A Unique Niche: Abandoned Properties
Picture this: a two-floor building looking decayed with faded brown paint, windows barred by planks of wood, lawn with grass at least 5 inches tall, bushes in a corner that has grown and never been trimmed, with no one staying in it.
What would come to mind as you drive down a street and see a building like this?
People would think, “Oh, it’s a rundown building with no one in it. Just ignore it,” or “That’s not our problem, leave it alone,” and other such thoughts. But as a real estate investor, you should be thinking, “Hmmm… How much will I get from this?” and it blossoms to another thought, “This’ll be a big profit for sure!”
Now why is that? What could you, investing in real estate, possibly do with an abandoned property that no one would want? Even the owner’s not interested in it anymore. How could something like this reap you a big profit?!
Normally, what someone would do to an abandoned property would be to fix the property up and let the realtor sell it. But the problem comes when there’s no money for the repairs. What happens is that the property is left as it is, and of course no one would want to buy a property that’s obviously not properly taken cared of and abandoned.
People may think that abandoned properties no longer have any value and is not worth the time and effort. But that is absolutely not true! Abandoned properties are one of the sources of big profits in the real estate industry!
Point # 1: There are many abandoned properties around the country.
A lot of properties are now vacant and being abandoned. These properties include condos and apartment buildings. What’s more is that they’re spreading everywhere. The city is slow to get rid of vacant buildings and abandoned properties. Some owners just don’t know what to do with them anymore and just leave them alone while paying for the property’s mortgage.
Point # 2: There is pressure on the owner to sell the property off.
As stated, some owners don’t know what to do with their abandoned properties. And the longer they hang on to the properties without doing anything about them, the more the pressure comes to them. There’s pressure from the neighbors; the owner has to fix the property because the abandoned property is just bringing the neighborhood down as it is with its unclean and broken setting. There’s also pressure from the government because a certain level of safety and cleanliness has to be maintained in every neighborhood. And abandoned properties generally do not add up to these standards.
Point # 3: Abandoned properties do not generate any income.
They don’t. What is worse for the owner is that he or she still has to pay the mortgage expenses of that property. Relieving him or her of the burden of having to pay the mortgage of a property that no longer gives him income is one of the good things you as a realtor can do!
Point # 4: There is very little competition!
No one can say if this fact stays as a fact in the future. But presently, it is. There is very little competition in the niche of abandoned property selling. Very little people care about abandoned properties, after all. Even the owners think that the properties are just a burden.
Point # 5: You’ll be making more money, not to mention have more free time on your hands, when working as a realtor rather than sticking to your present job!
Tired of waking up and getting out of bed everyday early in the morning just to cram and go to work? Are you currently fighting with traffic just to get to work on time? Are you required to work at least eight hours a day? Do you have a superior office that doesn’t even appreciate all the effort you’ve put in the job? And just how much is your salary right now?
Answer the questions and compare your answers to a realtor’s. A realtor would answer: They’re all irrelevant. Why? Because a realtor works according to his own schedule. No work hours, no superior officer, not much pressure with traffic… and a very satisfying salary.
All you have to do when investing in abandoned properties is to drive down streets, look for an abandoned property, find out who the owner is, make the deal, do the repairs, analyze the price, and then sell it! All these can be done at your own pace and at your own time.
So what could be a better deal than investing in abandoned properties? Not only are helping the city clean up abandoned properties and helping others to find new homes, you’re also putting money in your own pocket! And it’s not just a small sum.
