Looking For A Great Deal On A House?
In my 19 years of doing this business, there is one thing that I have learned! Everyone wants a great deal on a house! Finding that “great deal” however is a lot harder than it seems! Once you’ve found a good deal on a cheap house, it seems that everyone is bidding on it!
Trust me, I’ve been there.
I’ve been on both sides of the negotiation table. Both as a REO Agent representing some of the biggest banks in America, or as a personal investor buying on my own behalf. If there is one thing I know for certain, a good deal is hard to find!
In my experience over the past 19 years, I’ve discovered three things that you must do to get your “great deal!” Failure to do any of these steps could potentially result in you losing the “Deal of the Century!”
Fortunately, however, they are easy to do, and once completed, you will be well on your way to a great deal!
Step 1. Get Your Money Ready!
If there is anything that will kill your chances of getting a great deal, it will be because you have to dilly dally around while getting financing, or proof of funds.
Listen up! If you are going to fight for a great deal, then you need to make sure you have all your resources ready! Load for bear!
If you are investing with your Roth IRA, then be sure to have that all arranged in advance as there will be no time to when negotiating!
One of the biggest mistakes I’ve seen Investors make over the years is being unable to provide a basic proof of funds when required by the Seller or their Agent. This becomes a problem when there are multiple offers on the property.
A simple inability to provide a proof of funds can kill your superior offer! I’ve personally seen banks walk away from higher investor offers because they couldn’t produce the proof. At the end of the day, it becomes about believeability.
Step 2. Get Under Contract!
If there is one thing that will kill your chances to make a great deal in Tucson, Arizona is being unable to pull the trigger when it counts! Remember! Don’t be afraid to act when you see a potential deal! Your inspection period is what gives you the opportunity to slow the process down a bit and take inventory of what is truly in front of you!
On your first inspection, there is no way to know everything about the house that you could know! Just walking through the home won’t reveal if the toilets have problems, or if the plumbing has issues. Therefore, a solid inspection period contingency in your contract protects you and allows you the time to inspect… and think!
If you subsequently discover that this isn’t quite the deal you thought it was, you can generally renegotiate, or cancel the contract under the inspection provision. Every Seller I have ever met has always preferred the opportunity to talk about the price instead of canceling a perfectly good sale!
Step 3. Execute Your Plan!
Time has come for you to “put up or shut up!” Don’t worry! If you have done your due diligence, and researched properly, then you are well on your way to ensuring success.
The most successful investors that I know always keep their options open. They never know what they will do with the properties they acquire! They always reserve the right to assign, rent, lease, repair and sell the property for a profit!
If your intent is to rehab the property, then the time is come! Be sure to get your contractors ready; if you are looking to move into rent out the property, then be sure to get your property management and tenant placement in place!
It’s Easier Than You Think!
When you are looking to buy quality investment grade property in Tucson, feel free to use the tips above to help you find that deal. Of course, I am always out looking for new deals for myself and my clients, and because of that consistency, I am always running across a great deal to either rehab myself, or pass along to my customers.
If you are looking to invest your money passively and partner with me, then perhaps we could do business together!
I’ve prepared a special complimentary report called the “Top Ten Questions Private Lenders Should Ask Before Lending A Dime!”
It is my hope, that you will take the steps you need to find a great deal, and act on it today!
If I can help you in any way, feel free to let me know!