how to find good rehab real estate deals

The key to finding them for your house flip is to work with a realtor who has the inside track on these real estate listings and new rehab homes on the market. You can find them by doing specific internet searches for REO real estate agents and brokers within a specific geographic area. Talk to Wholesalers

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How do I find a good deal on a house?

When you login to the Rehab Valuator application you’ll find the Quick Offer Calculator under My Resources in the menu. Additionally, if you’re a Rehab Valuator PREMIUM user you’ll find the bonuses section under My Resources. Bonus #2 are the contracts. Thanks!

What is a real estate rehab?

Learn more about funding your real estate deals at Rehab Valuator! ... Here, let’s just edit it on the spot, how about that, in real time. Pure equity, good. All right. Lender effectively becomes your JV partner. They put up the money, you run the deal and you split the profits 50/50. There are no interest payments to make.

How many stages are there in a rehab real estate deal?

5 Boots on the Ground Lead Generation Techniques. 1. Driving for Dollars & Door Knocking. Driving for Dollars is a popular way to fill your off market real estate deal pipeline. Although all it requires is gas in your car, and a pen and paper or post …

Is rehabbing real estate a good investment?

Sep 30, 2021 · Another option to find the best real estate investment deals on the block: working growth wholesalers. Wholesalers act as an intermediary between sellers and real estate investors. Buying a property from a wholesaler can save you a significant amount of time since wholesalers handle most of the legwork to find the property and negotiate with the seller.

How do I get good real estate deals?

8 Ways to Find Property Deals Beyond the MLSEmbrace networking. ... Get a head start on probate properties. ... Use direct mail to target motivated sellers. ... Market to property owners who have recently served eviction notices. ... Surf Craigslist. ... Purchase some online ads targeting people who will be selling soon.More items...•Jul 30, 2021

How do you buy an undervalued property?

The best way to find an undervalued property is by specifically looking out for motivated sellers. You can do this by finding out more about the circumstances of the sale – why is it being sold and the sellers' circumstances. Try to gauge how motivated they are to get the property off their hands.Jul 15, 2020

Can you sell a property under market value?

If the question is whether a seller can sell a house below market value, then the answer is yes. However, as with any real estate transactions, there are considerations, benefits and disadvantages to this which all depend on the seller's situation and objectives for sales.Jan 18, 2021

Is real estate Investing worth it?

Real estate is generally a great investment option. It can generate ongoing passive income and can be a good long-term investment if the value increases over time. You may even use it as a part of your overall strategy to begin building wealth.

What is MLS box?

The MLS is the box that all the real estate agents put their deals into. Yeah, it’s competitive right now, but if you set it up correctly, you can still find good deals on the MLS. For example, get some automatic email alerts set up with your real estate agent that fit your criteria.

Where to look for FSBO signs?

When you’re out driving around, look for FSBO signs in yards or at shopping centers or at grocery stores on bulletin boards. This is a good way to find motivated sellers.

Can you buy a tax lien?

You can actually buy a tax lien, which means somebody didn’t pay their taxes and you can get the right to buy that property and get a great deal. For some investors, that’s their primary method of finding great deals—it’s by buying tax liens.

What happens when you stop paying your mortgage?

Look, after somebody stops paying their mortgage, they get foreclosed upon, and then, it goes to the courthouse steps. You can show up there, bid on it, and potentially buy the property right there on the courthouse steps.

What does it mean when you put a sign in your yard?

If you have a yard, you can put a sign in it that says that you buy property. I’m not saying to go litter your neighborhood with “I buy houses” signs everywhere (aka bandit signs). But a good yard sign can get you a good deal.

What happens if a real estate agent sells a house and it doesn't sell?

When a real estate agent tries to sell a house and the house doesn’t sell during the time period they’re trying to sell it, it becomes an expired listing. Those can be great people to contact to buy their property, because now it’s no longer listed, no one else is looking at it, and you can snag a great deal.

