It would be fair to say that real estate renovation projects aren’t for everyone, but if you can get in on the act there is some serious money to be made. Sure, some investors will just turn to simply renting out properties, which is regarded as a more stable form of real estate investment. When it comes to flipping, there are more risks attached but again, the rewards can be instantly high.
Unfortunately, there are now a lot of investors who are looking for that next big renovation project. Ultimately, it means that finding these projects is easier said than done.
Following on from this, we have now listed some of the best ways to find these investment opportunities. There is of course an element of luck involved in them all, but if you can find just one or two more opportunities of this ilk your bottom line is going to benefit tremendously.
Look over stagnant property listings
Pedro Martin Terra Group says that one of the easiest things that you can do to find those great deals is to look over properties that have been on the market for a long time. Usually, sellers involved in these sales are more willing to accept lower offers. Of course, there are exceptions to the rule, but most are tired of waiting and want to release their cash in quick times.
As such, this presents a very good opportunity for the savvy investor. Fortunately, there are now plenty of services which will tell you how long a property has been on the market for, which in turn allows you to make your move. There might be some obvious reasons why it has not yet sold, but as you are looking to renovate it anyway it means that this could present an excellent opportunity for you regardless.
Look through obituaries
This next suggestion is bordering on the morbid, but give us time. One of the big reasons why a property is sold is because its owner has passed away. Usually, the next-of-kin are quite willing to let the property go very quickly, and this again presents a real opportunity to grab some value.
There obviously needs to be a few caveats here. This is a sensitive matter, and you need to approach it with respect. Don’t go in all guns blazing; only make an offer if you feel as though the relatives are truly interested in selling.
The power of networking
Those who have been involved in the real estate game for a long time will vouch for this one; the more contacts you have the more deals that come on the table.
Networking with fellow flippers can yield surprisingly positive results. Not everyone is going to have the funds, or the time, to take advantage of every opportunity and this is how others can fall into your lap. At the same time, if you provide similar opportunities to others, the whole process becomes a positive circle.