Everyone would like to be wealthy in America. It's practically the American Way.
Many individuals have done just that by investing in buying and selling homes. After all , it's the one sort of speculation that does appear to go up in worth each year. Well that was until recently.
But it's pretty safe to say that the bottom has been hit in the real estate market. It is a pretty safe bet that property sales will go up from now on. Perhaps not quickly initially but eventually they will pick up and again real estate will be the best way to get rich.
Yes it's a purchasers market out there. Home prices are down and there are some superb deals.
And due to the continuing foreclosure crisis there are even some great deals in the short sales marketplace. Some people were hurt badly during the previous few years, and though it's downcast to put it this way... Their loss might be your gain.
But that is always how it's been in the investing field. Someone needs to sell, for who knows what reason, and if the buyer is in the right spot at the right time they pick up some great investments at the moment.
That is not to say there aren't still hazards involved. Like they assert "it takes money to make money." and the times of cheap cash are probably over. You won't find many "no cash down" deals out there. And lenders are clearly much more conservative than they once used to be.
But it is still possible to earn income if you are certain what you are doing. Here's a couple of things you would like to understand. Yes there are a few things you need to understand to be successful.
Short Sales
With so many folk underwater and facing foreclosure it's a great time to consider purchasing a short sale home. Not only can you get a great deal but you can get a house for even less than a fair price. But that is the exception nowadays. Lenders are heavily involved in the short sale process, so they'll try to get as much money as practical. You might need to have a good real estate solicitor on your side to help with the talks.
Wholesaling
Wholesaling is when you find a home that needs a lot of work. You get the contract on that home and then sell the contract, or do what's called a "contract assignment." During this transaction you never actually own the property so there's very little risk involved.
The key to wholesaling is finding the best properties and then finding the right backers. Basically you act as a broker in the transaction.
Wholesaling is the best way to go in the prevailing market because there are a lot of "distressed" homes on the market. The economy has forced people to sell or be unable to fix up their homes before they sell. It's simply a case of identifying those homes.
Know Your Market
The key to being successful in real estate is to thoroughly know your local market. Know which areas are most desirable and what the current prices are in those locations. The better you know your market the better you will be able to make successful offers. It all boils down to making winnable offers that will be straightforward to sell in the future.
It all boils down to information. Get that knowledge and you too can become a winning real estate investor.
Many individuals have done just that by investing in buying and selling homes. After all , it's the one sort of speculation that does appear to go up in worth each year. Well that was until recently.
But it's pretty safe to say that the bottom has been hit in the real estate market. It is a pretty safe bet that property sales will go up from now on. Perhaps not quickly initially but eventually they will pick up and again real estate will be the best way to get rich.
Yes it's a purchasers market out there. Home prices are down and there are some superb deals.
And due to the continuing foreclosure crisis there are even some great deals in the short sales marketplace. Some people were hurt badly during the previous few years, and though it's downcast to put it this way... Their loss might be your gain.
But that is always how it's been in the investing field. Someone needs to sell, for who knows what reason, and if the buyer is in the right spot at the right time they pick up some great investments at the moment.
That is not to say there aren't still hazards involved. Like they assert "it takes money to make money." and the times of cheap cash are probably over. You won't find many "no cash down" deals out there. And lenders are clearly much more conservative than they once used to be.
But it is still possible to earn income if you are certain what you are doing. Here's a couple of things you would like to understand. Yes there are a few things you need to understand to be successful.
Short Sales
With so many folk underwater and facing foreclosure it's a great time to consider purchasing a short sale home. Not only can you get a great deal but you can get a house for even less than a fair price. But that is the exception nowadays. Lenders are heavily involved in the short sale process, so they'll try to get as much money as practical. You might need to have a good real estate solicitor on your side to help with the talks.
Wholesaling
Wholesaling is when you find a home that needs a lot of work. You get the contract on that home and then sell the contract, or do what's called a "contract assignment." During this transaction you never actually own the property so there's very little risk involved.
The key to wholesaling is finding the best properties and then finding the right backers. Basically you act as a broker in the transaction.
Wholesaling is the best way to go in the prevailing market because there are a lot of "distressed" homes on the market. The economy has forced people to sell or be unable to fix up their homes before they sell. It's simply a case of identifying those homes.
Know Your Market
The key to being successful in real estate is to thoroughly know your local market. Know which areas are most desirable and what the current prices are in those locations. The better you know your market the better you will be able to make successful offers. It all boils down to making winnable offers that will be straightforward to sell in the future.
It all boils down to information. Get that knowledge and you too can become a winning real estate investor.
About the Author:
Rick Hart is an online business advisor. He provides tools for short sale barristers in Tampa that help with loan modifications, short sales and foreclosures.
No comments:
Post a Comment