Right now, real estate is complicated. While there is still inventory on the market, prices are high, and interest rates are going up. Even in this environment, it’s still possible to snag a great deal on residential or commercial properties in Venice and the surrounding areas in southern California. There are some important things to know to help you navigate this tricky environment.
Get Pre-Approved First
It’s important to know exactly how much you can get a loan for. Because the market is moving so fast, the best opportunities fly out the door very quickly. If you aren’t pre-approved for a loan, you could end up missing out on just the right home here in Venice or somewhere nearby. It’s important to get a couple of options from banks so that you can start the process very quickly if you want to make an offer on a home or commercial property. While it may seem overkill, having these pre-approvals in hand will save you a lot of time and a big headache in the end.
Work With Local Investors
While investing in property can be a solo gig, it’s also possible to work with a team of investors to get better real estate deals. Flipping properties can be done better for instance when you have someone who can foot the bill for buying the house, while someone else can pay for the renovations. Most investors know the other people investing in the local real estate market. They not only understand them as competition, but also as potential business partners if there is a wholesale real estate contract, an auction, or another opportunity to buy.
Leverage a Quality Real Estate Agent
No two realtors are alike. But it’s important to have one on your side who is aggressive enough in negotiations to keep you from paying too much or losing out on a great deal. Make sure you use someone with the experience to do these things well. You also need someone who is familiar with the local real estate market and can help you be the first in the door when something in your price range that meets your needs comes up. These real estate agents are skilled, pay close attention to detail, and may even have an ear to the ground on properties about to go on the market.
Be Willing to do Repairs
If you have a particular location in mind, finding the perfect house can of course be trickier. The more open you are to different neighborhoods, the more likely you will find a house that meets your needs. With that said, another way you can find something here in Venice and southern California is to be willing to do repairs.
Almost anything is fixable when you have money, and if you’re struggling to find a “perfect” house, then finding something in disrepair might be just the ticket. Not only can you get something much cheaper in the neighborhoods you love, but you can easily customize the house to fit your needs.
Try Flipping Real Estate Contracts
Sometimes your interests in real estate are purely for business purposes. Some investors prefer the ease of wholesaling real estate in California instead of buying properties to flip and sell or flip and rent out. In this model, you find homes to buy, you get into a contract for it, then you sell the contract to someone else. This is a great model especially when you work with other investors. Additionally, you can be on the receiving end of a wholesale contract and purchase one from a wholesaler. This can help you get a property for commercial or residential needs.
Be PatientWhen you’re looking for a diamond in the rough, it can take time. Some areas are still recovering from the economic downturn that happened over the past couple of years. It takes time for businesses and commerce to rebound from those challenges. Additionally, you don’t want to rush into a bad real estate deal. Navigating the tricky real estate market in Los Angeles, Venice, and surrounding regions will require some patience and some boldness. When you see the right property, don’t wait on it. Be ready to go all in so you don’t miss out.