09/26/2022
I was excited to assist my client on the purchase of an investment property in Foley last week. They have beautiful plans to update this cute cottage and get it ready for the rental market!
Investment properties are almost unheard of in this market the past couple of years, but sometimes there is a diamond in the rough to be found and purchased, you just have to have a few key things in place to get it done.
- Plan: When meeting with any potential buyer, we start the process with a consultation. This discussion includes what we are searching for, what our budget is and our plan of action when the ideal property hits the market.
- Communication: In any transaction, communication is the key component to a successful closing. Communication between agent and client, communication between agents and communication with the title company and outside vendors. Stick with one agent and communicate on a regular basis about the market and potential properties.
- Strong Offer: In this market especially, most investment properties receive multiple offers same day. The agent needs to assist the buyer in providing the strongest offer possible. These details include not just the financial specifics including purchase price, but also the contingencies in the offer.
-Patience: If this market has taught us anything, it is to be as patient as possible when searching for your ideal property, whether investment, residential, land, or rental.
These tips are guidelines for any real estate purchase in a seller’s market and while very little negotiation is likely, it is not unachievable!
If you are interested in purchasing an investment property or have any questions about the process and getting started, feel free to reach out to me anytime!