My experience of coaching and consulting with hundreds of real estate investors around the country gives me plenty of ideas about how they approach potential opportunities. Some routinely do a great job while others, quite frankly, still have a lot to learn.
One example is people that look for short sale opportunities, whether as a broker, investor, or private lender. It is easy to think that understanding and experiencing the process in one community makes you qualified to do the same in a location you are not familiar with. There are times it is true, but not many.
The below linked article showing recent to current trends in which communities have the most short sale opportunities around the country raises several important questions. You can know more about completing a short sale, but someone that understands the local market knows better about how much to bid and when to back away.
It always takes the research on the property or opportunity to make the decision. I often tell my clients and students about the investor that was poised to purchase a single-family home to rehab and sell. He got his partner to drive by, and the partner was impressed by how well the brick houses looked as he drove down the block. And then, he saw the subject property, which was the ONLY house on the block not made of brick.
If not for the partner driving by, the investor would have thought he had a solid deal, while local investors weren’t touching it because of its lesser appearance in comparison.
Knowledge and experience are boosted when you have solid research performed or know how best to perform it. The right information is what makes an investor, developer, or broker “first in” on a good deal. Our team can help you through the process and the presentation!
