When looking for below market value investment property, it's worth thinking a little bit about how we are all coming from different points in our careers, with different requirements, income, savings etc which then leads to us all having our own unique strategy.
There are many different strategies that investors use when looking below market value investment property, some examples:
- estate agents
- leaflet marketing
- internet marketing
- property finders
- county court repossessions
- solicitors and accountants
Each strategy has its pros and cons and there is no 'one size fits' all strategy for everyone. Some strategies take time, effort and money to put in place and you may not see results for several months. Others take very little time or effort and promise immediate results. The trick lies in figuring out which strategy is right for you.
For a busy professional, say a full time lawyer, it is quite a lot of extra work to learn a bunch of new skills, manage the processes properly. It is much more efficient to work with other people who have the infrastructure in place to consistently market for deals, manage all the leads coming in, view the properties, make offers and so on. Learning new skills inevitably takes time as you go through the learning process which naturally slows growth, so investors looking to grow quickly haven't the time to learn as much, better and more efficient to work with other people who have been through it all. Then again there's a lot to be said for at least trying some things yourself so you understand the difficulties involved to help you instruct someone else who can do it better.
For me personally, when I had lots of time and no money I had to do everything myself. As time went on and time became more valuable, I decided to step away from doing things which for me added little value and focused on activities that cannot be outsourced. Building relationships is an example. Now most of our deals come from other investors calling us up when they find something they cannot or do not want to buy but it suits us.
If you want to explore this topic further, we have dozens of articles, vides, podcast and documents on this site that teach how to find bargain properties. This page is a good start http://www.tycoonsystem.com/resources/latest/finding-property-2374. Here is a great starter video http://www.tycoonsystem.com/resources/beginners-guide-finding-property-deals
By Parmdeep Vadesha
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