The Important Tips

If you are a real estate investor and want to make attractive profits from Dallas investment property, here are a few tips that can help.

•    Do not fall for the appearance of the property.

•    Conduct due research before purchasing the property.

•    Evaluate and assess the property from the inside to determine  the magnitude and cost of repairs to be conducted before the property is ready to sale.

•    Hire a professional inspector instead of doing it yourself.   His estimate can be used to secure hard money loans.

•    Research the neighborhood. Does it have a demand for rental properties or properties for sale? If your strategy is buy/fix/rent and the neighborhood does not have a rental market ,you might end up with a vacant property.

•    Work out the math. Unlike regular real estate investments, the purchase cost in foreclosure investing includes repairs as well as the  rehab costs. Extensive repairs might eat into your estimated profits. Work out the numbers diligently to avoid losses.

•    Check your finances. Foreclosures are often sold on cash on sale basis. It is better to have your finances ready before you purchase the property. Else, you might lose the property to another cash-rich buyer.

•    If you are not a cash-rich investor, getting a pre-approval for loan will also help.

With these things in mind, you can successfully invest in foreclosures.

At the Courthouse!

If you are real estate investor and considered investing in Dallas investment property at the courthouse steps, but backed out, you can do so now. A few tips will help you do well.

•    Cash is King at Auctions : Mostly, you need to make the full and final payment within 24 hours of the auction. Availability of finance is a must. Else, you might lose a promising property to another buyer for lack of finance.

•    Experience:  The best was to gain experience of buying at auctions is to attend them. Attend a few auctions and understand the procedure before participating in one.

•    Research is the key to success: Attend the auction with your hands full of information. Every county publishes a list of properties to be auctioned. Conduct due research about the properties you may be interested in. Online search about the property and neighborhood will give you an insight into information about the owner, his loan amount and more. Visit the property and do the required assessment before going for the auction. You will know clearly what you are getting into.

•    Know the opening bid: If a property is foreclosed and being auctioned does not necessarily mean that it will be available for a great bargain. Find out the opening bid first to understand if the deal is worth it.

•    Knowing how to bid: Fix a ceiling in your mind, and do not get carried away by the other bidders.

Keep these tips in mind while bidding for a property at the courthouse steps!