Posted on February 11th, 2008 | by admin |
- Buy “For Sale by Owner” Properties! You have to research the property and do your own due diligence, but you will save a good amount of money by not going through an agent, as they to make . You can also go through investment companies. They usually buy in bulk and pass the savings on to their customers.
- Check the price of the property by looking through similar sold properties. Check the MLS; Go online and see what other lots are selling in the area. Make sure you do your research and know you are getting a good deal.
- The best is to have your money ready and buy the land in full, no financing. You can negotiate more and get better leverage. If you do have to finance, get a low interest rate!
- Decide if you are buying for a short-term or long-term investment. For short-term, a good strategy would be to buy a few lots to get a better deal on each (or basically buying in bulk), and than reselling each individual lot. For long-term investments, simply do the correct research regarding location and area of the land, and buy low. In todays buyers market, you can buy low, in tomorrows sellers market, you can sell high and make a good profit.
- Look for motivated sellers today. Due to the high number of foreclosures, many people are in need of selling their properties; You can help them by buying, and get a great price to boot!
- Negotiate! Do your research and try to get as maximum leverage as possible so you can get the best possible price. Especially if your not financing and paying one lump sum, the sellers will be interested and you can get a good discount.
- And lastly, you are the buyer. The buyer has the money, and makes the ultimate decision of buying or not. Feel comfortable with your decision to buy or not and with your investment. - Gregory Akerman
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