Buying properties below-market is the goal of every real estate investor. However, finding those properties is not always easy and usually requires a very motivated seller. In this episode, Bill discusses motivated sellers – what makes them motivated, where to find them and the best way to approach them.
Generally, when you are looking for properties, your goal is to find properties that are undervalued – below market value.. Not only does that help you in getting “instant equity” when you buy, but it also gives you a buffer, should there be a market down-turn. It’s just smart business.
However, if you have done good research and you have pinpointed a market that for some reason is about to rebound economically, that may be the exception. You may want to pay fair market value and buy as many properties in that area as possible.
In these markets, we can afford to pay fair market prices as we expect the market to begin to appreciate, thus making today’s fair market price tomorrow’s bargain.
However, if you have a motivated seller, you are more likely to still buy under market. So, how do you find properties that are undervalue?
It takes work to find the “diamonds in the rough” but when you do, it’s well worth it
In summary, there are many ways to find motivated sellers. You should not just focus on one method but use a variety and have many deals coming at you from different sources.
Always look for new ways to find motivated sellers as markets are constantly changing.
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