2 part question for newbie - Posted by TOM TX

Posted by John on July 30, 2005 at 07:25:06:

You can check out a realtor’s website in your area they should have all the listings in the area. It is possible to find a deal this way but the odds are slim. The way I find deals is walking streets, marketing efforts, and referals.
The best way to determine your market is find out info about sales. Days on market, % of asking price. These 2 questions should tell you. If properties sell for above asking in a week or less you are in a red hot sellers market, If it takes 6-12 months for 80% of asking price you are in a buyers market.

2 part question for newbie - Posted by TOM TX

Posted by TOM TX on July 30, 2005 at 01:06:26:

where do you find your properties online. and how do you know if your market is hot right now.

Re: 2 part question for newbie - Posted by Ronnie (Tx)

Posted by Ronnie (Tx) on August 01, 2005 at 12:09:52:

Tom, I am a newb, too, but have been reading this website for about a year now.

You don’t want properties listed online. You want ways of getting motivated sellers calling you so you are the ONLY person they are talking to. That way there is no competition and you control the deal.

If you read this whole website a couple of times you should get a pretty good understanding of this process from farming neighborhoods to marketing techniques, etc.

You are not looking for properties. You are looking for people that MUST sell properties. They could be forclosures, divorces, just lost a job, moving. Whatever the reason, there are some people out there who can not wait for a realtor to sell their house in six months. They need out now. That is the service you offer.

Don’t worry about whether your market is hot or not. There are benefits to hot markets like higher profits when selling and bidding wars. But you are looking to profit on a buy, buying a home or other property at a discounted price and selling it for full price.

Again, this website is the best on the internet for learning this business. The best part is the people on the forums. There are so many smart and nice people here who will tell you whatever you want to know. But read the articles first, that way you can ask questions that aren’t already addressed. Good luck sir. And MAN, Texas is hot. It is 98 degrees in Austin.