Finding Discount Investment Property
Cheap Real Estate
The way to find discount investment property is to look for sellers who have problems. You make your money by solving other peoples problems. Below is a short summary of each potential opportunity to purchase discounted investment property.
Property Title Problems
All real estate contracts include phrases requiring the seller to provide "clear title" to the property. When there is any indication of title problems most buyers run leaving the seller stuck. For the savvy investment property buyer this presents an opportunity. Sellers will often panic and often give the property away at a large discount. Most title problems are not too hard to resolve, so it is often worth the cost of hiring an attorney or doing some footwork to fix title issues.
Foreclosure provides several opportunities for the astute rental property investor to find discount investment property. You can solve a sellers problem with a
pre foreclosure sale
, solve a bank's problem by
at a real estate auction or find value with buying
bank owned real estate
Finding property that is being sold at tax auctions is another sure way to buy discounted investment properties. Property can be seized by local, State or the Federal government due to failure to pay taxes or in some cases due to drug laws. Look for notices published in your local paper.
Probate or Inherited Property
When someone dies and there is no will the deceased property will pass through probate court. In this case the probate attorney has no incentive to maximize the selling price. If out of State heirs have inherited property, they also have lots of incentive to discount property prices.
Houses with problems
Buying houses that need repairs, have mold or pet odors often can be purchased for quite a discount. Many people panic over mold, but like many of the media generated panics, this is an over-reaction to a fixable problem. Likewise, with pet odors, many buyers are turned off by what are fixable problems. Consider buying condemned properties as well - these can be purchased for a song.
Builder Auctions or Leftovers
Sometimes builders are left with properties that they cannot sell due to bad lot location or are taken back due to defect lawsuits. In addition, in the current housing climate, builders are often facing bankruptcies and must sell quickly.
Unique Legal Issues
There are all kinds of unusual situations that may lead you to find discount investment property. These include:
- Tenant in common interests
- Right of redemption laws
- Life and remainder estates
- Environmental issues
Ever see the "We Buy Houses" signs? They work. Desperate people call those numbers and sell their property to investors at a discount. So don't be shy.
Return from Discount Investment Property to Buying a House
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