Finding Hot Properties6 Jul 2010
Be on the lookout for re-negotiated real estate deals, what Tyler calls the “real estate workouts“. These are deals where lenders, so as not to foreclose on a property, extend the term of the mortgage loan so that monthly payments and terms are easier for individuals. This is how the real estate pros lay their hands on properties about to be foreclosed because the property is being sold below market price.
Want to have fun and get educated at the same time? Attend local property auctions. This is more for networking purposes and to get potential leads from others who make it a business to attend these auctions religiously. If one leading broker likes you, he/she may steer you to the right deals.
Keep a roving eye on government assistance programs, specifically those geared towards affordable housing programs for seniors and low income families. As governments become more sensitive to the needs of aging populations, they establish housing priorities for those in most need.
Remember that populations everywhere are aging! Seniors will be in a better position to demand more services, and housing is a top priority. Real estate professionals turn these opportunities into a gold mine because of easier financing terms.
Another technique for zeroing in on jackpot properties is to explore tax foreclosure certificates. This is a good way of making money from good properties without actually owning the real estate. These certificates can be bought from local tax authorities for properties on which owners have not paid property taxes.
Hicks points out, “Once you own one of these low-cost certificates, you have the right to wheel and deal to sell the property to others, take it over, or otherwise make money from it. Its another way to move in on jackpot properties with small cash outlays that can make you rich soon!”
Read your newspaper everyday and look for bargains. When sellers are on the point of giving up, they transfer their ad from the national paper to the community paper, as a last ditch effort. This is another area where you can tap
another hot shot.