Have you ever asked yourself if you should focus on private owned
properties and bank owned properties?
Personally, I like to focus on both.
Obviously, there are some pros and cons to both as well.
So in today's lesson, I wanted to discuss the pros and cons of
private owned and bank owned properties.
First, let's start with the Pros: (Keep in mind that this is just
a short list)
Bank Owned Properties
- These leads are FREE
- These leads can be sent to you as early as today
- Your Agent can do all of the work for you
- You can easily research these properties and make offers asap
- You can cherry pick the best deals if you know what you're doing
- Plenty of these deals are available
- Usually requires a minimum deposit (BUT if you have my REPO
system I show you how to get around this problem.)
- Can be competitive IF you are not focusing on the low hanging
- Banks can be more restrictive than private owned sellers because
they have guidelines to follow
- Some bank owned properties can have deed restrictions
Private Owned Properties
- Almost NO competition
- You can buy these properties with no money or credit
- You can hire people to do all of the work for you
- These are some of the BEST deals available
- These sellers are MUCH more flexible and willing to work with you
- Will need to have a marketing budget. YES, you can buy houses
with no money or credit, but in order to run a "REAL" business you
will need to invest something into your business whether it be time
- You will have to go through more of these leads in order to find
deals. It's like digging for gold. You have to get through the
dirt in order to get to the gold.
Either way, you need to be generating BOTH of these types of leads
in order to really crush it in your business.
There are ups and downs to any business, but ask yourself…Would you
rather make $50,000 per year working for someone else with no
option to grow OR make $50,000 per month doing what you want, when
you want, knowing that the sky is the limit?
It's not rocket science!
If you chose the latter, then watch the video below and I'm going to show
YOU how to get started flipping bank owned properties in today's market.
Spots are very limited!
Now go and take action!
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