What is and is not a good real estate deal? It is the question that investors, young and old, experienced and new, have been asking since the dawn of community. What really makes a home a good purchase?
Real estate investors have been attending Real Estate Auctions in Woodward Oklahoma, and they have applied some pretty savvy strategies to edge out the opposition. This is why partly why new investors are completely overwhelmed in this environment. They know the deals are there, but the veteran investors seem to grab them all up. How are they doing it? They are learning to spot deals on the spot and take action immediately. Anyone can learn to do this by spotting deals.
This article is not about the extremely obvious deals. Anyone can see that a house for $10,000 by Beverly Hills is a rock-solid purchase, for example. The question is about the realistic deals that have a chance of arising in Real Estate Auctions in Woodward Oklahoma.
Crunch the Numbers Fast
The basic formula is important. Take the price. Take the projected value. Subtract them to get a difference, and add in any potential repair costs. This will give you an extremely basic assessment of the equity possible in the home. Do this over and over again and practice speed and accuracy. It may take time to assess these variables, but they can help pinpoint a strong deal compared to an okay deal over time.
Knowledge of the Neighborhood
Is this neighborhood strong or wavering? Seasoned investors know the area down to the street and they apply that knowledge with immediacy. This is how they can spot a deal so quickly. They have the average price in their head. Ignorant of any damage to the home or any liens, they can make a commitment based on neighborhood knowledge alone.
These are just a few considerations to make at a property auction. Don’t hesitate to visit the website to learn more about the process and how it all ticks. Go in prepared as much as possible to sneak a few deals right out from under seasoned investors. You can also visit them on Facebook.