Buying a property at a real estate auction might not be as common as other typical investments but it can be an undervalued purchase that could fetch you solid returns over time. Be it flipping, or fixing or owning the house, real estate auctions can help you access all kinds of options.
1. Consider ALL Your Options.
Buying at a bargain might feel great, but read carefully between the lines – are there any foreclosures on the property? Any legal tussles? All of this would not stand out initially, but if you’re looking to buy a property at an auction, do ample research. Dig into the nitty-gritties of each property you’re interested in before taking your next step.
2. Fixers Work Great Too!
Sometimes spotting a house that requires quite a bit of renovation can put one off. Although, what might surprise you is how you can buy it at a lower price, re-furbish and renovate the place (if done creatively, it won’t break the bank) and sell the furbished one at a higher price. Here’s a post that outlines how you can reduce risk when doing this.
3. Jot Down Your Budget.
Define your investment horizon, estimated costs and how much you can budget for repairs and other accidental expenses. If you need financing, here’s a list of financing partners you can check out.
4. Set Up Alerts.
More often than not, bidders miss out on taking the lead with the first offer. Work with your real estate agent to set up an alert whenever something pops up for auction.
5. Not Sold Yet? Try Again.
If the property you spotted at the auction was not sold, your options don’t end there. Approach the owner for a potential off-the-auction purchase and it might work!
VIDEO: How To Do Your First Deal In 5 Steps
(Also! If you want a great handbook for real estate, pick up Philip’s bestseller Real Estate Wealth Hacking: How To 10x Your Net Worth In 18 Months.)
VIDEO: Why Millennials Aren’t Buying Houses
Low income, student loans and high cost of living are factors affecting millennials from being able to afford purchasing homes in their desired areas. Unless they’re willing to compromise on location and amenities. See full video courtesy Business Insider.
8 Neighborhoods In America’s Most Expensive Cities Where You Still Can Rent For Cheap (Sort Of…)
Yes, rent in big cities is “too damn high.”
But if you’re looking to move to one of America’s most expensive cities, you can still find some deals in affordable neighborhoods. Here’s where you need to look, per Inc.:
1. San Francisco
Despite San Francisco being popularly tagged as a pricey city, you can check out relatively inexpensive neighborhoods like Lower Pacific Heights, Japantown, Laurel Heights, and Fillmore District.
With the city seeing a massive number of tech companies moving in, rentals have shot up. Its business district, however, gives a breather – median rents are still lower by about $1,000 when compared to the rest of the city.
3. Los Angeles
While Los Angeles continues to list some of the most expensive neighborhoods across the nation, the coastal region of San Pedro welcomes residents with median rentals that touch $2,240.
4. San Jose
San Jose continues to be a large tech hub – with its infamous rental costs. In the midst of Silicon Valley’s tech center, median rents can peak to $3,500, and buying a home can set you back by around $1 million. However, East San Jose offers a better deal. You can find median rents hovering around $3,200, which is a tad cheaper than the rest of the city.
Despite Seattle housing some of the most expensive neighborhoods, regions like Greenwood offer residents median rents that are around $2,300.
6. New York
With median rents touching $3,000 in the city, the neighborhood of Williamsbridge, in the northern part of Bronx, has rents that are almost half of what the rest of the city offers.
Median rents in Boston are almost twice the national ones, with rents crossing $5,000 dollars. In the neighborhood of West Roxbury, however, you can find homes which offer median rents of around $2,000.
8. San Diego
One of San Diego’s oldest regions, Grantville, enjoys affordable median rents that hover around $1,600 when compared to the rest of the city at $2,695.
This Entrepreneur Grew His Instagram Channel From 50K To 1M Followers In 1 Year. Here’s How He Did It
VIDEO: How To Do Your First Deal In 5 Steps
7 Incredibly Effective Tips To Get Fit In The Office
EXCLUSIVE: This Entrepreneur Built A $7B Business Without Outside Funding. Here’s How He Did It
Real Estate Rockstars: 5 Millennial Realtors Who Are Crushing It In 2018
The No. 1 Strategy To Build A Rental Property Empire
Warning: count(): Parameter must be an array or an object that implements Countable in /homepages/28/d742565295/htdocs/clickandbuilds/WealthLab/wp-content/themes/zox-news-child/single.php on line 681