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EFFECTIVE Property Searching – #6 Listings

By
Real Estate Agent with Chicagoland2to4Flats.info

In this market where listings range so much by type and condition, it is so easy to end up on a wild-goose chase. What must occur instead is to learn to separate wheat from the chaff and hone in on what you want.

Here is some more of how we think an EFFECTIVE property search works. 

Now you’re ready to go see listings. But, before you ask for any showings, your job is to rule out 80% of them.

·         If you know a neighborhood and the market extremely well, this stage can be completed at home. But, for most investors, drive-by’s are a key part of this step.

·         In addition, using the Chicagoland2to4Flats.info Property Analysis Spreadsheet, you should conduct a careful financial analysis. Only by examining many listings will you get good at seeing which ones are the best.

·         Go inside only those properties you think you might want to buy. The point is that you need to get quickly get to properties of highest potential—and not waste time on the rest.

·         20% of the listings out there will probably be worth going to see—they are the wheat, not the chaff. Your goal must be to hone in on the 1 in 5 truly worth your (and our) time.

·         If the existing listings don’t fit the bill, then you must learn to play the new listing game. Here the rules are different: 1 in 5 new listings will be so hot it flies off the market, and so here it is the most AGILE investor who wins.

·         You should also be aware of what we call EXIT STRATEGY (which means to consider the time frame you will need to hold the property and the amount of work you will need to do in order to sell it for a profit).

·         Overall, here’s a standard to shoot for: if you do all the homework listed here and drive-by’s, you shouldn’t need to see the inside of more than 6-8 properties if going non-owner occupied or 10-12 if owner-occupied before putting an offer in.

Does this all sound a bit tricky? We think NOT – as long as you have the help of a good lender and a good realtor. And, as far as working with Chicagoland2to4Flats.info, we are pleased to tell you that all our services to you are FREE (we only get paid if you buy and then 100% of what we get paid comes from the seller).

On the other hand, while our services to you are free, we will ask that you HIRE US, meaning that you agree to work exclusively with us for your purchase (as opposed to having multiple real estate agents), a request that we think is only fair.

And this is just the start of what you’ll find at www.Chicagoland2to4Flats.info!!!

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