Tricks to make it Big with Real Estate Investing
Real Estate Investing is one of the most attractive ways of making large amount of money in a short amount of time (if done correctly). Moreover, Real Estate Investing can be very stressful but if you make a mistake it can be very forgiving. When you see the rewards of your efforts it can be very satisfying and addicting.
Real Estate Investing is really a skill and, like any skill, it takes time to master. The main objective is to buy low and sell high and make a profit after paying all the costs involved in the transaction.
Generally, people are of the opinion that Real Estate Investing makes sense only when the market is on the rise. However, Real Estate Investing for profits is possible just about any time. You just have to know when and how to apply different investing strategies when the acquired deal parameters are analyzed. This is part of the Due Diligence process that you will acquire through Real Estate Investing experience.
Here is a list of tricks that can make Real Estate Investing profitable for you:
- Join a local Real Estate Investment Club. Their name usually end with "REIA" which stands for "Real Estate Investor Association" so MREIA would stand for
Miami Real Estate Investor Association. This will provide many advantages and cut done on the learning curve. I like to use CRE Online web site to find an local investment club near you.
- Look for public auctions, divorce settlements, foreclosures (bank REO's/FHA/VA). Since quick settlement is the preference here (and not price), you might get a property at a price that is much lower than the prevailing market rate. You can then make arrangements to sell it at the market rate over a short period of time. However, make sure that the property is worth the price you are paying. Also be Very Careful with auctions! Know what you are buying by doing your homework. You might end up buying an easement that you can’t build on or a second mortgage.
- Looking for expired listings. The old listings that are still unsold may provide you with good Real Estate Investing opportunities. Just get hold of an old newspaper, MLS expired listings and call up the sellers. They might have given up hope of selling that property at all and with a bit of negotiation you can get the property for a real low price.
- The hidden treasure or Distressed Property. A really old, high grass, mail coming out of the mailbox, dirty, unpainted looking house may scare off retail buyers but this might be your chance for Real Estate Investing that can yield good profits. Explore these properties and check if spending a bit on them (rehabbing them) can make them shine. You can get these at very low prices and make a big profit in a short time. Have a GOOD contractor lined up if you decide to rehab a property. Time is Money!
- Team up with attorneys: There are a number of attorneys who handle property sales on behalf of sellers or in special circumstances (like the death of the property owner - Probate). They might sometimes be looking to dispose a property rather quickly for a lower price. Be the first one to grab such Real Estate Investing opportunity and enjoy the profit.
- Keep tab on the newspaper announcements! Be prepared to act quickly. This means have CA$H on hand to act quickly! Property sell offs due to deaths, divorce settlements, immediate cash requirements and other reasons are frequently announced in local newspapers or on the internet (Craig’s List). Keep track of such Real Estate Investing avenues.
Education
These are all great tricks and tips but the most important objective is to invest in your education. Take every opportunity to absorb Real Estate Investing techniques by hiring a mentor or coach to learn from the Pain of Others! Look at any profession and you will see an entity, person / coach or a system involved to train individuals to be successful! Real Estate Investing is no exception!
Related Links, Blog Postings, Presentations or Articles:
- Due Diligence Help!
- Rehabbing a Property Podcast Part One.
- Hash Tags: #REI and #RealEstateInvesting
- Profile + Tags: +Real Estate Investing
- Real Estate Investing Tip: Add RedFin.com to see what your investment property is worth before you purchase.
| Written by +Bob Burns. | |
 | Yeah Baby! +Real Estate Investor about.me/RobertKBurns Tel #: 305-586-5280 sec8@planocho.com |
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