3 ways to find deep-discount properties in your backyard!
1. Pick an area that you know is a good rental area. If you're not sure, ask a Realtor to pull up an area that has a good mix of properties for sale and properties for rent.
2. Ask that Realtor to give you what the DOM (average days on market) is and what's the average $/sf sold in that area.
- Let's say if that area normally sells for $225/sf in today's market. Then watch for new REO listings that are listed at around $144/sf and send them an offer. This is what savvy real estate investors refer to as "low hanging fruit".
3. Have a Realtor give you all the REOs that the status recently changed from Pending Sale to Available (that means the deal fell through).
If you live in the Queens, Brooklyn, or Long Island areas send me an email with your specific request (for one or all of the items outlined in this post) and I could email you the local stats.
Please be as spefic as possible when emailing me at ProRealtor@verizon.net
To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/
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Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. 3 ways to find deep-discount properties in your backyard! Copyright © 2009 By Vincent Martinez, All Rights Reserved.
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