By guest blogger Mark Ferguson; President of InvestFourMore and SimplyREO
I’ve outlined before a number of ways to buy real estate below market value, one of which is buying off-market properties. However, finding and buying properties off-market (not advertised on MLS or otherwise publicly) is easier said than done. While it’s true that buying an off-market property is often less costly and can be negotiated much more quickly, it can be a tricky process to get to that point and negotiating the sale is a delicate process.
I bought my first off-market property a couple of months ago. I send many letters to absentee owners and people who have inherited properties. I received a response to one of my letters and we actually negotiated the price over text message. I bought the house two weeks later for a great price and it is currently awaiting repairs until some of my other flips are completed. The seller knew I was getting a great deal, but the home needed a lot of work and he wanted to get rid of it quickly.
Off-market properties are key for investors who are looking to break free of the competition in a low inventory housing market and therefore potentially buy properties for less money. I’ve outlined some of the best tips and practices for buying a property off-market in the infographic below:
About Mark Ferguson: Mark Ferguson is a licenses realtor in Colorado. He runs a real estate team of ten and has sold over 200 homes and owns 11 long-term rentals as of September 2014. He started Invest Four More in early 2013 to provide information on investing in long-term rentals. This blog was syndicated from the original post found here. He also runs SimplyREO to help his clients find properties in Colorado.
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