Buying investment property before the end of the year can benefit you in many ways. Even though the new year is almost upon us, it isn’t too late to find a great property to compliment your portfolio. Keep reading to get some tips on how to buy and close quickly on an investment property in Philadelphia.
Finding and purchasing real estate doesn’t have to take forever. With the right knowledge, preparation, and team on your side, buying a high-quality property quickly can be simple. In our latest post, we provide information on ways to purchase investment property as quickly as possible.
Finding The Right Property
To find a property quickly, it is best to work with a professional such as Philly Off-Market Deals who always has an excellent inventory of valuable properties available. By working with a pro, you will be able to avoid some of the legwork and be able to find investment properties with a high value and great potential. The process can happen very quickly and you can find yourself the proud owner of a Philadelphia investment property before you know it.
Pay In Cash
In order to close lightning fast, you will need to have your finances in place before making an offer. By paying in cash, you can avoid lender red-tape, delays due to appraisals or inspections, and will instead have the flexibility to make an offer and close as soon as the title check has been done. Most direct sellers will favor all-cash buyers, so keep this in mind before making any offers.
Many investors find some of the best deals during the winter months. There are typically fewer people buying which means buyers will likely be able to negotiate price and other terms of the deal. There are other investors who are looking to cash in at the end of the year, so if you find an excellent property with great value potential, don’t wait! You could easily miss out and lose the home to another investor.
Have A Plan In Place
Get a good idea in your head about what you are looking for. Have the neighborhood, the type of house, the size, and your budget all figured out beforehand. Know exactly how much you can spend and what your budgets for improvements will be. Many people find themselves going over budget with their investment real estate, causing their profits to be eaten away. If you plan ahead for the unexpected costs that will inevitably come up, you will be better able to gauge your potential profits,
Owning an investment property will help you to lower your tax liability. There are a number of things you can deduct including utilities, operating costs, mortgage interest, depreciation, and repairs. All income needs to be reported accurately on your tax return in order to avoid an audit. It is wise to speak with an accountant to make sure everything is in order before filing your taxes. Be sure to keep accurate and thorough records of all financial dealing related to the property. It is better to have too much information saved than not enough.
Many people have a few extra days off during the holiday season. This makes it a great time to buy as you can put more of your focus on your real estate purchase than on your 9 to 5. Another benefit is that you will be generating extra income very early in the new year. Kicking off the year with a bang will help you get in the right mindset to keep at it through the rest of the year.