Foreclosure Tours: A Fun, Informative and a Fast Track to Invest!
Posted on September 5, 2012 byGet on the Bus with Us on Sept 29th & 30th!
We are living in a rare moment in history. Housing can be purchased for less than the cost to build, interest rates are at an all-time low, and the pool of qualified renters is an all-time high. Now is the time to GET ON THE BUS and take advantage of this once in a lifetime opportunity!
Whether you are a seasoned investor, just getting started, or just need to find out what all the talk is about, a great option is to participate in a Property Foreclosure Tour. These tours are showing up in every major market across the nation in many shapes and sizes. When booking a tour you should consider some of the following things:
- Who will the providers be representing on the tour, you or the seller?
- What market areas will they be covering?
- What types of properties will you see?
- What types of service and expertise will be offered?
- What type of education and information will be provided?
Representation is an important consideration when booking a tour. Some tours are designed to sell properties for an owner client. This is most common if you are looking at properties that have already been renovated with a tenant in place. The benefit is the risk has been lowered… however you should expect to pay a little more – sometimes 30 to 40% above the seller’s all in cost. Tours offered by the seller’s agent may also be limited to properties that are with one bank, asset manager or broker. Before booking your tour, find out the relationship between the agent and the properties being offered. Working with a buyer’s agent will most likely offer the highest return… however the risk could be increased because the final renovation cost and time to place a tenant is unknown. To minimize risk and get the highest return, consider the experience and expertise of the agent and brokerage you choose to work with.
Market Area is very important. You’ve heard it before… Location – Location – Location! Limit the market area to a range that meets your investment criteria and your ability buy and hold. Your range should not reach out farther than your support team, i.e. rehab contractors, property manager, and future sale support just because it appears to be a good deal. In today’s real estate market, there are plenty of good deals. Stay in respectable, conforming neighborhoods that can be managed well.
Service and Expertise of the person hosting the tour can add to the event or lead you on a bus ride to nowhere. Some foreclose tours are geared toward owner occupied buyers and are best served by sales agents who focus on the needs of the owner occupied. If you want the highest and best use of your time for investment property, the tour should be led or supported by a property management broker or his sales team. One who has been in business for more than five years and should be managing hundreds of properties. A good property manager is looking for a long term relationship with good investor owners and he has a vested interest in you buying right.
Information and Education is your key to understanding the market you are buying in and where that market may go in the future. You should be looking at the foreclosure markets, rental markets, job market and local economies. The information on the properties should include last sale price, current tax records, and comparable properties to include recent sales as well as current listing for both sales and rent. This information is needed so you can calculate how well a property may perform.
Narrowing down to a tour that fits your needs can be as easy as choosing the right market locations and the right team that supports your investment needs. As President of Solutions Realty Network, Inc., I can offer you that team. We have a proven success record for:
- Real Estate Investment Education
- Property Evaluation
- Property Renovations
- Tenant Screening & Placement
- Ongoing Property Management
- Exit Strategies
- REIA member discounts
Don’t Miss the Bus! Get On The Bus With Us!
Join us on September 29th & 30th for a Two Day Foreclosure Tour!
See http://foreclosuretour.atlantareia.com
It’s time for YOU to be among the hundreds of successful investors we have served in the top real estate market in the nation – Atlanta, GA!
Here’s a little of what we will cover:
- Why Invest in Atlanta, GA
- The Atlanta Rental Market
- Setting Your Investment Criteria
- Property Evaluation Tools
- Your Real Estate Success Team
- Hundreds of Properties to Choose From in and Around Atlanta
For more information or to register for this event, see http://foreclosuretour.atlantareia.com
Chris Littleton is Co-Owner & President of Solutions Realty Network, Inc, a Real Estate Investment and an Asset Management Brokerage in the great state Georgia. He first became a landlord in 1993 when a job relocation left him faced with a choice of selling his home at a loss or generating income by leasing it. This began his passion for BUY & HOLD investing. Chris has assisted with over $100 million in investor transactions and manages closes to $4.5 million in annual property incomes for his clients.
