One. Choose the right location.
There is lots of cheap real estate in America. However, much of it may not be worth a lot. It may not be worth much for a couple hundred years, if ever. The key to success is buying in good locationsthat have demand and good fundamentals. We've all heard it over and overlocation, location, location.
Two. Buy title insurance.
Getting a buyer's title insurance policy is important. This is especially true when buying cheap homes from auction or homes that are in distress. Often, agents and auctioneers try to wipe their hands of any liability, which is completely understandable. Still,these properties can have the most title issues. Get covered with insurance.
Three. Make smart offers.
I've bought auction properties sight unseen and out-of-area properties. I've stayed profitable by pricing my offers right. It doesn't matter if you are bidding on a $2M home in L.A., or a $30k home in Indianapolis. The key is buying undervalued property and locking in profit from the beginning. We've all heard it time and time againyou make your money when you buy.
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