OfflinePlease let me know if I'm not posting this in the right section.I just wanted to ask what are the main things that you need to research when look into a property?...What do you need to determine in order for a deal to be worth moving forward with?
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The first thing I look at is the neighborhood. I look to see the amount of homes for sale on the street or within a two block radius. If I see alot of homes for sale, then I know that there is something happening.
I then call the city and inquire and if I get a favorable response, I then begin looking at what the house is selling for. I call about each house that is for sale. At this point, I am concerned about asking price.
I have a family member that is a realtor, so getting comps is easy, quick and free. If I get a favorable review, I then begin asking all the hard questions.
One of the things I look for are rentals. What is the rental price of a similar property. If I am buying a home for $100,000.00 and I can only receive $500.00 a month or the best option is a section 8 tenant, then this is not a deal worth pursuing. On a $100,000.00 home, I want to get atleast $1000.00 per month.
If I am going to lease option a property, I want to know what other properties lease to own for. I am now in the Dallas-Fort Worth area, and this seems to be the land of lease/rent to own, so getting this information is simple.
Keep in mind that what is a good deal for one person and worth moving on may not be the same for you. One thing to ask yourself is, will this property fit into my game plan?
Thanks...This is very helpful
THANKS I NEED ALL THE HELP I CAN GET