Driving for dollars is one of the best ways to find bargain properties when Wholesaling Real Estate. When you start driving in neighborhoods, start with the areas closest to where you live. You should be familiar with these areas. You can research areas that you are not familiar with by using, real estate agents, other investors, and real estate clubs. Once you start building relationships with other investors, ask them where they buy properties.
You must drive the same neighborhood twice a month. People’s situations change every day. One day a property is occupied and the next day it’s vacant.
You can start driving in the middle to lower priced markets when looking for wholesale deals. The lower priced markets are usually better simply because you attract a larger number of buyers. The lower income markets can produce more transactions, but the higher priced markets can produce bigger profits per transaction. When driving for dollars, look for houses that appear to be vacant. Vacant houses make great deals. For whatever reason that it is vacant, you can count on the fact that the owner is losing money.
Here are some key signs that a property is vacant:
• Broken windows
• Boarded up windows
• Tall grass
• Overflow of mail on doorstep
• No personal items around, like a hose or plants
• Turned electric meters
• Need of repairs
There are several reasons why a property sits vacant including:
• Seller lives out of town and cannot attend to it
• Seller doesn’t have enough money to repair it
• Seller is tired of renting it
• Don’t know what to do with it
• The seller inherited the property
Boston REIA offers the best offers on information on wholesale properties when you become a member