Great deals appear quickly in this business, some of the best, most profitable investment properties are snapped up as soon as they are listed, often even before they make it onto MLS.
In order to profit from these deals, you need to be able to move quickly. That’s not to say that you should cut corners on your due diligence but be able to work quickly to secure a great deal.
Working with an investment specific realtor is obviously a good choice in establishing your goals and investing requirements, however there is only so much a realtor can do for you. Running the numbers and analysing the property is fairly day to day for an investment savvy realtor, but the final decision to make an offer of purchase on a property has to come from you, the investor.
Being able to move quickly means having liquid funds available at your disposal, enough to cover a 20 per cent deposit and closing costs. Depending on the deal and the partnership, you may be required to apply for mortgage funding. Your goal is to get the financial institution to say “Yes” as quickly and efficiently as possible. Make their job easier for them and ultimately the process quicker for you. One way you can make your application really stand out is to put together an investment binder to present to your banker.
Take the time to create the WOW! factor, you’ll be surprised at how quickly you will get a response. Click here to find out what essentials you must include in your binder.
The inventory for good, cash flowing investment properties is pretty slim in the Halifax market, and the ability to move quickly is essential in order to secure quality deals. It’s all very well being presented with exceptional investment deals but unless you have your paperwork and documentation in order, you may find that you miss out on the gold mine deals time and time again
Now is the time to get your house in order so that you will be able to profit from the exceptional deals when they do come along.
Here’s to YOUR Investing Success,