The words "real-estate investor" are enough to make many buyers grit their teeth. With inventory tight, these all-cash rivals are hard to beat when it comes to nabbing properties.
If you can't beat them, you might as well learn from them. How do they pinpoint the best deals? And how can you make your offer stand out from others?
We asked Doug Clark and Mike Baird, the two investor partners behind Spike TV's "Flip Men" reality show, for their tips on navigating the homebuying process intelligently.
In this month's Buying Advice, we'll also look at the kinds of problems a home inspection can turn up, and how having one done can save you money — both at closing and on your utility bills. And we'll check in with the latest housing statistics, which point to a slow but continued recovery.
A little flippin' advice
For "Flip Men" Clark and Baird, every purchase begins with a lot of homework. "We start by studying the neighborhood," Clark says.
As soon as a traditional listing or foreclosed home becomes available, they scrutinize the surrounding three blocks and look at the following factors:
- How many homes are on the market and how long have they been on the market?
- What condition are these properties in?
- What's in escrow? What have houses nearby sold for in the past 90 days?
But, Baird says, "Most people want to get serious the first day they go out and look at homes."
They say you need to treat homebuying more like dating: See what's out there and figure out what features you like so you can jump when you see the perfect fit.
And in order to move quickly and land that prime piece of property, you must be preapproved for a loan and know what terms you can offer a seller.
- On our blog, 'Listed': With flips flopping, investors becoming landlords
- Can you get a home inspection and other due diligence done right away?
- Can you close in two weeks?
- Can you put a larger amount of earnest money down to show your commitment to closing the deal?
"You want to make sure you can offer the right terms and conditions and are ready to go," Clark says. And you need to have an experienced agent who can communicate that to sellers.
"Don't just get your relative or your friend from high school [to represent you]; you want someone who really knows the industry," Baird says. So many people, he says, sign a buyers agreement with the first agent they meet, rather than shopping around. Experienced agents who are working full time can get out to — and get you into — properties before other bidders.
Homebuying secrets to steal from flippers - MSN Real Estate
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