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Buying Real Estate Thats Not For Sale
Buying real estate can start with a look in the newspaper, a visit to a broker, or a search online. These are all good ways to find your next investment property. You're looking at the same properties as every other investor, of course, so it's not always easy to beat the competition to a great buy. A better way to find good real estate investments is to look for properties that aren't yet for sale, and make an offer. I bought my first home this way. I put an ad in the paper stating what I was looking for, and soon had a call from an old couple that had been thinking about selling. I bought their place at a good price, and they saved a broker's commission. Buying investment real estate that isn't for sale starts with a three step search process. First decide what you are looking for. Single family rentals or apartment buildings? Then start looking for properties that fit your criteria. Then contact the owners. Buying Real Estate From Non-Sellers Don't limit yourself to "fixer-uppers" or other "problem" properties that seem more likely to have owners willing to sell. Many owners of investment real estate have thought of selling, so you can start with almost any building you like. You never know beforehand if or why a landlord is ready to call it quits. You find out by asking. Tact is necessary here. Call the owner and tell him you're an investor, not a broker. Let him know that you like what you see. Tell him you can have an offer ready in a week if he's interested. If he's not interested, thank him politely and hang up, but send him your card or a letter. Many investors have bought from owners that changed their minds. If there is some interest, explain that you are an investor, so your offer will have to be based on your return on investment. This means you'll need to see the books. Specifically, you'll need to see the rent roll, listing the units and what they rent for, plus current occupancy, and operating expenses for the last year. Have a confidentiallity agreement ready before you call. Let the owner know that you'll sign it and deliver it to him before you see the books. He may not want to let the tenants know he's thinking of selling, so inspecting the units may have to wait until you make an offer. Just make an acceptable inspection a contingency in the offer. Why is buy investment properties this way? No competition and no sales commission means you may get a better price. Also, instead of waiting for that perfect property to be listed for sale, you just find it now. Why wait until it's for sale before buying real estate? Steve Gillman has invested real estate for years. See a photo of a beautiful house he and his wife bought for $17,500 on his home page, or go straight to the section on Investing In Real Estate: http://www.HousesUnderFiftyThousand.com
MORE RESOURCES: Real estate mogul cautions about avoidable mistake when buying a home, explains how to avoid 'drowning' Fox Business Coloradans negotiating lower fees for real estate agents with new law on horizon Colorado Public Radio Real Estate Mogul Grant Cardone Closes Largest All-Cash Multifamily Deal In South Florida This Year Yahoo Finance Southern fast-food chain Cook Out buys Tampa real estate The Business Journals Innovative Leaders Vanderstraaten and Rohrman Inducted into North Texas Commercial Real Estate Hall of Fame ... dallasinnovates.com Revolution in real estate: How the NAR settlement is changing the game Eden Prairie Local News OT Real Estate Spotlight of the Week: 2115 Sheridan Place The Owensboro Times Routt County real estate sales at $17.6M for May 9-15 Steamboat Pilot & Today Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 EG Real Estate: 18 Opens This Weekend – East Greenwich News East Greenwich News Refined Real Estate: Unique Leschi home with lake views lists for $1,395,000 seattlerefined.com James Quinn's Data Center Advisory Expertise at JLL Drives Innovative Real Estate Solutions for Global Corporations Markets Insider Number of homes for sale in Metro Atlanta increased significantly, real estate brokerage says – WABE WABE 90.1 FM Why is real estate tech a hot topic? HousingWire Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 Top Workplaces: Better Homes and Gardens Real Estate Base Camp wins second for small company Richmond Times-Dispatch Shaping the Future of Real Estate Technology RisMedia.com Letter: Clarifying changes to real estate industry Morgan Hill Times LOCAL REAL ESTATE TODAY 5.17.24 – KQEN News Radio kqennewsradio.com Artis Real Estate Investment Trust (OTCMKTS:ARESF) Sees Significant Growth in Short Interest Defense World Allied Properties Real Estate Investment Trust (OTCMKTS:APYRF) Short Interest Update - Defense World China Market Update: The PBOC (“Big Momma”) Releases Real Estate Policy Bazooka, Week In Review Forbes Teachers get raises, real estate taxes go down in Norfolk's FY 2025 budget News 3 WTKR Norfolk L.A.’s Real Estate Upfronts Reveal Penthouse A at Rosewood Residences Beverly Hills Hollywood Reporter Rockwell Institute Celebrates Highest Real Estate Exam Pass Rates for First-Time Test Takers in the State of Washington Business Wire See the latest Coles County real estate transactions Journal Gazette / Times-Courier Home sales are up in Austin thanks to stabilizing housing prices, new real estate report says CultureMap Austin The unique challenges of auditing real estate investment trusts Accounting Today Fastest-Growing Cities in the U.S. 2024: America's Hidden Gems! 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Redfin News Prominent Properties Sotheby's International Chatham Borough | Chatham Township Real Estate Report TAPinto.net WA homebuilding is slowing down, unlikely to keep up with growing need The Seattle Times What's real estate wellness? 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