Many of us have experienced a time and place we were surprised, or at least taken aback, by what some people have come up with in locations and with properties that we did not think much. Some of us can recollect houses or locations that looked hopeless and stayed long in the market until someone came up and turned it into a source of income. When you have such an experience, you pinch yourself for missing a good opportunity. Yes, you might have missed that opportunity but there are several hidden gems out there if only you can locate them before someone else does. This is a road map to share some tips with you on how the pros do it.
Let us start by defining what we are looking for so that when you see it you can recognise it. We are looking for a property or land in a location that is overlooked because of its either look or size or location within that location but with a possibility of transformation that will enable us to make a substantial profit from the sale or rental. This is a property that we will be able to buy at a discount due to its visible disadvantage; one that is camouflaging its potential for profit from many investors.
It is important to note that where you look is as important, if not more important, than what you are looking for. One of the obvious places to look at is a well-known neighbourhood or rapidly emerging neighbourhood. Search for properties that do not seem to fit into the grandeur or beauty of the area. Search for that odd property that seems to disfigure the landscape. Search for an overlooked street or neighbourhood. Read more