cheap houses for sale in Franklin Square | Nassau County
Managing Residential Income Property:
One Simple Bit Of Timing Can Make A World Of Difference:
It varies a little from market to market for local reasons, but there’s always a range of months
when having leases roll over is preferred. Yeah, I know, Duh. Still, when closing on vacant
units this time of year, or when taking over leases expiring now, it’s easy enough to eliminate
the problem. Simply give new tenants or tell existing tenants they have a choice. They can
sign say, a six month lease, or an 18 month lease. Either way you’ve eliminated the problem.
The lease(s) will be timed to expire within the prime leasing season. But what if you own a
couple dozen doors or more, maybe a lot more?
If you are just getting started and you find yourself having the same
problem, here are 4 tips for you.
(1). Know What a Good Deal Looks Like
This is no doubt the hardest part when you are brand new. You almost always pay too much
for your first couple of deals. Before you sign on the dotted line, run your potential deal by
someone that is an experienced investor. Marginal deals are hard to sell. If you have any
doubt about the numbers or the area where the house is located, just walk away and find
another deal. There’s always another one around the corner.
Great rental and they will always be in demand.
(2). Know Where Investors Like to Buy
It won’t do you any good to get a house under contract at a great price if it is in an area
where investors don’t like to buy. Ask experienced rehabbed and landlords where they like
to buy. Be sure to find out what types of properties they like, and the price range they prefer.
In general, you will be pretty safe in bread and butter neighborhoods; the kinds of
neighborhoods for first time home-buyers. In my area there is a market for more expensive
houses, but there are fewer investors in this group. Buy houses that would work for either a
rehab that would be sold to a retail buyer, or a home that would make a
(3). Put an Escape Clause in Your Contract
This is vital especially when you are brand new. Make the deal subject to inspection or
partner approval. This is your safety net. It will make it easier for you make offers with
(4). Begin Immediately to Build Your Buyer’s List
There is nothing like having a good buyer’s list to call or email when you have a property
you want to sell quickly. It is truly a wholesaler’s secret weapon. These folks will be loyal
repeat buyers if you always have great deals for them, and if you conduct your business
with them in an ethical manner 100% of the time.
Implementing these 4 tips will make it easier to make those first offers
and get your first few houses under your belt.
TO YOUR SUCCESS:
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