A new group of buyers in West Memphis and Marion Ar - Investor
Rental is in high demand in Marion, West Memphis Ar., it helps to push another group of buyers out in the
market - investors.
Many of them are seasoned investors and have been doing this for a while, some of them are 1st time investor, trying to get a piece of pie while it is still available, and why not? There are foreclosures coming out often, there are different types of investors, and there is something for everyone.
I have a couple of seasoned investors working with me, they know what area they want, they can see the potential of the property despite of the repairs. Within a short period of time, they will let me know if they decide to put an offer on the property or not, they know time is of the essence. A good investment property is not going to last long on the market, sometimes they may even get into a multiple offers situation.
How do you even begin to buy investment properties in West Memphis and Marion Ar?
- Before looking for investment properties, you need to be fund ready. You either have cash on hand or open a line of credit with the bank that you have good business relationship with. The bank will let you know what they need from you to open a line of credit. Then you know how much cash you can buy with.
- Once your fund is ready, you can start looking for properties. The best and easiest way is contact a local real estate agent to help you. Let the agent know how much you want to spend. They know first hand when the property is out, or even before it is out on the market sometimes. Work with the same agent repeatedly can give you advantage in buying investment properties, he/she tends to pay a lot more attention to find properties for you and notify you quickly.
- Have a repair crew ready in line, get your resources together for estimate and such. When you find something you like, you probably won't have time to go back and forth to find a contractor, handy man to give you a repair estimate on the property that you want to buy.
- Act Fast! There are many investors out there and they are all looking at the same inventories, if you want to buy investment properties, you need to be serious and act fast. You don't have time to waste or you may lose a good deal. Let your agent know to put an offer for you if you are interested in buying the property.
- If your offer is accepted, your agent will co-ordinate all the paper work and arrange the closing for you. You need to get with your bank and let them know the property you are buying, so they can do their paper work also. Your agent will also co-ordinate with your bank for your upcoming closing.
- When it is time to close, your bank will issue a cashier check to you. Your agent will give you all the numbers and information you need before the closing.
If you are serious about buying investment properties, this is the time for it. Home owners who lost their home to foreclosure or such, they need to rent something till they are able to buy again. We got calls everyday and looking for something to rent.
If you want more information about buying investment properties, please feel free to give me a call at 901-488-9590 or email me at ritafong@remax.net
photo courtesy : http://www.flickr.com/photos/extremeezine
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