You’ve been searching for profitable investment properties in Orlando and you feel like it’s not possible. You have looked at so many homes, scoured neighborhoods and attended auctions but nothing seems to work out.
There is never enough of a margin when looking for an ideal home or business location that would be perfect financially! How could this all change? We’ve got some tips to help.
Keep Your Friends Close, and Competition Closer
The real estate market is a competitive industry, and if you’re new to the game or not well funded it can be hard to compete. One thing that can help your chances of getting good properties with great deals is understanding who else in bidding for them so you know how much competition there will be.
An investment club is a great way to invest in real estate. Not only do you learn about the competition, but they become your colleagues! An investment club can help you gain knowledge and partnerships that will enable you to close profitable deals which would otherwise be out of reach due to lack of funds or expertise on your part.
Check Your Math
Profits are calculated by subtracting costs from the purchase price. But what does this mean for you? If you’re losing properties to other investors offering higher prices, take a second look at your numbers and see if there is anything in particular that can be tweaked so as not to lose any more of those lucrative investments.
Pushing your numbers can be a little tricky. If the market has shifted, you may not have accounted for it in all of the calculations and that could mean you are making offers too low or prices seem high because they reflect demand rather than supply. Take some time to review every line item by comparing them against what other sellers with similar properties have listed at so far this year- make sure everything is accurate before submitting an offer!
Get Sales Training to Help Negotiation Skills
It isn’t just the competition that you need to gain a better understanding of in dealmaking. Learn better negotiation skills and learn what makes sellers tick so that you have more opportunities for negotiating at prices which are most profitable for your business.
Understanding the situation will give you an edge when negotiating price. For example, if they are in some financial distress and need to sell quickly due to a family death or job relocation then that would be your opportunity for negotiation on what constitutes as fair market value for their property while giving them time frames of how long it might take before another opportunity like this comes around again.
For example, if the seller is dealing with a probate issue, explaining to them that you are willing to work an all-cash offer and talk directly to the estate executor could help alleviate stress on the seller. You’re offering a solution for their existing problem and this often gets results especially if your offer isn’t as high what they were hoping for.
Keep Searching for New Profitable Investment Properties
In the real estate world, it’s all about numbers. The more properties you have to see and bid on, the better your chances of finding profitable investment properties.
Real estate investment clubs are one location to find more opportunities for profitable investment properties in Orlando. Join our VIP Buyers List here at Florida Property Warehouse and we’ll take care of all the heavy lifting for you! You can talk to the local county clerk for a list of properties behind on property taxes, or you could buy tax lien certificates with hopes that they will foreclose in your favor.
If you are in the market for a property, we can help make your dreams come true. Fill out our form and get contacted by one of our industry experts as soon as possible!