How To Spot Undervalued Mansions
By Scott Wright Google
How to spot undervalued mansions was the topic that I was approached about today at the local coffee shop. Although it is nice to be recognized in my community for being the “go to” person for answers to some really tough real estate investing questions it can sometimes be a little off putting. Investing in undervalued mansions is something I am very passionate about these days. I have a real knack for locating undervalued mansions and undervalued properties. After all, I have been investing in real estate as my primary source of income since 2001 when I left NASA to pursue my passion for real estate investing.
Well since then I have truly honed my skills and my reputation for spotting undervalued mansions as well as undervalued commercial opportunities and residential homes is unmatched. So, sometimes when people approach me with such questions it can be a little offensive that they expect me to give them all the tips, tricks, secrets and answers to their questions. Answers it has taken me almost twenty years to learn. Whats worse is that they rarely even offer to pay for my coffee. Now that is “off putting”. I love my coffee!
How To Spot Undervalued Mansions – The Question
So I thought about this incident all day today. As I am preparing for my bedtime I can’t seem to get this person out of my head. Maybe I was a bit unapproachable today and I feel a tad bit badly for not helping them. So, I am going to write about this and possibly the benefit will be twofold. 1. I will be helping (Shaun) a bit when I deliver this information to him tomorrow. 2. I am sure to be sleepy and relaxed after I write down some of my tips on how to spot undervalued mansions. Hopefully, this will help many investors. Not just Shaun.
How To Spot Undervalued Mansions – Where to start
Locating undervalued mansions is almost an art form. Just where should you start looking? I hear of people getting in their automobile and “driving for dollars” as they call it. I have also heard of people who launch massive and very expensive “yellow letter” mail campaigns. However, I am very happy to say that I never leave my laptop or cell phone to look for undervalued real estate. If it does not come to me via someone calling me it usually comes from a quick filtered search on both the internet and local Realtor MLS (Multiple Listing Service) system. Does it pay to have a realtor? YES! Does it pay to have 100 realtors? Absolutely! Does it pay to actually BE A REALTOR? The value is beyond compare! If you have ever considered becoming a realtor even for a second… YOU SHOULD! I can actually show you how you can learn how to become a real estate investing success simply by learning real estate in a very specific way. Want to know how? Just ask me!
I do not want to lose site of my point though. The fact is, that most of what you need to find undervalued real estate is right at your own fingertips. You need the internet, a search parameter, some basic filters and if you are lazy like me possibly a realtor or two or twenty.
Spotting Undervalued Mansions
One of my favorite undervalued mansions this week is a beautiful lakefront home in Maitland, Florida. (See the home here) When the realtor showed me this property there were twenty or more people also looking at the same time. Yes, it was a catered open house event. You should really pay attention to what I am about to say right now. I quietly listened to the comments of potential buyers as they looked at this property. One lady was “in love” with the home but did not like the color of the fireplace. Another person was commenting on the shower/bathtub being a bit antiquated. Yet another was going on about how “basic” the pool was.
You know what I was looking at? A DEMOLITION/RENOVATION opportunity. Knock the house down and build something worth 7 times as much! There are homes on this lake worth as much as $20 million US dollars. How the hell could you go wrong? Seriously!
I have noticed over time that 99.9% of real estate buyers are short sighted and I love to capitalize on this very thing!
You see, locating undervalued mansions is not difficult at all. First thing you need to look at are the COMPS! Comparable sales in the exact same neighborhood. In this case, on the lake with a boat house. When I looked at this specific home I was shocked to find that the next door neighbor just built a $10 million dollar home RIGHT NEXT DOOR. Oh, did I mention that the home I am referencing is only $2.6 million dollars? Yeah. That is a fact. Fantastic price for a lake front lot with a boat house, a pool, acreage and if it is demolished no impact or lower impact fees due to the fact that this is a REBUILD and the lot is already pre-developed. Amazing!
Undervalued Mansion Investing is not always about what you see immediately in front of you. It is often more about what you see around what is immediately in front of you. So, put your investing goggles on and start looking outside of the box a bit.
Some Very Interesting Links On This Topic
- See the home in this article here – Lake Maitland Mansion
- Lake Dora Mansion – Wow!
- Undervalued Real Estate Past And Present
- Example Of Undervalued Homes Under $10,000
- Undervalued Commercial Projects
- Access To One Of My Favorite Realtors
- My Instagram Live Feed
- My Social Media Connections
- Access To National Private Lenders (hard money)