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Whiskey, Tango, Foxtrot | Where are you looking? Pretty tough to find a good deal in the glossy real estate flyers.
Keep your eyes open. Trust me, there are deals out there. Problem with real estate is it burns up a lot of cash in a hurry. Sure, it is a good investment, and cash flows, etc, etc, but it takes a while to build the savings back up. I wish I'd have waited an extra year or two to buy some stuff. Guy could almost buy double now what you were then, and supposedly that was the bottom of the market.
Watch for houses that have been on the market a while. Sometimes it is because they are a POS. Other times it is because they are asking too much, and reality might be setting in. Leave them a lowball offer and see what happens. Cash is king. Even if it ties up all your cash, don't worry about it. Offer cash and then finance it later. You can get a much better rate if you go shopping for someone to finance a property you own outright vs. something you 'might' be buying. Talk to the owners direct if possible. Lot of scams out there with the real estate agents. Most are honest, seems the ones that deal in places that are low-mid value (kind that rent return is good) aren't. Lot of times they sell those types to a friend of theirs in the business. I've had guys tell me to just pay a certain real estate agent a finders fee and she'd throw a better deal my way. I've never played that game, but know people who do. FWIW they seem to be doing very well.
I'd also advise staying in your local area, something you know. Of three local town here (pop all under 1,000), not 10 miles apart, one is okay, one is horrible, and one is great. Why? Lot of factors you wouldn't know if you don't live here. You couldn't give me a house in my hometown, but the one 10 miles away people are on a waiting list to rent houses. Lot of people stuck with houses they can't rent in other towns. | |
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Buying Real Estate
