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By Kathy Kennebrook
(The Marketing Magic Lady)
In just about any real estate market I believe that there are a lot of great ways to make a fortune in real estate and one of those ways is to rehab and sell properties quickly. This is a strategy I implement on a daily basis in my own Real Estate Investing business.
There are some excellent resources for you to use to find vacant ugly properties to rehab and sell in virtually any price range. One of those techniques is to simply use targeted direct mail campaigns like I do to find motivated sellers of ugly vacant properties or estates.
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This is a great way to find highly motivated sellers who need to sell quickly and there are great deals to be made for pennies on the dollar. Remember, your profit is made when you buy a property.
Another strategy I use to find the owner of vacant ugly properties is to mail to a list of property owners with delinquent taxes that belong to out of county or out of state owners. These lists are pretty easy to come by and I offer resources for these mailing lists and others when you invest in my Marketing System. Check out my website at www.marketingmagiclady.com.
Another way to find great deals with ugly vacant properties is to work with the REO departments of your local banks. REO mean real estate owned properties. These are ugly vacant properties that the banks have taken back for non-payment of the mortgage.
These banks are generally selling properties for forty to sixty cents on the dollar in order to get rid of them quickly. Generally speaking the banks want to get these ugly houses out of their inventory since banks are in the money business, not the house business. And there are more houses available through these resources than ever before due to our current real estate market situation.
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You do need to be careful about the properties you are buying since you want to buy houses you can resell quickly, so there are some specific parameters I would suggest you follow. Here are examples of houses I would suggest you stay away from buying.
1. Houses on busy streets
2. Houses in war zones
3. Houses with only two bedrooms or tiny bedrooms
4. Houses needing more rehab than you can handle (like burn-outs)
5. Houses which are functionally obsolete
6. Houses on postage stamp lots
7. Houses near or across from commercial areas
8. Houses near or across from businesses or schools
The whole idea is to find houses you can rehab quickly and sell at
just under full retail or even more than full retail in order to sell them quickly, so you need to make sure the numbers work in order for you to get the profit you are looking for from the deal.
There are also specific things you want to do to make your house stand out from all the others in the same price range in order to get your house sold quickly; like really making kitchens and baths stand out, and adding inexpensive upgrades that homes in the same price wouldn’t normally have.
Some of these upgrades might include nicer hardware like faucets and showerheads, tile in the showers, nicer kitchen appliances, etc. Also make sure your house looks clean and attractive from the exterior. There are lots of inexpensive ways to accomplish this. These strategies will make your house stand out to the potential buyer and get it sold much more quickly.
For more information on finding motivated sellers for your real estate business and getting your houses sold quickly for more cash, make sure you visit Kathy Kennebrook’s website at www.marketingmagiclady.com. While you are there be sure and sign up for my Free monthly newsletter! Also be sure and check out Rehabbing Your Way to Millions Part II
LEARN DIRECTLY FROM KATHY KENNEBROOK AT REALTY411’S VIRTUAL WEEKEND INVESTOR EXPO, CLICK HERE!