When you finally have a buyer whose offer you approve of, you then you just need to arrange the closing. Talk to a local attorney or title & escrow company and they will walk you through the final stages to make the sale official and get all the proper documents recorded with the local government.
The state has a lot to offer from the beautiful climate all year long to great scenic views. The median price home in Bend Oregon is 2,000 and that’s after the 16% correction that it had this past year. In 2003 the same homes were going for 5,000, which means that the value of that home has increased by 50%, better than what is going on in the rest of the country. If by chance you bought it as an investment and had rented it out for the price of an average price rental in the area, you would have brought in roughly ,000. Investments like that are not something you find every day, but in Oregon it’s much more likely to happen.
Book a flight – Make a trip to your new market to meet your team, go out into the streets, look at available property, and see everyone’s office. This will often be the true test. It is easy to create a false online front, or a front over the phone, but very difficult to cover up after you show up at their doorstep. Spend 2-3 days in your market. Look at all the neighborhoods the wholesalers or agents work in. Make sure they aren’t going to sell you war zones. Ask them about the rent ranges, rehab estimates, time to rent, etc. Verify these numbers with the management companies and contractors. If all checks out, proceed. The right team of people will come to light.
Do a landscaping project. Make a good landscape design outside your home and plant vigorous flowers and small tress around your property. In case your home has no foundation plantings, try to add something attractive in front your home. Remember that a property with unique landscaping looks inviting.
Perhaps one of the most important steps when getting a home loan is comparing costs, fees, features, flexibility options etc. from one lender with others. This helps you understand the complexities and terms better, while giving you scope for negotiation.
Prepare to spend. Land does not come cheap. Prime property can run up to hundreds of thousands of dollars, and competition can get very stiff. You need to make your bid competitive, but make sure that you don’t short sell yourself in the process. Negotiate a very competitive price that you and the seller are happy with.
Wealth flow. The first thing to consider in a real estate investment is the flow of money. You must ask yourself first. Is this realty viable? How persuasive can it be to the target market? Will this investment provide them future income? Aside from those, also ask yourself, how important is personal income to you?
A second major challenge, dealing with insurance. Insurance is not a simple “get a policy” issue on a subject-to deal. Since you are not the owner of record on the mortgage, if you drop the previous owner’s policy the lender will be notified and will check why the policy has been dropped. If they discover the change of ownership, they may request full payment of the mortgage using their “Due on Sale” power. Not part of our plan in a subject-to deal. You may need to carry two policies but explore your possibilities.