subject: Find Out What You Need To Know To Succeed In Real Estate Investing [print this page] Although the rewards are very high, real estate investment is challenging and you need a lot of knowledge, updated market information, right contacts and a competent back-up team to succeed. Real estate investing comprises of buying, renting out and/or selling of real estate properties to make profits. Dabbling in real estate also calls for heavy investment and there should be an experienced mentor to guide you through at least during the initial years. Here are some five valuable tips that will be of great help to you to reap rich dividends and create wealth in the real estate market.
1. First of all, decide on the amount of capital money you intend investing in real estate market and whether your goals are short, medium or long term. If the funds you have is limited or inadequate, it will be prudent to develop some investment partners. When two or three persons jointly invest, you can certainly aspire to buy high value properties.
2. Location of properties is one of the keys to successful money-making in real estate investment. Proper location means you will be able to easily get and they will also be willing to pay a higher rent. Likewise, properties located in prime areas will be lot easier to sell and you can quickly finish a deal and make handsome gains. Please bear in mind you can repair/renovate a property but can not change its location.
3. Try to ferret out information about foreclosure property and/or HUD repossessions as these deals will fetch you incredible profits. You should constantly check local newspapers, courthouses and real estate websites, auction houses for such types of properties. You should build good rapport with real estate agents who will be able to feed you with updated market information.
4. Do not be in a hurry to buy the property however tempting the offer unless you thoroughly study the property. Find out if the property is in need of repairs/renovation and what would be the estimated costs. You can even take a professional inspector with you to evaluate the property. If it is a residential house, find out whether there is easy access to public transport, schools, shopping complex. Do an in-depth analysis of the property before negotiating terms.
5. You must learn the art of negotiation and unless you become an adept at bargaining, it will be difficult for you to buy property at below market prices and sell at above market prices and go for the overkill. Find out techniques used by seasoned real estate agents and veteran ,real estate investors. By tapping into the knowledge of experts and utilizing them, you will save yourself years of trial and error.
1. First of all, decide on the amount of capital money you intend investing in real estate market and whether your goals are short, medium or long term. If the funds you have is limited or inadequate, it will be prudent to develop some investment partners. When two or three persons jointly invest, you can certainly aspire to buy high value properties.
2. Location of properties is one of the keys to successful money-making in real estate investment. Proper location means you will be able to easily get and they will also be willing to pay a higher rent. Likewise, properties located in prime areas will be lot easier to sell and you can quickly finish a deal and make handsome gains. Please bear in mind you can repair/renovate a property but can not change its location.
3. Try to ferret out information about foreclosure property and/or HUD repossessions as these deals will fetch you incredible profits. You should constantly check local newspapers, courthouses and real estate websites, auction houses for such types of properties. You should build good rapport with real estate agents who will be able to feed you with updated market information.
4. Do not be in a hurry to buy the property however tempting the offer unless you thoroughly study the property. Find out if the property is in need of repairs/renovation and what would be the estimated costs. You can even take a professional inspector with you to evaluate the property. If it is a residential house, find out whether there is easy access to public transport, schools, shopping complex. Do an in-depth analysis of the property before negotiating terms.
5. You must learn the art of negotiation and unless you become an adept at bargaining, it will be difficult for you to buy property at below market prices and sell at above market prices and go for the overkill. Find out techniques used by seasoned real estate agents and veteran ,real estate investors. By tapping into the knowledge of experts and utilizing them, you will save yourself years of trial and error.
by: Amith
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