How to find a profitable property in 4 weeks?
There’s no miracle solution, but there is a solution that is easy to implement
and efficientTake a week full time to prospect, because there are people who make a living of it, like estate agents, people who do nothing else but prospect, and who manage to do a rapid succession of deals. You therefore need to make time in your professional or family life to be able to prospect and move forward with your projects.
4 steps 4 weeks
Step 1
Set aside your 5 days to plan everything for week 3, mainly so that you can make your visits there. Next, set up alerts on websites as seloger.com or on vigicoin the site’s automatic alert system leboncoin in which you set your parameters (the locality in which you’re looking, the type of property, the surface area, the maximum price you don’t want to exceed, etc.) and you watch what comes up. You’re going to start building up a sort ofdirectory, i.e. all the properties that are going to be in the style of what you want to buy.
Step 2
You call all the real estate agencies or customers who sell their properties directly to make appointments, always at week 3, to make sure the sellers are available. You make appointments on Monday in a certain district, sector or city, on Tuesday in another, and so on for the other days of the week. Schedule appointments from morning to evening, spacing them out to give yourself plenty of time to visit and get a good idea, around 5 a day. Appointments at the end of the day can allow you to visit properties occupied by people who are working.
Step 3
You’ll have visited around twenty apartments in a week, and twenty of them will have met your criteria. In other words, if you’re looking for a 40 m² t2 with a balcony and parking, well, you’re only going to visit this kind of property, and every time you do, you’re going to note, take photos and, above all, retrieve the various data such as property tax, condominium charges (if any), current rent and any renovation work to be carried out.
Read also; How to estimate renovation costs
Step 4
Compared to all this, you manage to quickly make a price proposal, because it’s a property that’s going to correspond to what you’re looking for. Your price proposal must take into account whether there’s any work to be done, or whether the co-ownership has voted for any work that’s going to be costly.
in the years to come, etc. This is extremely important information that you need to have in your possession to be able to give a price.
Of the 20 proposals you’re going to make, there’s bound to be one or two, statistically speaking, that will be accepted! This means gross yields of 10-11%, why not 12%? it’s easy to do and those who will tell you that it’s impossible to find is because nobody, or almost nobody, does that, taking a week off work to visit 20 apartments and focusing solely on that.
Read also; Self-financing, the basis of property rental investment
