Lets pick up on Question #5. Will they be there after closing? This is a very important question, because of the work that may be involved in the property. When your to this point you should have the rehab cost in hand. Our company has licensed contractors that have quotes in your hands before closing. We also monitor there progress and follow the whole process thru until completion.
We also follow it thru to selling or renting whatever you choose to do.
Question #6 If you can’t or do not want to sell, what is rent in the area? You always want to have a back up (if you are selling) plan in case you can’t sell. Knowing the rents is very important in your decision making. We deal with property managers in the areas we buy to know what the rates are. I think you can be more accurate rental rates with property mangers more than realtors. Also other options are to owner finance or lease option. Just consult an attorney or realtor to set these up properly.
Question #7 My company tries to find people that can finance these deals, I’ve been very challenged in today’s market of lender’s. We are currently setting up private mortgage source’s. I would advice you to have your financing in order. We can’t believe the changes in the rules and it’s almost daily. So making a few phone calls and knowing what type of financing will only make you more profitable with your investing. I always search out new source’s but with the lenders always changing the rules it’s very hard to predict what programs are around. I will tell you this we are always working to get more financing and better ways for our clients to get deals done.
Question #8 I sell a lot of properties in many areas. The only way I know it’s a great place to invest is I do it myself. Me and my wife own 17 homes in the mid west. I do what you do and keep doing it I have 2 places going as I write this newsletter. That’s why I understand what I’m doing because I actually do it.
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Brett young
Valley Realty
Owner/ CEO Roof Top Investment
Real Estate Investment
http://www.rooftopprofitmax.com/
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