If you have been thinking of expanding your real estate portfolio, or even making your first foray in investing outside your primary property, there are some great opportunities that come with winter weather and the approach of year-end. Here are just a few opportunities to consider:
Invest in places you love to spend your summer. That’s right! Forget the snow skis for a second and think about where you like to put on your water skis during the summer months? Chances are there are some homes that didn’t sell before we put away our white shoes after Labor Day and are still on the market. Sellers may be willing to make a deal. Take a look at the MLS in your summer vacation spot or I would be happy to put you in touch with a local agent. He or she may know of properties that were on the market during the summer and did not sell although the sellers may still desire to. Take a look at not only single family residences, but also at vacation properties that property rental companies may be trying to get off their books. Golf course, lake- and river-front recreation communities may be another place to look for a great deal.
How about multi-family rentals? If you are thinking that becoming a landlord could add to your bottom line, then multi-family may be a great opportunity before the end of the year. Investors with multi-family listings may have the properties listed and wish to sell before the calendar turns for tax purposes. Therefore, if you have the ability to close by year end, this may be an opportunity worth considering. This same concept also goes for commercial properties.
Consider investing in land. In areas that get a lot of winter rain and snow, most builders already have their spring plans laid out while property owners desiring to build probably won’t get going until later winter. This spells great opportunity for you if you are buying in late fall and early winter. In many areas, you can write a contract with a 30 day feasibility period built in which gives you a month to determine if your project will get off the ground. If you are buying property with the goal of holding it, the timing may also be great for that approach. There are a myriad of strategies available for land investments and before deciding to invest, let’s determine the best strategy for your risk tolerance.
One other great wintertime investment? Your own home! There are dozens of projects that will not only make your home a better place to live, they also will improve your equity. Agents, if you live in an area where winter means less construction, include this statement: Builders and contractors are usually short on work during the winter, which means prices may be better AND the timelines may be quicker depending on the work being done.
I would be happy to review your winter property plans and give you a hand with determining where to put your investment dollars. Give me a call at (206) 730-0962 or send an email to: email@example.com