Green Tag properties are foreclosed properties that are free from special concerns that Yellow Tag and Red Tag Properties may have as Green Tag properties are unoccupied, they have no pending court cases, and the properties’ documents are already updated. These are ideal especially if you are just starting to invest in foreclosed properties.
You can then do a more detailed analysis on the properties that have made it to your shortlist by gathering more information through phone and these 31 Questions would serve as a handy guide. Once you have gathered enough information, you can “do the numbers” by calculating the return-on-investment (ROI) for example, as described in my article on How To Calculate The ROI For Rental Properties.
If you have found very promising properties, then it is highly recommended that you visit the properties to see if they really are good finds and also to check the extent of repairs needed, if any. Don’t forget to call first to verify if the property is still available and also to arrange the schedule of your visit. You wouldn’t want to waste time and gas visiting properties that have already been sold or are locked and inaccessible right? I know that feeling as I have done that a couple of times in the past and a quick phone call would have saved me the trouble.
If everything still looks okay, then what are you waiting for? Go ahead and submit your offers and do keep in mind that prices are negotiable! You may get more details and instructions from the catalogues.
To our financial freedom!
FREE CHECKLIST: IDENTIFY AND AVOID PROBLEMATIC FORECLOSED PROPERTIES BY DOING PROPER DUE DILIGENCE!