Real estate investing is perhaps the most popular wealth building strategy, as many millionaires can attest. And while it may have more risk than, say, investing in stocks, there’s also the potential for a much greater return on your investment – if you know what you are doing. In today’s current market, prices are going up in many areas, and deeply discounted properties are getting harder to find. So here are 7 agent tips for investment buyers in Cincinnati and Northern Kentucky.
1. Think Outside the Conventional Real Estate Box
As an investor, you first have to find the properties you want at the price you need. The unconventional route is often the best here. So in this first of our agent tips for investment buyers inCincinnati & Northern KY, we advise looking beyond and outside of traditional listings.
Many landlords looking to sell don’t list their properties so as not to upset tenants, which means many properties move quietly off the market. Some agents even recommend going around neighborhoods and knocking on doors to find owners of likely properties who are thinking about selling.
If you know of any quality wholesalers in the area, it is possible that they have inventory of off-market deals in Cincinnati & NKY. These deals are often a fantastic way to find great deals on investment properties.
2. Be Quick With Cash
Speed is often king in real estate investing. And so is cash. If you act fast with cash in your hand, you’ll have the advantage. Agents recommend making an offer within 24 hours of a property’s coming on the market. And even if yours is not the first offer, a cash offer will do much to sweeten the deal for the seller.
3. Consider Tear-Downs
Agent tips for investment buyers in Cincinnati absolutely must include ideas on where and how to find deeply discounted properties. Accordingly, then, be sure to consider tear-downs. If you find a run-down home in a fairly decent area, you may be able to sell it to a developer to be torn down. This way, you turn a quick profit with little effort.
4. Don’t Overlook “Undesirable” Properties
This one of the agent tips for investment buyers in Cincinnati & NKY runs counter to what some advise. And that is . . . don’t avoid or overlook those seemingly undesirable properties or those that are heavy-duty fixer-uppers. They may turn out to be a diamond in the rough, and you likely won’t have much competition from other investors. If the neighborhood is decent, there is potential.
Make sure you have a good feel for the local neighborhoods. For example, the east side of Newport, KY has much more ARV potential than the west side. This can be true down to certain streets in the Cincinnati area, so be sure your real estate agent has a good feel for the local comps.
5. Cast a Wider Net
Be sure to look beyond your immediate are for potential investment properties, especially if you live in an area where prices are high. In casting this wider net, you should focus on places that are growing, but still have a good amount of lower-priced inventory. So make sure your investment property search includes other cities and other states.
6. Make Connections
Connections and networking are as important in the real estate investing business as in any other. You can learn new strategies and methods from other investors in your area, and they can connect you with other important industry players – appraisers, banks, contractors, and agents. The more people you know, the better equipped you’ll be able to succeed in the investing game.
Facebook groups like this Northern Kentucky Real Estate Investor Network group are a great way to find and network with everyone you need to know in the local investing communities.
7. Consider a Property Management Company
The last of the agent tips for investment buyers in Cincinnati & NKY could be the most important for some investors involved with rental property. For some people just aren’t cut out to be landlords. So if you can’t or don’t want to deal the all the landlording hassles, consider using a property management company. They can take care of all those distasteful landlord tasks for you and even take care of evictions if it comes to that,
We work closely with a Property Management group at Keller Williams who has 30+ years of experience. If you need help with Property Management, we can refer you.
With our agent tips for investment buyers in Cincinnati & NKY, you should be able to skirt some of the pitfalls and find the investing bargains you need. Also, keep in mind that a good agent can be an invaluable asset and sometimes a necessary partner.
At Team Sztanyo, we work with both investors and residential real estate buyers and sellers. And since we are licensed in OH & KY, we can help you find the best deals all over the Cincinnati area.