In today’s seller’s market it can be hard to find a good price on a residential home (let alone your next flip!). Seller’s market means there is a shortage of inventory for sale resulting in pricing power on the seller’s side.
Low supply equals higher demand. But have no fear; there are always ways to find a good deal! Check out these tips for finding your next investment property.
Find properties for sale in a non-traditional way (social media, REIA’s, networking with other investors)
Competition is fierce, the odds of finding one on the MLS are slim. Get out and meet with your fellow investors. There are always deals and ideas floating around any REIA or real estate investor networking event.
Don’t feel like getting out? Check out social media!
Many of these REIAs/real estate investing groups have Facebook or Instagram pages. Check them out and start conversating with other real estate investors about finding a deal in your target area!
Craft the right offer by offering cash and working with a reliable lender who can close quick
Here at Coastal Equity Group we pride ourselves on a quick close. It can make a huge difference when you go to present your offer to a seller and you have a pre-approval letter in hand with a quick close (they can count on, rather than traditional financing). Sometimes it makes the sale!!
Limit your contingencies
Nothing slows a sale like contingencies. Improve your offer in the eye’s of the seller by waiving these contingencies. This lets them know you wont back out of the deal!
Offer more earnest money upfront
Let the seller’s know you are serious by offering more money upfront. This will allow the seller to see your offer is the strongest one.
Pre-approval letter – Check!
More earnest money up front – Check!
And Quick close?? – Check!
How can they say no?!