Looking at properties can be exhausting and frustrating, especially if you are looking for that “perfect” first property to purchase. As one young investor sums it up, “I have now spent day after day riding around in the car of a real estate agent who drives me from home to home, and none of them is what I am looking for.”
That statement helps explain why many real estate investors get their licenses as realtors, or work for a while in local real estate offices. As a realtor, you can visit listed properties on your own, without relying on a realtor to get you into listings.
Another way to save time is to create some very specific criteria for the only properties that you will consider. Even though hundreds of properties might be on the market in the area you are considering, you can save a lot of time by drawing up a list of specific requirements like these for the properties that you want to see. . .
- Price – Your top price is $275,000, period.
- Financing – You only want to see properties that offer owner financing, or which are foreclosures that can be financed by the banks that are selling them.
- Size – You are looking for smaller apartment buildings with a maximum of four units.
- Occupancy – You only want to see rental properties that are delivered vacant.
- Condition – You want to look at properties that need new kitchens and baths. You can renovate those areas and sell the buildings quickly and sell the properties for quick profits.
- Location – You only want to see houses in a certain neighborhood of a particular town. Or you want to consider family-friendly houses that are located on quiet streets or cul-de-sacs.
- Ancillaries – You are looking for properties with extra land that you can build on, or properties that house businesses, or which can be torn down and replaced.
The more specific you are about the properties that you want to see, the less time you have to spend traipsing around and wasting time. If you create a list of the specifics that you are looking for, you can save a lot of time and find that ideal first property faster.
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