Here are my top 5 no-nonsense tips for you if you’re thinking of investing in foreclosed properties. I was asked for these tips at the end of the show “Business Partner On Air” at DZRJ 810 AM, and here’s a video of my answers…
This was like an impromptu recording after a live guesting at DZRJ last August 10, 2018.
By the way, I was hoping I can share the whole interview but they are still searching for a recording, I’ll update this if they find one.
In the meantime, I hope you will learn something from the video above.
My top 5 tips in summary
- (00:21) You need to decide where you want to invest, so you can focus and understand that location’s market
- (00:49) Find out what problem(s) a property has, so you can decide if you can solve it or not
- (01:42 ) Always compare with other property sources, like pre-selling, for sale by owner, brand new, etc., to see which of these are really the best option
- (02:22) Check if your exit strategy is do-able, depending on what is allowed by the bank, the village/subdivision/condo, etc.
- (02:54) Budget and requirements – Check if you can afford the downpayment, monthly amortization (for most banks, it should be at most equal to 40% of your gross monthly income), and other expenses like taxes, cost for repairs, etc. You also need to check the requirements for the purchase.
About the show “Business Partner on Air”
The show is titled “Business Partner on Air” and it is hosted by Marl Gonzales.
“Business Partner on Air” airs live on DZRJ 810 AM, every Friday, 7pm to 8pm and is simultaneously broadcasted via live streaming on:
Grab a copy of the due diligence checklist I mentioned in the video
If you haven’t done so, you can grab the due diligence checklist I mentioned at the end of the video, on the page below:
Thanks again to Marl and the rest of his team for having me as their guest!