Basics for being a successful Real Estate Investor, Upstate SC
There are many things to consider when purchasing Investment Property and the way you write the contract can be your most effective protection from purchasing a property that does not work. Providing you have done all the steps we previousley mentioned these steps will insure your success in the Real Estate Investment game.
1. Control the Property but have a solid Exit strategy built into your contract: Writing a strong contract will give you control of the property and get it off the market while you evaluate the property. Contingencies in a contract will give you the best protection so here are a few that will keep you protected, Condition at inspection, Results of your Feasibility Study ( am I holding or selling and is my profit margin acceptable), Financing, Repairs and always have one that is based upon another parties approval (partner wheather you have one or not). These things in a contract will give you an easy out if you decide this property does not fit your needs and criteria.
2. Negotiate Everything: This is a very important part of getting the Investment Properties that will fit your main goal of Buying Right. Everything can be negotiated, Price, Financing Cost, Closing Cost, Possession Date, Conveyances, Your Ability to Rent the Property Prior to Closing, you ability to Start Repairs Prior to Closing, Marketing the Property Prior to Closing and your ability to Assign the Contract. If you negotiate these items properly up front you not only have complete control of the property, you could actually have the property sold with your profit margin Prior to the Closing date. What better success than receiving your profits at the closing table.
I hope this helped and as always if you have any questions just let us know.