While investing close-to-home can have its advantages, it’s possible to place a bid remotely for a property you want to buy in another city. In hot markets where inventory moves quickly, you may need to act fast to secure your next investment. The key is to do as much legwork as possible ahead of time. Here are a few things to look for:
Get to know the location:
If you have a specific location in mind, take a visit to learn about the city and its neighborhoods. Chat with people at a local coffee shop about the area and read the local newspaper to stay up-to-date on the economy and real estate market. Now that you know the area, you can focus your efforts on finding the right property.
Know the market:
What you bid will depend on the market where the property is located. If it’s a competitive market, you may need to bid high, but if the area isn’t as competitive, you may be able to place a lower bid and still get the property.
Be clear on the property you want:
When you think about your next investment, consider the kind of property you want to add to your portfolio. If you’re looking to ultimately use it for rental income, make sure the neighborhood or building allows you to lease and check rent rates for the local market to confirm you’re making a good investment. Your search will be easier if you know what you want.
Leverage the internet:
On sites like Hubzu, you can search for thousands of properties around the country, and place your bid without having to set foot on the courthouse steps. Investors can register for free and browse and bid on foreclosures, REO properties, short sales, and even luxury properties.
Purchasing a home from afar doesn’t have to be difficult. If you’re ready to get started, visit Hubzu.com to begin your search.