Fort Lauderdale, FL -- (SBWire) -- 07/19/2019 --Virtually every real estate investor wants to score a great deal. To achieve that, however, a considerable amount of due diligence is necessary to make sure the deal is a good one. There are easy ways to look for signs that may indicate whether a deal is a good one or not.
For starters, check how long a property has remained listed on the market. In a lot of cases, an overinflated price tag could be a reason. The reasons for this may be because the seller has preposterous expectations of what the property will sell for, which translates to few if any interested investors.
There has certainly been more than one occasion where a budding investor purchased a property despite the calculations suggesting it was not a good idea. This may occur due to the investor believing they can make the numbers work or they're anxious to land another deal. If the numbers aren't working out for any reason, it's a strong indicator that it may be wise to move on.
Beware if a property does not have recent comps that can be used for reference. Without comps, determining the after repair value will take some work it could mean a larger risk. A good rule of thumb is to obtain a minimum of three comps prior to moving forward.
About Monroe Funding Corporation
Monroe Funding Corporation is a direct equity lender serving clients throughout Central and South Florida, specializing in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get clients to the closing table quickly and professionally. For more information on hard money lending Florida, please call 954-816-0388 or fill out the application.
