Day 18

If you are interested in buying an investment property at a good $50-100k discount then you probably need to look at 50+ filtered property listings to find the diamond in the rough. If that sounds like a lot of work, you’re right it is. But that is relative. Bear with me.

If it takes you 5 hours a week for 25 weeks to sort through and find the right property, then you make $50,000 on securing the property at a discount, that works out to $400/hr – tax-free if you hold the property. If you already make $400/hr then skip this step and just use a buyer’s agent or the agents/advisers that pitch specific property.

The discount on purchase is how many investors are building up their equity so quickly and ignoring this strategy will probably slow you down. For most people, especially if you do not own your own property, this will be one of the easiest ways you’ve ever made $50,000.

Setting up filters on real estate websites that hit your inbox daily with the new listings is free and very easy. Once you set your filters up, you might get 500+ listings, you can go through all the existing listings getting yourself acquainted with the process of assessing properties. You will see quickly the options for improvement, development, and whether the property is accurately priced/marketed.

It is very common for people selling houses to choose their agent who is a friend and this is to their disadvantage as it is unlikely their friend is the best person to sell the property at the highest price. Many agents do not understand the true value of specific properties especially if they are from another area or do not have much experience with renovations or developments.