Real Estate Tips From Prosper Inc. Coach
When was the last time you walked into Home Depot or even your local grocery store expecting to buy one specific item and walked out with a whole cartload of items after coming across some unexpected and irresistible sale items? I’d bet that many of the items you bought on sale weren’t even things you needed or later used. This type of buying is very normal for most of us. After all, who doesn’t love a good sale!
Many regular bargain hunters aren’t seeing the biggest sale of all, and it’s happening all around them. There are amazing deals available in real estate across the country and around the world. Everyone has heard the old investing adage, “Buy low and sell high.” It’s funny how they run forward in hoards to buy when prices are high, but few people seem to have the courage to step forward and buy when prices are low. In spite of the recent downturn, prices will eventually rebound and continue to climb. Still, many continue to be skittish. Is it possible to safely enter the market under current conditions? Absolutely! The following are a couple of ways to seek financial success and still sleep at night:
Assigning Contracts
After an offer is accepted on a piece of property, you have the option (as long as your contract is structured properly) to assign or transfer the contract to someone else for a fee, rather than closing on the property yourself. Assigning contracts to another allows you to profit from real estate without having to fix up property, apply for financing, or risk having to cover an extra mortgage payment. For investors, this can be a very-low risk way to an extremely fast payday.
Conservative and Purposeful Offers
Forget the asking price! What can you afford to pay for the property to make it work for you? Remember, there are many very anxious sellers in the market today, and buyers are scarce. Because of the disparity in supply and demand, sellers are getting more motivated and flexible on both their price and terms.
The last time that we had a buying opportunity like we have today interest rates were at 12%. Our rates today are half that. Property prices, seller flexibility, and rock bottom interest rates make this a WONDERFUL time to load up your cart!
Dave Greene, Real Estate Coaching Division Leader
Tags: Tips