Hello, I am a newbie investor looking for a mentor in the minneapolis/st. paul area. I've done all the book reading, joined the investors club but need that extra little nudge to get going.
Nothing helps your confidence more than being absolutely sure what a house is worth.
Find a neighborhood where houses are pretty similar in size and value. A low to middle income neighborhood is best.
All are 3 bed 1 bath or 3/2.
Call the For Sale signs and talk the talk a little. That will take the fear of talking away, and give you a sense of what people are ASKING.
You need to know what they are SELLING FOR.
So you need some actual sales. Comps from a broker or tax records may be computerized where you live.
Once you see that sales are going for $90K, 85K, 80, 88, 79, 92, 85. The pattern becomes obvious. You learn the breaks in the neighborhood where values go up and down.
Where the drugs are and where the improvement is happening.
Eventually you will find one in an improving area, that needs work or that an owner is in distress and you can buy it at a discount.
Start networking through the clubs etc. Tell members you are willing to "bird dog for them"
Keep networking but continue your education.
Nothing helps your confidence more than being absolutely sure what a house is worth.
Find a neighborhood where houses are pretty similar in size and value. A low to middle income neighborhood is best.
All are 3 bed 1 bath or 3/2.
Call the For Sale signs and talk the talk a little. That will take the fear of talking away, and give you a sense of what people are ASKING.
You need to know what they are SELLING FOR.
So you need some actual sales. Comps from a broker or tax records may be computerized where you live.
Once you see that sales are going for $90K, 85K, 80, 88, 79, 92, 85. The pattern becomes obvious. You learn the breaks in the neighborhood where values go up and down.
Where the drugs are and where the improvement is happening.
Eventually you will find one in an improving area, that needs work or that an owner is in distress and you can buy it at a discount.
STEP UP!
Neill