3 Quick Ways To Get Rid Of Unwanted Rental Property For Top Dollar In Today’s Market: Working with a local real estate investor

June 29, 2010 at 8:57 am , by Russell Bradchulis

Believe it or not, you CAN sell your problem property in today’s down real estate market, and you even have options. There are people out there who are looking for just this type of property, you just have to find them. They will be happy you did and will take your property off your hands. Some will even pay you handsomely for it.

Why would someone want to buy your problem property? Profit is the long and the short answer, but it goes much deeper than that for many who are interested in property investing, even if profit is the ultimate goal.

Some people really enjoy working with their hands. Purchasing a property in need of light cosmetic repairs and retouches is a great way to get their hands dirty without risking too much money, time or effort. Properties needing more serious work may require a pair of hands that have some degree of experience rather than hands that are best suited for balancing books.

You may not know this, but there are real estate investors in your area right now who are clamoring to get a property like yours. If they haven’t found you already, it’s time for you to find them.

Start with your local Real Estate Investors Association, also referred to as REIA. You can find your local REIA online with dates and times of upcoming meetings. You don’t have to be a member of most REIA’s to be able to attend the meetings, but you will have to pay a small fee at the door. Normally, if you’re a first time
attendee, the fee will be very small, just a few bucks, but if you continue to attend the meetings as a non-member, the fee may increase.

REIA’s welcome everyone from investors trying to sell properties to investors trying to buy properties – landlords, rehabbers, and even contractors who will give REIA members a special deal on their services.

Once you find the meeting that you’re going to attend, don’t go empty handed! First, bring business cards with you so that anyone who’s interested in your property can contact you. Second, be sure to print out flyers to take with you.

Be sure that your flyers include the following information:

  1. A picture of the property
  2. The asking price
  3. A description of the property
  4. Detailed information on the property including:
    • Year the property was built
    • Property type (ex. Single family, Duplex, Condo, etc.)
    • Square feet
    • Number of bedrooms
    • Number of bathrooms
    • Property taxes
    • Room dimensions
    • Garage info
    • Basement
    • Lot size
    • Heat, water, and sewer details
    • Repairs needed
    • Age of roof

If the house is priced right, and is in an area where it can be pretty easily fixed up and sold, or even rented, you will have more investors wanting to see it than you’ll know what to do with.

Another way to find local real estate investors in your area is to simply Google “real estate investors” followed by the area that you’re located in. For example, “real estate investors Atlanta”.

You may have to take a day off of work if you have a lot of investors who want to see it, but you can pretty easily get everyone there in one day. Schedule them all in 30 minute increments in the same day. Give each investor time to look around and inspect the property themselves and ask you any questions. It’s okay if appointments overlap as this will cause a sense of urgency among the investors. Knowing that there are a
number of other investors looking at what could be their next big check will cause them to act quickly if they are interested in the property.

Another way to get a large number of investors to your property all at once is to schedule an open house for two hours when everyone can come at one time. A good time to schedule your open house would be towards the end of the work day, around 5 or 6pm. Do not schedule it for more than 2 hours as it leaves a bigger window for your investors to show up and the sense of urgency will not be there.

Again, having all of your interested investors there at the same time will create a sense of urgency and the ones who are truly interested in the property will act quickly. A local real estate investor can often pay cash for their next investment property, and most want to close very quickly. If an investor is looking for their next big project, they are looking to start it right away. The quicker they can buy it, the quicker they can start work on it, the quicker they can sell or rent it and start making a profit.

Russell Bradchulis is the CEO and Founder of Foresight Home Solutions, LLC, a full-service real estate solutions provider specializing in Foreclosure Assistance, Residential Redevelopment, and Estate Liquidation. You may call him at 781-333-4447 or email him at russell@foresighthomesolutions.com

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