Critical Tips to Find a Cheap House

Would you like to buy a home at 30%, 40%, or more below its “market value”? If you want to buy an affordable house, you need to understand several strategies that are used by investors across the country every day. The same strategies are worked for investors can work for you. This point will save you a lot of money and end up owning more homes than you thought possible. Therefore, read the following critical tips to find a cheap house. HBR Colorado is a great example to find out more about purchasing a house.

Look for Empty Houses

Since no one lives there, it’s a house that someone (the owner) doesn’t need. The owner is probably somewhere else paying rent or a mortgage on another property. The owner is still paying rent or a mortgage on an empty house every month. He or she may have a mortgage, line of credit, utilities, and taxes.

Consider Bad Rental Properties

The real investors are in court, especially in landlord-tenant proceedings (which usually take place one day a week). It may be that the landlord simply wants to sell the property, regardless of whether they win or lose. These landlords can also be found through online listings on sites like Craigslist. Additional tip: Contact property management companies. They can locate bad tenants and also find out if the landlord is interested.

Look for Inherited Homes

Sometimes they are vacant, sometimes they are not. If not, they are usually temporary housing. The heirs maybe not using the property and are not interested in becoming owners. There are also monthly taxes associated with vacant properties. Often inherited homes are not in good condition and heirs do not want to spend thousands of dollars fixing them up. They want to sell the home quickly and make as much money as possible.

Consider Absentee Landlords

These are homeowners who live out of town and have rented out their homes. This is different from “bad rental properties”. In many cases, the tenants are fine. Out-of-town owners can “move on” and monetize the property. They are less emotionally attached to the property.

Check the Property Condition

Many properties in this category are not in excellent condition. Some properties will not be habitable. Some are very old (inherited homes are a frequent example) or very damaged (bad tenants). A home inspection is a must. You can condition your purchase on a satisfactory inspection.

However, you should be prepared to buy the property as-is. You are saying that you will not ask the landlord to make repairs when you buy the property. Reject the seller’s offer to pay for maintenance and repairs. Most sellers are not prepared to do all the repairs and may not have the funds to do so. It is easy for sellers to accept the offer: buy the home in its current condition.