If you're looking to buy foreclosures or short sales, there are can't-miss opportunities out there, in every market.
That's a message
"And from that level," Rose pointed out, "his property price can only go up."
I've been writing about great real estate deals that are available around the country. What can you buy for
I'm not suggesting you can buy a dozen homes in your neighborhood priced at
To get started, put together a dream team of the following professionals:
1. Real estate agent/broker.
Find a great real estate agent or broker who understands short sales and foreclosures and who has ties to local real estate owned (REO) departments at local lenders. The agent will be your eyes and ears on the ground, looking for deals for his or her more motivated clients.
While you may be able to buy your first property for cash, at some point you're going to want to borrow some funds, especially at today's near record low interest rates. Find someone like Rose who is willing to lend less than
You'll want to have a professional home inspector on your team who is knowledgeable about properties in your area. If you're looking for an amazing commercial real estate deal, find a commercial inspector who can help. Remember, it isn't an amazing deal if you have to spend a pile of cash you didn't plan on just to make the place habitable.
4. Real estate attorney.
Although attorneys are not used in many states to close deals, you should hire one to represent your interests when it comes to purchasing a foreclosure or a short sale. Why? Because inconvenient things like federal tax liens can pop up at the eleventh hour, delaying or tanking a sale. It would be nice to know about these potential minefields more than an hour before closing.
5. Tax team.
Whether you use an accountant or enrolled agent, you should think about how buying a piece of investment real estate will affect future tax returns. The issue of taxes can profoundly affect what you do with your property, not to mention how much you pay for it. And if you plan to buy and flip investment properties, think about finding a qualified 1031 Exchange company to assist you.
The most important thing you can do is bring your real estate dream team together help them get to know you -- and each other -- better. That way, your team is working toward the same goal. So, fire up the grill and throw some drinks in the cooler. And start working toward your own next amazing real estate investment.
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Real Estate - Identifying Amazing Foreclosure and Short Sale Opportunities
(c) 2011 ILYCE R. GLINK. DISTRIBUTED BY TRIBUNE MEDIA SERVICES, INC.