1. Do not overanalyze. You may lose a lot of great opportunities to make great deal of money. Start making offers! 2. Get the property under a contract first with a safety clause. 3. Ask fellow investors, real estate broker about the property value. If it makes sense go ahead with the purchase. 4. If you are buying for a quick flip neighborhoods do not matter. What matters is the $$$ you are going to make. 5. Your perfect buy should be a house/condo/building in excellent condition and in a good neighborhood. 6. Your Second choice should be a cosmetic fixer in a good neighborhood. 7. Inspect the property. Try to get as many things fixed by the seller as possible. Check the neighborhood. Drive around the block. Look at the houses in the neighborhood, what is their condition. Look at the cars parked in the street. Old cars normally can tell you a lot about the neighborhood. Trash on the sidewalks can spell less than great neighborhood. Which in turns means you should buy and sell quickly (most of the time). Renting in those neighborhood could be challenging, especially for the new investor. 8. Use a real estate agent or broker. My first great deal was found by a broker. Try to get access to the MLS so you can look for deals yourself. 9. Shop around for Financing. My experiences with the loan officers tells me one thing. Email them your questions and ask them to email you back their answers or put them on paper. They tend to always change terms and rates (though illegal), and put junk charges. 10. Try to reduce your Title/Escrow charges review them with an experienced investor or real estate agent.
#7 is a great suggestion - trying to get as many concessions out of the seller as possible before taking the property is great way to save money. They don't even have to fix it for you but you can negotiate taking an amount off of the asking price for each issue that comes up.
Thanks for sharing this info, Property buying is an onetime investment were many may go wrong, however experienced you’re in this field chance of making mistakes are high, its due to the demand and shortage of time, the more the demand the less time you would get to decide or verify and hence things would be done in a hurry which may result in failure of making a great deal, so one should be cautious in that case. Cheers,