“Hot shots” is the name given to jackpot properties that every person who
dabbles in real estate part time or full time watches out for. They keep their eyes
and ears open to potential deals and jump at the first opportunity as soon as they
know that the jackpot property is in the market. Their gut instincts tell them that
this property will generate handsome dividends if the deal is handled properly.
Separating the Good from the Bad
Being able to discern the difference between a good and bad piece of property
usually comes with insider knowledge and long years of active duty in the real
estate battlefield. One writer calls real estate an emotional business. One
manifestation of this is that buyers are easily swayed by the appearance of the
building or its fantastic location.
But Tyler Hicks says that “buying the wrong real estate…can be a mistake. You
really won’t be penalized for life. But you may have a few years of tight money.
That’s why it’s important that every piece of real estate you buy be a good ‘fit’ for
you.”7
Finding Hot Properties
Tyler G. Hicks. How to Make Big Money in Real Estate in the Tighter, Tougher 90’s
Market. Prentice Hall. USA. 1992.
Be on the lookout for re-negotiated real estate deals, what Tyler calls the “real
estate workouts”. These are deals where lenders, so as not to foreclose on a
property, extend the term of the mortgage loan so that monthly payments and
terms are easier for individuals. This is how the real estate pros lay their hands
on properties about to be foreclosed because the property is being sold below
market price.
Want to have fun and get educated at the same time? Attend local property
auctions. This is more for networking purposes and to get potential leads from
others who make it a business to attend these auctions religiously. If one leading
broker likes you, he/she may steer you to the right deals.
Keep a roving eye on government assistance programs, specifically those
geared towards affordable housing programs for seniors and low income families.
As governments become more sensitive to the needs of aging populations, they
establish housing priorities for those in most need.
Remember that populations everywhere are aging! Seniors will be in a better
position to demand more services, and housing is a top priority. Real estate
professionals turn these opportunities into a gold mine because of easier
financing terms.
Another technique for zeroing in on jackpot properties is to explore tax
foreclosure certificates. This is a good way of making money from good
properties without actually owning the real estate. These certificates can be
bought from local tax authorities for properties on which owners have not paid
property taxes.
Hicks points out, “Once you own one of these low-cost certificates, you have the
right to wheel and deal to sell the property to others, take it over, or otherwise
make money from it. It’s another way to move in on jackpot properties with
small cash outlays that can make you rich – soon!”8
Read your newspaper everyday and look for bargains. When sellers are on the
point of giving up, they transfer their ad from the national paper to the
community paper, as a last ditch effort. This is another area where you can tap
another hot shot.
dabbles in real estate part time or full time watches out for. They keep their eyes
and ears open to potential deals and jump at the first opportunity as soon as they
know that the jackpot property is in the market. Their gut instincts tell them that
this property will generate handsome dividends if the deal is handled properly.
Separating the Good from the Bad
Being able to discern the difference between a good and bad piece of property
usually comes with insider knowledge and long years of active duty in the real
estate battlefield. One writer calls real estate an emotional business. One
manifestation of this is that buyers are easily swayed by the appearance of the
building or its fantastic location.
But Tyler Hicks says that “buying the wrong real estate…can be a mistake. You
really won’t be penalized for life. But you may have a few years of tight money.
That’s why it’s important that every piece of real estate you buy be a good ‘fit’ for
you.”7
Finding Hot Properties
Tyler G. Hicks. How to Make Big Money in Real Estate in the Tighter, Tougher 90’s
Market. Prentice Hall. USA. 1992.
Be on the lookout for re-negotiated real estate deals, what Tyler calls the “real
estate workouts”. These are deals where lenders, so as not to foreclose on a
property, extend the term of the mortgage loan so that monthly payments and
terms are easier for individuals. This is how the real estate pros lay their hands
on properties about to be foreclosed because the property is being sold below
market price.
Want to have fun and get educated at the same time? Attend local property
auctions. This is more for networking purposes and to get potential leads from
others who make it a business to attend these auctions religiously. If one leading
broker likes you, he/she may steer you to the right deals.
Keep a roving eye on government assistance programs, specifically those
geared towards affordable housing programs for seniors and low income families.
As governments become more sensitive to the needs of aging populations, they
establish housing priorities for those in most need.
Remember that populations everywhere are aging! Seniors will be in a better
position to demand more services, and housing is a top priority. Real estate
professionals turn these opportunities into a gold mine because of easier
financing terms.
Another technique for zeroing in on jackpot properties is to explore tax
foreclosure certificates. This is a good way of making money from good
properties without actually owning the real estate. These certificates can be
bought from local tax authorities for properties on which owners have not paid
property taxes.
Hicks points out, “Once you own one of these low-cost certificates, you have the
right to wheel and deal to sell the property to others, take it over, or otherwise
make money from it. It’s another way to move in on jackpot properties with
small cash outlays that can make you rich – soon!”8
Read your newspaper everyday and look for bargains. When sellers are on the
point of giving up, they transfer their ad from the national paper to the
community paper, as a last ditch effort. This is another area where you can tap
another hot shot.
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