Can you really make money in real estate? Are you sure you can, but you better be careful of what you’re getting yourself into. I have been investing in real estate for many years now and I can not tell you how many properties I have purchased from the landowner or burned out young couple who really started too fast.
Like what is the key to being successful in real estate investing is education and practice. I have some transactions that are really good and others I think would be dragged into the deepest pit of money. So for what it’s worth here are some observations I think will really help investors just starting out.
Beware of the teacher’s real estate infomercial night when they say you can build wealth in real estate with only five or ten hours a week. To be successful you need to be at all times. It’s all about marketing and after going through and I mention the networking and marketing. I am surprised every time I met an investor who called and asked them to cards and they do not have one. How can people know you are buying a house or investing in real estate if you do not tell them every chance you get?
Beware rental. Land lording is a pain. I do not care if you have a management company in place or not you are always going to get calls about something that is damaged or inspection of the city wants to run you through. New investors in particular should be aware that almost all the legal tenant / owners support the tenants. If you want to feel what might happen to rent the movie “Pacific Heights” with Michael Keaton when. You can not buy another rental again. Remember the peace of mind can cost more than large cash flows.
Beware of contractors who want to be paid per hour and not a job. Unless you are constantly there with them, they will take you to ride every time. Make them sign shall be equipped with the clause and if they do not complete the work by that date, your costs should be discounted.
Beware of the homes sold at sheriff’s sale or at the courthouse steps. Yes, you can find some great deals there, but make sure you do your due diligence and always try to check the house first. Law and out of this world can repair costs Chomp away at your profit potential quickly. I like to buy property bank foreclosure after getting them back. They are “As Is,” but you can always check them and have come out if you use a broker. Better safe than sorry right.
Be careful taking advice from someone who does not have an investment property, rental or sworn he knew from the next big market if only he had money.
I have learned and still believe you can never learn too much about something so that when it comes to building wealth through real estate education really is the key. Whether you are a beginner or an experienced investor Real Estate Info Network may be just a tool to take you to the next level you invest.
Real Estate Info Network promotes real estate education through real estate seminars, e-books and real estate investment. Learn how to make money transaction did not go down, profits in foreclosures and short sales and how to rehabilitate your way into real estate wealth.