Let’s continue our discussion of how to buy and sell real estate. I want to talk about what you should do in the case of a slow or low real estate market. This is important because these things happen and you need to be prepared.
If the market is low, turn your flip into a rental. Versus selling the house and losing money, just hold on to your property. You can earn passive rental income from it and still have it to sell if you decide at some point in the future.
Property not selling? Offer more perks to your agent. A mention of an increase in the sales commission can get your property sold quicker than you think.
You make your profit when you buy. By this I mean buy low and sell high. For you to be able to do this, you need to search real estate comps for below-market investment opportunities. These may not always be out in the open, so you really need to do your research with this one. Find motivated sellers or people who need to sell their houses badly in exchange for fast cash. A homeowner who needs to relocate to a different state is one motivated seller, as well as a homeowner who’s having a divorce. There are numerous reasons people are wanting or needing to sell. Find those buyers and help them out.
Next week, let’s discuss a couple of other tips that I feel will benefit you as you move forward in your real estate endeavors.