Effectively Prepare an Investment Rental Property Bid
How to Effectively Prepare a Bid For an Investment Rental Property
This article will describe a couple of techniques that I use when I am preparing a bid for a prospective investment rental property. There are things that I look for when considering a property; the realtor, who owns the property, how long it’s been on the market, the location of the property, and finally the condition of the property. Each of these items will let me know if I should bid more or less than the asking price.
Let’s look at the first item listed, the realtor. The realtor that you use can give you certain information on the house through questions and his/her personal situation. Have the realtor show you the home so you can get a feel for the condition of the property. The first question that needs to be answered, of course, is what is the asking price? Is the price too high for the area and/or the condition of the home? I’m going to get a feeling of what that realtor thinks. Are they just trying to sell a property or do they have any suggestions that would be beneficial to me. Also, is my realtor part time or fulltime? Are they vested in me being successful or do they have another source of income if I fail? Will this person tell me what I want to hear or will they tell me what I need to hear? Your realtor is a valuable source of information and you need to have a relationship with that person so you can build a sense of trust.
Next, consider who owns the property and how long has it been on the market. These are important bits of information. If the property happens to be owned by an individual, you need to find out their story. Why are they selling the home? Is it a divorce, is the property in an estate or are they in foreclosure? Any of the reasons would show a motivated seller. In any of these instances the seller most likely has to sell the home quickly. If the property is owned by a bank or is a corporate owned property, the length of time the home has been on the market would dictate how motivated they are.
Now let’s factor in the location and condition of the property. Location is important. Is the property in a desirable location? If it is, why isn’t it selling? The condition may be the underlying reason for the slow sale. Generally buyers who are looking to purchase a property to live in do not want to make renovations. As you walk through the property, look for clues to whether someone else has inspected the home recently. Check for spider webs in the walking areas, how hard it is to open doors and whether the home has a smell. Many times when there’s a home that’s been foreclosed on, the previous owners did not leave happy. If there are bad smells in the home, that will turn off most buyers. Removing the carpet and sanitizing the plywood flooring generally takes care of that problem. After inspecting for other repairs the property needs, you will be able to safely arrive at a reasonable bid.
Now it is time to formulate your bid. After giving careful consideration to all that we covered, you can submit your bid. Where do you start with your price? Always remember, the asking price is the top of the bidding scale. Your bid is the bottom of that scale. You’re going to meet somewhere in the middle. You want to settle closer to your original bid than the asking price. Don’t be afraid to start with a lower bid. I always believe that if I put in a low or what I consider to be a crazy price, as long as I get a response, I will get the property. If you put in a low price and get no counter bid, you know you were to low. On the other hand, if you get any response even to say your bid is too low, you’ve got them. Any response lets me know there is no one else interested. If there were other respectable bids, they would not waste time countering mine. So again, consider your realtor, the owner and location of property, how long it’s been on the market, and the conditions of the investment rental property. Placing bids is a feeling that you will learn to trust. With these techniques I have described, you already have the upper hand.
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