King bell
VIP Contributor
Below are real estate investment tips that provide a step-by-step process to find, negotiate, and fund your next real estate investment:
- A good way to start when looking for a deal is by studying other deals in your area. Look at both commercial and residential listings in your town or city. Pay special attention to the ones with the most comparable features and prices as yours.
- Go into negotiations armed with all of the research you've done on similar properties. This will help establish trust on both sides from day one!
- Educate yourself about rents in the area before you approach potential sellers. It will give credibility to any offer you make, if it's below market value even slightly.
- When you are looking at their books, determine how much money their property is currently making for them. This can be done by checking their current rents, as well as any expenses (taxes, insurance, etc.) that they may have listed.
- Be sure to get a good idea of what your total projected investment will be. Doing this before hand will help you to get a better understanding of what you can offer the seller and not go into negotiations over your head.
- Try and establish negotiations while working with a real estate agent who knows the area well, has track record and has good reputation in order to avoid any unexpected surprises during due diligence phase.
- Make sure that all the title work is ready before you buy.
