Top 10 Tips that will help you find the property to invest Real Estate

[Lea Simpsons]

Listed below are the 10 tips that will help you find the property to invest in the industry

1. Do your homework and research

2. Be ready with your financial resources

3. Do not neglect the structural survey

4. Do not offer the asking price

5. Find out why properties have been on the market for a long time

6. Control your emotions

7. Do not buy on impulse

8. Know your neighborhood

9. Opt for cosmetic over structural renovations

10. Repairing the roof is very expensive

Keeping these tips in mind will increase your chances of finding the right property to invest in real estate.

Lea Simpsons
REHAB-REAL-ESTATE

[Joe Dube]

I have a few more details I'd like to add if you don't mind.
1. Make offers in zip codes or neighborhoods that have had plenty of sales in the last 60 to 90 days.
2. Buy houses that are similar to the ones that sold in that area in the last 60 to 90 days for example take into account the square footage. number of beds and baths as well as purchase price.
3. Have an exit strategy in mind for instance. Will you wholesale the property or fix it up and sell it to the end buyer?
4. If you rehab & sell to the end buyer will you use a realtor to sell it, will you sell it yourself or how about a round robin auction?
5. If you are going to wholesale the property how many real cash buyers do you have? Is this property consistent with the types of properties your cash buyers typically purchase?

Make sure you drill down and answer these types of questions before you decide on a property to invest in, hope this helps.

[Lea Simpsons]

I wont, and thanks for adding up. These tips are indeed very helpful. Investing in property comes with a huge potential for great wealth as well as possibilities of difficult decisions. Time management, re-investment plans, and evictions all need careful consideration. In short, real estate investing is a "hands on" business so you need to be ready to take a huge responsibility.

[Joe Dube]

Absolutely Lea. I try to have an exit strategy and a back up plan also in case my original exit strategy doesn't work. Correct on the evictions, I bought a house many years ago from a seller with owner financing at a great price. The house didn't need any work, the issue was the tenant was a bully & was getting over on this elderly couple that sold me the deal. I went to the tenant when the lease was up and increased the rent to the market rent. They moved instead of signing the lease. I'm a bit larger than the previous owner so this tenant decided not to try to bully me. I still have that one.
Dubeman
www.reiwired.com

[Esmeralda]

real estate is dramatically affected by the condition of the immediate area where the property is located. With the exception of a global recession, real estate is affected primarily by local factors.

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rental inventory|home inventory

[Joe Dube]

Very true Esmeralda,

There's close to 13% unemployment in some parts of the Tampa Bay area where I live. Investors are getting great deals however, they're having a hard time getting renters to pay. My solution is to get section 8 tenants where the government pays the land lord the monthly rent like clock work. Hope this helps...

Dubeman
www.reiwired.com