Investing in Real Estate
When you are first starting out with investing in houses, you should
always look for ugly or bad houses that require a lot of work. These
homes are much to purchase, although they will take some work to
improve. You should start out by looking for houses that need some
work, such as clean up, painting, and in some cases new carpet. You
don稚 want to buy something too run down, as it could cost a fortune
to repair.
If you think of yourself as a handyman and think that you can
dmendingepairs yourself, you can save a lot of money. On the other
hand, if you need to hire someone, you should always make sure that
the individual or company that you hire is qualified to do the
repairs. If you aren稚 comfortable with doing any of the repairs, you
should inquire about a subcontractor or company that will do it for a
reasonable price, or perhaps a share of the money once you have resold
the house.
If the house you are desiring to purchase and resell has any type of
structural problems, you should always get an estimate from a
dependable contractor before you make the purchase. If you decide to
stay in the business, you値l learn a lot more over the years, although
you should always hire a contractor when you first start out. Once you
get all of the estimates together, you can make that final decision on
how much of an offer you want to put down on the property.
After you have a team together and productively refurbished and resold
several homes, you値l begin to feel quite a bit more self-confident
with buying homes that need repairs. All it takes is time and practice
- and you値l be buying homes that the average investor wouldn稚 think
twice about. This can be a huge advantage when you are looking for
homes to buy and resell, as there will be less competition to worry
about. You値l also be able to get a lower price when buying the home,
simply because you can use the cost of the repairs to your advantage.
Once you are able to do repairs on homes, including structural
problems, you値l have a big advantage in the market. You値l be able to
buy virtually any home, including those that other investors choose to
ignore. Doing so can be very profitable for you, especially if the
house is in a well known and well desired neighborhood. After you have
done the repairs, you can resell the home for a much higher price than
you paid to acquire the home.
When you begin to look for houses that you can repair and resale, you
should always take your time and buy the appropriate homes. You won稚
have the money, time, experience, or support to buy the bigger houses
at first, which means you won稚 have any room for mistakes. Once you
have purchased and resold a few smaller homes, you値l eventually be
able to work your way up to the bigger homes - which is where the big
profits will come into play.
Always remember that when you first start out, you値l to take things
slow. You cant expect profits to come overnight, as it will take you
some time to learn. Once you have been at it a few years and have
several houses to your credit, you値l be ready to tackle anything. At
that point - you値l make a lot of money in a career that is truly
exciting.
ABOUT THE AUTHOR
Bob Schwartz, is a Certified Residential
Specialist, CA licensed real estate broker with
www.Brokerforyou.com. Bob
has over 27 years of residential real estate experience, authored a
number of published articles and served as an expert witness for
San Diego lawyers. You can contact
Bob via e-mail at bob@brokerforyou.com or visit his highly popular
San Diego real estate website at:
http://www.brokerforyou.com
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