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Recession: 7 Ways To Locate And Buy Houses From Desperate Landlords

Published by Nairaland on Mon, 26 Sep 2016

Are you serious about buying your own house during this recession with little money down' Are you confused as to how to go about it' Kindly take your time to intimate yourself with these pieces of advice and you are on your way to adding more cheap and quality houses to your property portfolios. -You can write neighborly letters to property owners around the location you wish to have the property. This narrow down your search for desperate landlords who are your main target. These ones are no longer emotionally attached to their houses. They want to sell because they need money badly.-Taking local ordinances into consideration, place I-buy-houses-for-cash signs at targeted area. Follow this up with distribution of flyers around the location of your choice. Your intended audience will get this message and respond almost immediately. I have been using it for years now and its working perfectly well for me.-Position yourself as a new property investor in town and write to financial houses, lenders and creditors of your desire to buy up seized or liquidated houses with no litigation/legal encumbrances involved. Request to have access to these houses. Trust me, you will be in-undated with different properties from all over the country. Then you can choose and price accordingly. You could also get words around to practicing real estate agents, home builders, surveyors and real estate investors about your specific needs (Type of property, location, features, pricing, construction materials used & ambience). Request to meet landlords one-on-one. They will bombard you with different options. Ask them to whatsapp more media info of these houses to you.-When utilities are in a state of disrepair, when roads, electricity, water and even security of an area is nothing to write home about: Then, there are inherent opportunities present in this instance you may wish to consider on the long term. The truth is, many desperate landlords who hitherto have been in the area for many years may want to dispose these houses and relocate having been tired of waiting for government intervention that is not forthcoming. Thereafter and unexpectedly, government may give such an area needed attention it deserves. Prices of houses in these areas could sky-rocket to high heavens. Then you are bountifully rewarded for your foresightedness. The fact is, there are many of such areas in our country of today. So, put on your thinking cap and get smart!- Avoid relying fully on online property listings and adverts as majority of landlords you meet there are business minded people who have invested considerable amount of their earnings with eyes focused on making huge profits. Their offering and net prices for houses are often way too high for a smart person like you to stake your scarce resources.-Capitalizing on custom, ignorance and tradition: It's been established time and again that an average landlord in this country is proud, secretive and highly reservative when it comes down to selling his house. He sees his house as iconic, historical and a family treasure that should continue to be bequeathed to his unborn generations. Hence, he's unwilling to sell the house in question even when it is clear he can no longer address the dilapidation issues associated with such. Moreso, he doesn't want to be seen as prodigal. He dislikes any form of advertisement of his property. He knows this will rub badly on his ego. This is one single reason while it's difficult to locate good, desired and available houses for sale even with money-bag investors walking around looking to buy same. These categories of desperate landlords prefer secretive selling options. Yearly hundreds of such houses are being sold through this option. But when he's hit with debilitating economic conditions due to recession like we're having it now, then he succumbs. Also loss of spouse , divorce, relocation due to transfer, retirement, payment of fees of children in ivy league schools at home and abroad are some of the many factors that could economically handicap a landlord to want to desperately want to sell his house. As a smart and focused person, this is where you cash-in considering the location and structures of the house you are interested in.-In conclusion, hone your negotiating skills. Do not allow your emotions to interfere with your ability to obtain the best price on your new house. Slash the offering or asking price down considerably. Don't be in a hurry to close the deal. Politely, tell him you have other options. Point out all the grey areas in the structure and location, water the property down. Pretend to walk away. If he's truly interested in selling, he'll call you to offer better prices.Applying one or more of these non-exhaustive steps could go a long way in assisting you to meet up with your yearnings of becoming a landlord or real estate investor during this recession. Should you require further assistance. Kindly check my signature.
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