Looking to invest in real estate but there are no deals in Windsor and Essex County. Welcome to the club. It's not easy finding that perfect real estate property that will be the end all to all your financial problems. A little hint, there is no perfect property. No matter how much you look, no matter how many people you contact, no matter how minor the detail, you will never find that perfect home to invest in. That's just because if it was that easy, everyone would do it.
Instead, you must develop a method to find those properties that are perfect, but in your mind. One place to start is to focus on a specific market. Instead of searching on MLS all night long looking for that one house that is way underpriced (and trust me, this won't happen, as a Realtor, we don't price our homes way too low, unless we want a bidding war, in that case, you won't get the home for a steal of a deal), focus on only searching for properties in an area you are familiar with. yes, we all hear those stories of friends of friends who bought a home for dirt cheap, fixed it up and either flipped it or are now renting it out, making hundreds of dollars in cash flow a month. But trust me, this is rarely the case, and even in a market like Windsor's, it is still almost impossible to find that one hidden gem that will make you rich quick.
Investing in real estate, just like any other job, requires lots of work and knowledge. You must develop a system, study, learn as much as possible as you can about your target market and about real estate in that market. Go to every open house for every home for sale on your street, on your block, in your neighborhood. Talk to everyone and anyone. Call those For Sale By Owner's, see what they are asking for their home. Call those Rent by Owner's, see what they are asking. You must learn the market first to see what rental prices are going for, what windsor homes are selling for, before making the decision to focus on a specific market.
So grab a book about real estate investing, or even better yet, find a mentor. Investing in real estate is a long ride, but if you work hard and stick with it, can be very rewarding.
Until next time,