Investor Secrets

Investing in residential real estate can be extremely lucrative. First and foremost you need a REALTOR with experience and an intimate knowledge of the current market. Second you must remain emotionally detached from the process to avoid over bidding or over improvement. Finally you need patience and persistance. With these three things as your foundation you are ready to apply the following secrets.

1. Quickly get up to speed about what is really happening with the best buys. Have your agent review the recent history of time on the market, winning bid amount and potential value of good buys that have recently sold or went under contract.

2. Define your "target properties". Have your REALTOR help you determine exactly what is best for you. In Aurora a 3 bedroom, 2 bath, 2 car garage property under $150,000 would be an excellent pick.

3. Be prepared to move very fast. Currently in Aurora the best buys are lender owned foreclosures and they receive multiple bids the very day that they hit the market. Recently a lender owned hit the market at an incredible price of $106,000 and my client bid $137,000. We were second place with a total of 17 bids on this property.

4. Know value. Make sure your REALTOR shows you lots of market analysis's so you see the value and can bid intelligently.

5. Bid on multiple properties. Don't worry about being legally bound to too many properties. When a bank accepts an offer it begins with a counter and addendums and you can choose not to sign them without risk of losing your earnest money.

6. Finally, make sure your REALTOR knows about everything that hits the market everyday and you are available for quick signatures.

Very soon this window in Aurora will shut and people will say "I wish I had bought in 2009".