Concentrate On Distressed-Property Sales
This land of ours is full of distressed Properties –That is structures and land that were
• Abandoned by the owners
• Taken over for nonpayment of taxes
• Discarded because of building- code violations
• Left because of fear of new tenants
Distressed properties are problem properties. So unless you welcome solving problems while you earn Big Money stay away from distressed properties.
When you take over any distressed property you may have to:
• Repair, rebuild, recondition
• Repaint , reprove, re-roof
• Drain, dredge, dry
• Find new tenants,eject current tenants
• Raise rents; lower rents
So you see, distressed properties not only have built –in problems. They also require a large amount of work on your part. Of course you can hire people to do this work for you. But when you first start you may not have the cash needed to hire the people you need. So keep in mind at all times that in the rule of distressed/ foreclosure properties.
1. It will always cost you more than you think it will to make BIG MONEY from distressed properties.
2. It will always take you longer to make money from distressed properties than you think it will.
With these rules in mind you’ll be able to face realistically the everyday problems that occur in the buying, selling, and running of distressed properties.
No comments:
Post a Comment