Another business that abides by this precept is restaurants, since most cities have one or more of what’s come to be called a “restaurant row”. When you go out to eat, sometimes you decide on a special place before you leave. Much of the time though, you will leave the house without having decided on a place to go and just go to the same area every time, your favorite restaurant row.
You can find plenty of help when it comes to investing in real estate. You can always get in touch with an experienced estate mentor. You can also go through a good real estate 101 over the internet too. Remember, the more the information you have the better the chances of you making a good deal.
You’re strategic. Smart real estate investors always have a strategy in place long before they begin big projects. A smart strategy is the key to any investment and will keep you one step ahead of the competition.
Motivated sellers are what you want to find. Someone with a need to sell not just a desire. We’re not talking about someone who is desperate to take advantage of here but a flexible seller who is willing to listen and negotiate with you. look for the sale signs or newspaper adds with things like “owner take back” or ” low down”, so you know these people are willing to do some creative financing with you. Also “no qualifying” means the financing is assumable and you won’t have to qualify for the existing mortgage. “Owner take back” means the owner will take back a part of the down payment as an extra mortgage instead of cash. FHA mortgages may be assumable and the cost is only a small fee with no additional points added.
Here’s my answer: There are plenty of places to find good deals. You can find jewels right in your own back yard or hometown. I’ve been investing in California and you might know what that market has been like. The prices have been very high and there is lots of regulation.
A good real estate trader quickly learns that this isn’t a business regarding stealing home, but associated with solving difficulties in a way that rewards the seller. The home owner is in a good spot associated with some kind and you can save these people from general public embarrassment and also, in most cases, give them at least just a little cash to obtain a new start off. The same training that workshops sell for 1000s of dollars.
To make it in the real estate invesment world you will need to learn many things and work with many people in the industry. No one can do this by them self and if you think you can, you better think again. Working with people is necessary if you want to succeed in real estate.
If it’s the seller making you the loan (or secondary loan), ask yourself this: Why would the seller allow me to purchase this property without coughing up one penny of my own cash? Unless the seller has a slate loose, chances are that the price you end up paying for the property is inflated and the seller counts the financing as a wind fall.