![]() In the same way wirehaired pointers flush out pheasants, these professionals hunt down distressed properties whose owners might be desperate to sell. Just take out the trash and mow the lawn before planting that “for sale” sign, and you’re good to go! Bird dog You like the no-fuss sound of a dollhouse? This property is even more sales-ready. There’s an absence of the deeper problems (foundation, plumbing, electrical) that would require lots of elbow grease and hard cash in order to get the place up to snuff on the market. Barbie herself would be proud to live there because it needs only cosmetic attention-some new paint and maybe a few lighting fixtures. So if you find something that looks like junk but has great bones and is located in a desirable neighborhood, the after-repair value, or ARV, might just sound phenomenal and you should probably plunk down an offer. You need to do a realistic calculation of what the home could be worth based on the amount of work you plan to do and the comparable homes in the area. It’s your profit margin! It’s what you’re working for, and it’s the key metric in your investment strategy. This is the price people will pay for the property after you fix it up. They also usually cost money, often priced per lead. They give you a competitive advantage in the marketplace. If you want to beat other rehabbers to the property, these lists give you a sneak peek at which homeowners might want to throw in the towel so you can pounce. What’s important here is that the property is in pre-foreclosure and notice of default, or NOD, has not been filed therefore, the property is not public knowledge yet. ![]() This is the primo list of leads generated by property data companies on homes where owners are 30, 60, or 90 days late in paying their mortgage. Hello, bargain basement! 30-60-90 pre-NOD That’s why distressed properties are priced far below market value. It generally has one goal: sell the place and sell it fast. Since the original owner hasn’t paid the mortgage for some time-maybe a long time-the bank or lender has taken over. ![]() Distressed properties have fallen on hard times and are usually in the process of foreclosure. Yeah, this one you already know, but it’s the starting block for most house flipping projects.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |