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| Laundry List of Short Sale Investing Tips |
As this point, you understand my basic argument for considering investing in a short sale property. I've spent a lot of time talking about the short sale discount and about the sort of rental property investment the short sale process lets you make.
As I finish up this discussion, I want to share some final tips for making a smarter short sale decision and warnings about some mistakes you want to avoid.
As I finish up this discussion, I want to share some final tips for making a smarter short sale decision and warnings about some mistakes you want to avoid.
- Tip 1: Learn More About Rental Property Investing
Seriously, one of the best investments you can make if you're thinking about investing in any asset class is learning more about that class. Avoiding just one dumb mistake or spotting a single, easy-to-miss opportunity can dramatically improve your investment results...
- Tip 2: Work With an Agent Who Understands Short Sales
The agent you work with always matters, but with short sale properties, a good real estate agent matters more. And identifying a good, knowledgeable short sale expert may be tougher than you think...
- Tip 3: Mine Zillow and Similar Sites for Short Sale Data
The more data you have about comparables and appraised values in the area you've chosen, the better the investment you'll make. But making sense of the information that real estate websites like Zillow provide requires some outside-the-box thinking...
- Tip 4: Understand Short Sale Property Assessments
In many areas, property assessments from the county assessor offer tantalizing insights into the value and the discount available on short sale properties. You want to use this data, therefore, to glean additional insights into your investment options...
- Tip 5: Position Yourself for Extreme Selectivity and Patience
Real estate investing is often an exercise in patience, but short sale investing requires unusual levels of endurance and patience--as well as some unconventional approaches in the negotiating...
- Tip 6: Don't Be a Cash Buyer of Short Sale Property
Sometimes, cash buyers get nice discounts in the world of real estate investing. Cash buyers, however, face special problems with short sale investments and if you're thinking of trying an all-cash offer, you want to be alert to certain dangers and risks...
- Tip 7: Over-research Possible Liens and Repairs on a Short Sale
The short sale purchase process itself often minimizes the flow of good information to the buyer--especially in the area of deferred maintenance and liens. A handful of simple tactics, however, can allow a prospective short investor to work around this sticky situation...
- Tip 8: Don't Over-allocate to Short Sale Properties
Short sale properties offer extremely attractive returns to investors with a capacity to bear risk and take a long-term view, but investors need to think carefully about how much short sale investing they should do ...
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