So you have decided to become a Real Estate Investor? Now what? There are proven plans to be successful in this market and they all start with three simple areas of focus.
1. Criteria: Your criteria are the aspects of the property that cannot be negotiated away i.e.: Location, size, style etc. Criteria will narrow your choices to the properties that represent the greatest opportunity and the least risk. When the property matches your criteria you have more opportunity to get properties with a somewhat predictable value and return on investment. So detailing your criteria is the most important step.
2. Terms: This indicates how you buy, so as criteria defines the opportunity; Terms define how you turn it into a deal. These are the negotiated aspects of a purchase. They can include everything from price, down payment, and interest rate, plus closing costs and the closing date. These can include aspects like creative financing or lease purchases. Negotiating properly can get you in a better equity position or cash flow position and sometimes both. Keep in mind you must buy right in order to be successful and never hesitate to walk away from a potential deal if it does not fit your criteria and terms.
3. Network: Who helps you get the best deals and best negotiations. These are people who will help support all your deals. These can range from mortgage lenders to attorneys. Having a Real Estate Agent versed in investment properties is also crucial, as they will have resources to find deals based upon the criteria you supplied.
Using these three areas of focus you can be well on your way to a very rewarding and profitable Real Estate Investment program. Have questions? Just let me know, hope this helps.
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