Be Careful When Investing In Property
According to a recent survey conducted by Fannie Mae
, many people consider a house as one of the safest investments. Despite the recent housing bubble and the mortgage crisis, most Americans are still keen on investing in property.With hundreds of affordable homes in the market and dozens of motivated home sellers who are willing to sell their properties for a low price, now is indeed a great time to invest in real estate. You can get the most value for your money and most of all, you dont have to waste a lot of time searching for the right property to invest in.
Among the best properties to invest in are distressed homes. Because of the problems attached to such properties, these houses are being sold at prices way below their market value. You can get them for pennies on the dollar and you dont even have to qualify for a bigger loan just to obtain a house that you can flip, wholesale, rent, or rehab.
Before you start investing in property, particularly in distressed homes, however, you have to be sure that youre betting your money on the right house. You have to learn how to separate a good deal from a dud. Just because a deal looks too good to be true, it doesnt mean that you should buy the property without observing due diligence.
When you buy, lets say a mobile phone, do you ask the salesman about its features or how long the product warranty is? Do you test the gadget to see if it is working? Of course, you do. Common sense dictates that you shouldnt buy a product without taking a good look at it first.
A real estate property is no different. You have to ask the home seller about important details on the property, especially if it is a distressed home. You also have to conduct a home inspection to determine the cost of repairs, as well as make property appraisal so youll know how much money the house is really worth. When investing in property, a real estate entrepreneur can never be too careful.
Meanwhile, if you want to expand your knowledge on investing in real estate, simply log on to www.REIWired.com. The website has valuable learning resources that you can use to beef up your real estate investing business. By logging on to REIWired, you can browse numerous articles, audio files and videos on investing in properties.
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