Some properties are available to purchase when the city or county has â€œred-taggedâ€ them, meaning that the house is unfit for human habitation because of a safety or health issue.
Look for newspaper advertisements that state that the advertiser buys properties â€“ â€œWe buy Housesâ€ is often a giveaway. These are usually ads that have been placed by fellow investors and there is nothing to stop you calling them and asking for their list of properties.
Networking is important when it comes to locating and buying wholesale properties. If local realtors are aware that you are interested in potential wholesale deals, you will find it a lot easier to find properties. A good network of useful contacts is invaluable and one of the best things you can have in real estate. Make sure you always follow up with your contacts â€“ rather than waiting for them to call you back.
And sometimes the simple approach is effective - many successful investors advise that you can do worse than simply drive around respectable neighborhoods and look for slightly run down houses that are for sale.
Many people who are trying to locate wholesale properties make the understandable mistake of concentrating on the cheapest properties in their area. In fact, a profit can be made from wholesaling more expensive homes as there are usually homeowners who are desperate to sell their more expensive home, too.
Wholesaling has been around for a while, but in recent years it has become more widespread and acceptable â€“ and contrary to what some people believe, it is perfectly legal. And with the right knowledge, foresight and connections it can be a profitable venture.
There are other sources of information that you can get from. The internet is a good way to start. There are websites such as http://www.finestexpert.com that offers services and has a wide range of properties that are for sale, rental properties, foreclosed properties. You could also check foreclosure.com and realtytrac.com for property listings but I think they charge a certain monthly service fee.
I have been investing in real estate for over 30 years and can provide a wealth of information for you. Please visit my webiste listed below and contact me directly. I can help you find, preview, and negotiate the best prices in your desired area of interest.
My best initial advise is to work with a "local" realtor as they will know the redevelopment area prospects and if they are honest, will tell you how long these "revdevelopments" have been proposed and if they feel they will actually come to fruition
Then YOU NEED TO DO YOUR OWN DUE DILIGENCE. The internet and speaking to government officials are a great source of information. i speak from experience, as I worked with "an investor" who blew into town buying up whatever his "local" realor recommended (and found various "friends" to buy into what he had lenared from the local realtor). Today . . . he is in foreclsure in 90% of his properties.
In closing, RESEARCH, RESEARCH, RESEARCH!
Love and Peace,
Francesca, ePro, SRES
Your local investor club was a great answer. I have a free eBook on my site about investment properties if you want to check it out. I am not in NJ but it may help you get some ideas.
Hope that helps.
A Realtor can help you with comparable sales, current rents in the area, and advise you on any regulations you may have to adhere to as a landlord (typically the township inspections are more involved if you intend to rent out a home ranther than use it as your primary residence), guidelines as to escrow & deposit funds, etc.
The most important thing is to define the goal you are trying to achieve with these types of properties, not just short term income, but identifying properties that are more likely hold their value & increase in value so when you are ready to pull the equity to buy another property or just outright sell it, you'll have made a good decision. People invest with differnt goals in mind. An experienced Realtor can help you with gathering that information and identifying properties that meet those needs, then moving ahead with offer and purchase.
Quite a bit of my business comes from investors. I'd love to work with you and I can provide references. If you'd like to talk further, just contact me via cell or email, listed below.
Barbara Smith ABR, GRI
Licensed in NJ & PA
Call or text: 609-980-7593
National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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