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Understand your buyer and the neighborhood

Before you start calculating rehab costs, understand what the final product will look like. Some high-end remodels take months—cosmetic renovations take just days.

Tour the property thoroughly

Next, with a good understanding of how you want the finished product to look, walk through the property very slowly. Take a lot of photos or record a video on your phone so you can easily recall the condition later. Trust me, you won’t remember it all!

Write down the problems

While you are still on-site at the property, go room by room and write down its condition, as well as any needed repairs. For example, if you walk into the living room and see carpet that looks and smells like dog urine, write down “replace carpet in living room.” Also, jot down a quick estimate regarding the size of the room.

Condense your list into 25 categories

Next, take your comprehensive list of repairs and classify each one into one of the following 25 categories, which encompass all of investment property renovation. For example, if the living room and bedrooms need carpet and the kitchen needs vinyl, group all of them together and include them under “flooring.”

Determine a rehab price for each category

Once you have your 25 categories spelled out, it’s time for the most difficult part: estimating the rehab amount for each category. However, breaking everything down into the basic components of a renovation makes estimating rehab costs much easier.

When in doubt, ask for help

Don’t be afraid to ask for help. You can do this in a few different ways:

How to tell if a house is distressed?

Some immediate clues of a distressed properties are: 1 Water damage/tarp on the roof 2 Boarded up windows 3 Poor condition, in disrepair 4 Papers taped on door — these may be eviction notices, nuisance abatement notices, condemned notices 5 Vacant property 6 Code violations such as overgrown lawn and bushes 7 Trash rentals outside of the premises 8 Fire Damage 9 Structural Damage

What is driving for dollars?

Driving for Dollars is a popular way to fill your off market real estate deal pipeline. Although all it requires is gas in your car, and a pen and paper or post-it notes, it’s not the lowest cost way of finding leads.

When driving for dollars, can you use the REI/kit CRM?

When Driving for Dollars, you can use the REI/kit CRM to help you pull up owner info, to see if the overgrown property that you are looking at is absentee owned for example .

Can you leave a post it note?

You can leave a post-it note or hand-written note taped to a visible place. Additionally, you can note the address and send them direct mail. Your note can look something like this:

What is probate sales?

Probate sales are those involving the property of someone who has died. Probates can be profitable, but the laws involving them can be complicated, and many people have a hard time approaching surviving heirs because of the sensitive nature.

Is it dangerous to post in a major intersection?

Posting in major intersections is usually wasteful or dangerous as these are first to be seen and taken down. Ideally, try to post directly outside local city limits or in unincorporated areas.

What happens if you file for bankruptcy?

If a person files for bankruptcy, they may be required by the Court to liquidate assets to pay creditors. There are two main types of bankruptcy: Chapter 7 and Chapter 13. The main difference between the two comes down to whether the person has debts discharged and does not have to pay creditors back, as with Chapter 7, or whether the debtor has to pay creditors back with a repayment plan, as with Chapter 13.

How to find out if a property is vacant?

If you spot a property that looks distressed or vacant: 1 Write down the address of the property. 2 Jot down the condition of the property. Is there overgrown grass or bushes? Are there broken or boarded up windows? 3 Do a quick property search on Google or Zillow.com so you can get to work assessing the situation. Zillow.com will deliver key info—including the owner’s name, number of bedrooms/bathrooms, square footage, whether or not it’s in foreclosure or pre-foreclosure and the contact details. You may also be able to enlist a real estate agent to help pull information.

What is distressed property?

Distressed properties are just what they sound like—properties in need of repairs, or those that are neglected or abandoned. Generally, the more work a property needs, the more tools you have to negotiate larger discounts.

How to find a good deal on real estate?

Word of mouth is one of the best methods for finding great real estate deals. How does this work? Tell EVERYONE what you’re doing. Talk to your friends, family, neighbors and colleagues and let them know that you’re looking to buy an investment property or two.