OFF MARKET DEALS! What are they? How do you get access? I'm sure you’ve heard that phrase before. Basically, it’s a home for sale, that is not listed on the MLS for the public. The reason why off market homes are usually good deals, is because they aren't listed. Meaning, you cannot find them online, this means less eyes on the property = less demand = no bidding and lower price. Off-market deals make a great way to build equity.
Now you may ask…Why are they sold off market? My answer is…does it matter? As long as the house is good and the price is right, the reason for it being off market shouldn't matter to you. But because I'm a nice guy, here are some popular reasons: The house is in bad shape and sellers doesn’t want people going through their home, seller doesn't want people to know they are selling, seller could have a very short time frame to sell and doesn't have time to get the home “market ready”, and possibly seller doesn't "believe in brokers".
Not everyone has access to off market deals, even agents and brokers. If you are looking or interested in an off-market deal, work with brokers, agents or companies that are familiar with the investing space. It is essential to work with a broker that is familiar with off-market deals and how to navigate them, as they are different than traditional deals that you may find online. Also keep in mind that the broker you use has a healthy review rating.
All in all, be ready to roll up your sleeves and do some renovations (or hire someone to). Off market deals usually need work. From carpet and paint, to changing the roof or replacing the furnace, it all depends. Make sure if you're buying one to get good estimates on pricing so you know how much you will spend. Also make sure to do the math and calculate if the equity gain is worth the hassle… for example you don’t want to spend 3 months renovating a home, only to gain 20K in equity, that is not worth it in my opinion.
Some of these properties need hard money loans due to them being
Talk to you soon,