Favorite Uncle. Uncle Sam can provide a helping hand during your property quest. Simply visit the HUD website and access its list of government-owned repossessions now on the sales rack.
Grab Yourself a Guru. It’s always a good idea to have a guide along on your property hunt. Many Real Estate offices have at least one foreclosure specialist beefing up their arsenal of agents. Seek you such a guru and have this expert lead you through the swamp-covered lands.
Does it All Add Up? Expenses can gobble up a huge slice of your potential profits. Before leaping into a distress property, make absolutely sure you can flip your find for a healthy profit. Costs to factor in are financing, insurance, brokerage commissions, repair work, and, of course, taxes. If there’s something left after you’ve covered these expenses, you’re sitting mighty pretty indeed!
Well, this completes your quickie course on locating distress properties. If you’d like additional info about profiting from these potential gold mines, feel free to reach out to me. Or just drop your questions and comments into the box below. There’s always a vacancy.
And, of course, if you want to be connected to the latest info and opportunities in the Beverly Hills real estate market, I’m ready to make it happen. Call or email today.
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Terre Steinbeck
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