2. Get the property under a contract first with a
safety clause.
3. Ask fellow investors, real estate broker about
the property value. If it makes sense go ahead with the purchase.
4. If you are buying for a quick flip
neighborhoods do not matter. What matters is the $$$ you are going to
make.
5. Your perfect buy should be a
house/condo/building in excellent condition and in a good neighborhood.
6. Your Second choice should be a cosmetic fixer
in a good neighborhood.
7. Inspect the property. Try to get as many things
fixed by the seller as possible. Check the neighborhood. Drive around
the block. Look at the houses in the neighborhood, what is their
condition. Look at the cars parked in the street. Old cars normally can
tell you a lot about the neighborhood. Trash on the sidewalks can spell
less than great neighborhood. Which in turns means you should buy and
sell quickly (most of the time). Renting in those neighborhood could be
challenging, especially for the new investor.
8. Use a real estate agent or broker. My first
great deal was found by a broker. Try to get access to the MLS so you
can look for deals yourself.
9. Shop around for Financing. My experiences with
the loan officers tells me one thing. Email them your questions and ask
them to email you back their answers or put them on paper. They tend to
always change terms and rates (though illegal), and put junk charges.
10. Try to reduce your Title/Escrow charges review
them with an experienced investor or real estate agent.
11. Use a real estate attorney for your
foreclosure/pre-foreclosure purchases.
12. You can check these free Real Estate Investing
Educational sites:
http://www.realestate-investinginfo.com and
http://www.buying-investment-property.info.
Read as much as you can
from them.
13. Make connections with other fellow real estate
investors. You can learn great deal first hand experience from them. One
peace of advice alone could be worth thousands for you. So if you like
challenges and lifetime learning Real Estate Investing is a great field
to work and have fun.
14. Advertise yourself. Get business cards hand
them to interested people. Place ads in the newspaper and use whatever
other means of advertising you can think of.
15. Use the right Real Estate Forms when you buy
and sell. If you don’t have any forms here is a website you can print
forms for free:
http://www.realestate-agentsinfo.com/
16. Do not be afraid to buy real estate. Fear and
lack of knowledge are the number one factor for failure.
About The Author
Copyright © D. S. Peter is a successful real estate investor for over
14 years.
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For Sale by Owner Upper Peninsula Businesses, City of Munising residential
