Discovering a lucrative real estate investment can be tough, but not impossible. Learn how to spot a winning deal with these 5 signs when buying Lafayette property.
No Zoning Issues or Liens
Before investing in any property, make sure to research any zoning restrictions or outstanding liens. Without the proper zoning, your plans for the property could be derailed. And if there are liens present, you’ll be responsible for paying them and it’ll reduce your ROI. Save yourself the headache and do your due diligence beforehand.
No Expensive Repairs
Are you interested in a property but hesitant due to outdated features? Don’t let that deter you! As long as there are no major structural issues, submitting an offer could be worthwhile – especially if it’s at the right price. And don’t feel pressured to renovate every aspect of the property immediately. Take your time and do so as your budget permits. Just be sure to prioritize profitability before investing any extra funds. Don’t miss out on a promising opportunity – seize it with confidence.
Upgrade your home without overspending! Connect with rehabbers and local investors who can guide you to affordable materials and reliable service providers. Don’t hesitate to make small yet sensible investments with a high ROI potential. These minor updates can make the biggest difference in your home and attract more interested buyers. Don’t miss out on the opportunity to enhance your home’s value with minimal effort and cost-effective solutions.
Priced Near Assessed Value
Get a sweet deal on a property priced at or below the county assessed value! Keep in mind that market value usually falls somewhere between 10-25% above the assessed value, so be cautious of those priced far below. Such properties may have damage or other issues, but can still be a great find! You may stumble upon a motivated seller who’s ready to make a great deal or even a bank-owned property that needs a little TLC.
Passes 1% Rule of Thumb
Real estate investors follow a simple rule to assess the value of a property. They consider the fair market rental potential of the property, and the purchase price is ideal when the monthly rent equals 1% of the purchase price. For instance, if a property rents for $1,400 monthly, then an ideal purchase price is $140,000 to guarantee a profit. Analyzing rental potential is the key to make the right investment decision.
Good curb appeal is like the cherry on top of an ice cream sundae for a property – it’s a real bonus! By having decent curb appeal already in place, you could save hundreds or even thousands of dollars in renovation costs. It’s important to evaluate the overall shape of the property too, ensuring it looks solid and square, and that the roofline is straight. Siding treatments should also match, as differing sidings can suggest structural problems, potentially caused by additional additions or damage.
If you’re seeking amazing deals on Lafayette properties, look no further than US Direct Home Buyers. Save yourself the hassle of searching and let us do the work for you. Just tell us your property preferences and we’ll present you with top investment options. Contact us today at (832) 662-2202 to get started.