Connecticut's Best Real Estate Deals are in.....

I'm often asked "Where are the best deals in Connecticut right now?". My answer is "Right between your nose and your hairline!" (Ok so maybe I don't say it quite like that but you get the picture.)

The best real estate deals are not seen with the eyes, they're seen with the mind. That being said, you can find great deals in every city, in every state, at anytime. All it takes is a little ingenuity and some education on creative investing strategies.

Notice that I didn't say "creative real estate investing strategies". That's because this concept transcends beyond just real estate.

When I was a kid, I had a friend that was upset that the candy in the vending machine at school was much more than it was in the store. Seeing this as an opportunity, he then took a trip to the local wholesale club with his mom and bought that candy by the bulk and sold it at school for much less than the candy in the vending machine. He made a ton of money and he's a successful entrepreneur today.

Bringing it back to real estate, let's say that you have a deal on the table whereas the owner is over-leveraged (owing more than the house is worth). At first glance, it may look like there's no money to be made there. But instead of walking away from the deal, you rack your brain and come up with 3 different options.

Option 1 - Short Sale: If the seller is behind on his mortgage, you can negotiate directly with the bank (or hire a short sale specialist to negotiate for you) and end up purchasing the property for less than market value.

Option 2 - Sandwich Lease Option: I wouldn't recommend this if the seller is behind on mortgage payments. But this type of deal would allow you to have control of the property (without purchasing it) and rent it out to a secondary tenant. The secondary tenant stays in place until the mortgage is paid down enough to go forward with the sale. In short, you're paid to be the middle man.

Option 3 - Subject-To: Before I go into this one, I must say that I don't personally participate in assisting buyers or sellers with Subject-to deals. The reason is that it's a very slippery slope and I can face a lot of ethical issues if the deal goes south. That being said, It's still an option for you in a private transaction. A subject-to deal would allow you to assume ownership of the property while the seller maintains responsibility for the mortgage. In a perfect world, you would find a tenant for the property to pay down the mortgage, and then either sell the property for a profit, refinance it, or keep it for cashflow once the mortgage is paid off.

So as you see, just about any property for sale out there is a potential "deal" if you know how to properly structure the transaction. Education is key! I highly recommend that investors continue to educate themselves in all areas of real estate. You never know it all!

For more information on Short Sales, Sandwich Lease Options & Subject-To's, visit my website at www.MyInvestingAgent.com