Consider locating those homes that are Prime Candidates for an Investment buy in Houston, that generally do not appear on the Courthouse Steps.
These homes are found throughout the Greater Houston Area, and have the following characteristics:
1. Typically an Investment Home is priced in the $30,000-$60,000 range and has been built prior to 1975.
2. Typically this home has a Lower Assessed Value in an Upwardly Mobile Growth Area or is located in an area where Larger Homes are Being Built in Close Proximity to the Subject Property.
3. Many of these homes have an Over 65 Exemption in addition to a Homestead Exemption.
4. Many are Owner Occupied and for a Variety of Reasons, Do Not Claim a Homestead Exemption .
There are two opportunities with these properties: Land And Improvement.
Where are these Land Valued Based Homes (where the Value of the Land is worth many times more than the Assessed Value of the Land if held for less than 2 Years)? How would one make an offer for a such a purchase?
The answer is simple. You offer $15,000-$20,000 less than the Market Value for a Cash Buy. You finance the buy with 10% of the Purchase Price. Then either Refinance at the Current Market Value or Fix It Up and Sell to another Investor at 50% of your discount purchase. ($5,000-$7,500 in this case, netting the remainder quickly.
