Japan Real Estate Insight: Tokyo Foreclosure Bargain Hunting with Edward Perkich
Edward Perkich, President and CEO of Sleep Well Homes, previously gave us an Overview of Tokyo Foreclosure Properties and talked about Who Can Bid on Foreclosures. In this week’s audio clip, Edward gives us a a rundown on how to go about finding bargains in foreclosure properties. As he discusses, proper due diligence is key. What should you do in the “soft phase” of the due diligence? What should you take with you on the site visit? Edward was also the speaker for our July 2011 webinar on How to Invest in Tokyo Foreclosure Properties. For an in-depth discussion of investing in foreclosures, watch the webinar here.
Below the soundclip we’ve included screenshots of some sample pages from a typical Three Part Set that Edward mentions in the clip. This is a packet of essential information (including the Property Detail Report, Environmental Assessment, and Valuation Report) which can be downloaded from BIT Sikkou, which is the official site where you can get information and search for foreclosures in Japan. The site is in Japanese only. To download the corresponding Three Part Set by property, visit bit.sikkou.jp and click on the map to start your search. Once you’ve found a property you’re interested in, click on the 詳細 link in blue to get the property detail page. On that page, scroll to the bottom and click on the Download button to download the PDF.
Sample Screenshots of Three Part Set
Previous tips from Erik Oskamp: investment properties in northern Tokyo, investment properties in Shibuya and Minato wards, and Tokyo Bay real estate, surprisingly high yields in Chuo-ku, Tokyo, real estate taxes in Japan, property valuation in Japan, landlord and tenant issues, and common negotiation mistakes
Photo credit: Rs1421 via Wikimedia Commons