How to Buy Cheap Real Estate

When you need or want to buy residential or commercial Real Estate property that is cheap you might have to do some serious looking around before you find the property that suits your needs and is within your budget. It goes without saying that there are a few things that you need to look for when you are looking for a piece of property that is both cheap enough that you can work with it and yet not so damaged that you will have to put far more money, time and material into it than you originally imagined you would need to.

If you are looking for a really great deal on a Handyman Special or FSBO property that definitely needs work you need to remember that there are going to be some properties that are so far gone that the only choices for them would be to bulldoze it or have a builder/investor that has the financial backing necessary to make all the necessary repair. When you are looking at handyman special properties that need work you will need to have a home inspection on the house and all buildings on the property in order to determine if there is more that needs repairing than you can handle. You might be wise to have a general contractor accompany you (that is unless you are a builder or general contractor) to give you his/her opinion about the property and the prospects that they see for it. You might not think that this is needed, yet that second opinion about the property might be what makes or breaks the deal.

When you are putting together the Contract of Sale you need to make sure that the specific terms of the deal are spelled out in no uncertain terms. If you are willing to buy the property completely “As Is” and are not asking for any specific considerations or repairs on Houses for sale like this, this needs to be spelled out in the contract. You want to make a low offer at first so that you and the owner have room to negotiate.

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