Feb 1 • General discussion
Thinking Like An Investor: Part 1
You should always be hesitant to put a property under contract. There is typically always more to the story with the seller....... And, as Pace Morby always says: Buyers are liars and sellers are worst! Here are a few quick ways for you to avoid making mistakes when locking up a deal:
- Check Realtor.com to see if the property was on the market recently. If it was, you better lock it up significantly lower from there list price. There is something most likely wrong with the house.
- Make sure that you see investor activity in the SPECIFIC location that your subject property is in.
- Take into account curb appeal! If the property is on a 35mph+ street or is next to commercial, take 10% off of ARV and then start calculating your maximum allowable offee from there.
- Check to see if the property is in a flood plain. This means that your end buyer may be required to pay flood insurance in addition to normal home owner insurance. See the link below: https://www.arcgis.com/apps/webappviewer/index.html?id=8b0adb51996444d4879338b5529aa9cd
- Check the household median income per census tract. I only typically wholesale properties where the HHMI is greater than $40,000. See the link below: https://geomap.ffiec.gov/ffiecgeomap/
Ask any questions you have in the comments and stay tuned for Part 2!
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Thinking Like An Investor: Part 1
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