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Author Topic: 10 Tips for How to Find Inexpensive Homes  (Read 752 times)
cgbvaeau
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« on: March 06, 2018, 01:25:32 AM »

10 Tips for How to Find Inexpensive Homes

That what I told my agent when she asked me what kind of house I was interested in buying.

I was 21 years old and looking for my first home;I knew nothing about real estate, but I knew one thing: I wanted to buy a cheap house. At the time I was making barely over minimum wage so I wasn buying a cheap home because it fit into some master investment scheme I wanted a cheap house because it fit in with my budget.

I got lucky on my first deal and found a great, cheap home that I was able to fix up slightly and sell for substantially more money a year later. Since then, I learned that whether you are shopping for your own personal home or for a house to flip or rent out, finding cheap houses for sale in your market is imperative to securing your financial future. However, depending on what part of the country you live in, this might be difficult with the increasing competition in the real estate space.

How you define is obviously relative, but this guide should give you a starting point for finding the lowest priced houses in your neck of the woods.

(Should you actually buy cheap houses? That an important question, but not the subject of this article. Sort by Price

This first one might be the most obvious on this list, but many people don know this. Get into the habit of instantly clicking to sort by first and you always see the cheapest houses for sale listed. Additionally, if you search over a large geographic area, you be able to look for patterns to see where the lowest price neighborhoods generally are. While the median sale price for a home in the Seattle area is around $400,000 (source) these properties can be found for under $150,000. Obviously this is not taking into account the condition or neighborhood, but it a good place to start.

2. Look at a Lot of Houses

By looking at a lot of houses, you will be able to better sort out the good from the bad and train your mind to find great deals. After all, is relative so get supreme clothing for sale cheap a good grasp on your local real estate market by attending as many open houses as possible. Set up appointments with your real estate agent to tour a dozen prospective homes in one day, and take note of what you like and what you don like. Or spend your weekends driving up and down streets while your spouse uses a smartphone app to check out local home prices. The more you look at, the better your odds of finding a great deal.

3. Make a Lot of Offers

Many real estate investors abide by the 100 10 1 rule, which says you should look at 100 houses, offer on 10, and get just one accepted. By submitting a lot of offers, assuming most of them will fall through, you increase your odds of getting a really great deal on a cheap house.

As one of my real estate agents is fond of saying, I don blush when making an offer, it too high. Consider a Fixer

Sometimes cheap homes for sale are priced low because they require a lot of work. However, just because a property needs some TLC, it doesn mean you can pursue it and get a great deal. In fact, every single property I ever bought was some sort of and that why I was able to get such cheap prices on them.

Fixers, however, carry with them a certain degree of risk and complications and can be difficult to finance. If you decide to purchase a fixer, keep in mind the following tips:

Always get the property inspected by a professional home inspector so you know what you are getting into.

Always get estimates from licensed contractors so you can accurately estimate the potential repair costs (and be sure to check out The Book on Estimating Rehab Costs from J Scott and BiggerPockets, available on Amazon or for free when you buy The Book on Flipping Houses.)

Look for fixers that need simple fixes, like paint or carpet. Bad smells are also great  because they are easy to remedy but drive away most of the competition.

Consider using a rehab loan, such as the 203k FHA insured loan, to wrap the rehab costs into the loan.

5. Look Outside the City

One of the best ways to find cheap houses for sale is by looking outside the busy cities and suburbs and focus more on the rural. I not talking about buying a farm in the middle of nowhere, but there are generally low priced communities within an hour or two of every major US market. Generally, the further you get from major metropolitan areas, the lower prices you find.

In this same line of thinking, consider buying real estate away from the US Coasts. The Midwest and South generally have much cheaper prices on property than the cheap supreme hats East or West coast. Obviously cheap supreme there are exceptions, but if you don care where you buy, focus on the Midwest and the Southeast.

6. Set up Automatic Alerts

Another way to snag a good deal is by being prepared with the first offer on a property.

Have your real estate agent set up automatic alerts for whatever property type you are interested in so you can jump at any great deals. If your agent doesn do automatic alerts, set them up with a real estate search portal like Zillow or Redfin.

7. Look for Sale By Owners times, in an effort to save money, people list their homes with a For Sale By Owner (FSBO) sign in the yard and hope for the best. However, many times these people have no idea what the true value of their home is, and may consider selling much cheaper than other homes in the neighborhood. Also keep an eye on sites like Craigslist for FSBO sales and jump on them quickly.

8. Focus on the REOs

Almost every property I ever purchased has been an REO (Real Estate Owned.) This means the property was foreclosed by the bank and is being resold. REOs are generally cosmetic fixers and may have been subject to vandalism or neglect for many years, though any title issues have been taken care of. I like purchasing REOs because I not dealing with an emotional bank I dealing with a machine. I can offer much lower prices and get better deals on the properties I do purchase. For tips on buying a foreclosure, be sure to check out How to Buy a Foreclosure: The Comprehensive Guide to Buying a Foreclosed Home.
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« Reply #1 on: November 09, 2018, 01:44:01 AM »

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