Research is one of the most if not the most important thing when purchasing investment properties. It's your money so when looking at purchasing a property make the time worth it. Verify the value of the home after the needed renovations are completed. Familiarize yourself with estimating repairs and find yourself a respectable contractor you feel comfortable with. Don't go solely on reputable wholesalers word or appearance alone; most reputable wholesalers do their best to provide ARVs and renovation estimates, however there are hundreds of variables to take into account. Educating yourself will only save you a lot of time and a whole lot of cash!
Wholesalers are like any seller - timing is everything! In some cases the best time to negotiate is when the property first hits the market. But unfortunately most times it's a waiting game. Keeping your name and your price in the sellers mind can pay dividends in the end. Find a price that works for you and stick to it. If you can't work the deal out then simply walk away, there are thousands of houses out there.
Most people don't have the means to pay all cash for a home, especially investors, so financing is the next best thing and in many cases its even better then paying all cash. Be sure to secure your finances first! By being pre-approved you can provide the seller the documentation to prove your serious about the deal. Getting this out of the way early won't cause any headaches later and you can focus on more important issues and so can the seller
The key to success in many businesses is developing strong relationships, relationships are the key to any business transaction. If you and and the seller can't see eye to eye don't burn any bridges. Be honest with the seller and leave on a good note. In most cases the seller will have more inventory in the future so burning bridges may hurt you in the long run.
Always use common and professional courtesy in any business transaction. If you say your going to preview a property then do it. If its not what your looking for then explain why to the seller. This will let them know if your a serious investor and what type of property your looking for. This will help you maximize your time by not being shown every shack out there but instead garnering leads on a house you what want to purchase.
Charles Jarvis
Keller Williams Realty
Atlanta, Ga 30328
404-403-9873