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by Mark Walters
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c knowledge of one or two buying techniques become very successful, because they are unrelenting in their search for motivated sellers. Perseverance and stamina can work wonders.
My choice is to mail postcards, because they are inexpensive to prepare and send. You can read more about my postcard system at http://digbig.com/4cjxp
Step four - Always have an exit strategy before you buy:
Before buying an investment property you must carefully evaluate the potential for profit. One of the keys to your evaluation will be to determine what you will do with the property if you buy it.
Included in the many way to profit are:
- Place it in your "buy & hold" inventory if it will produce profitable rental income.
- Place it in your "buy & hold" inventory if it will produce break-even cash flow and you expect it to increase in value by 8% to 15% or more per year.
- You can assign the purchase contract to another investor for a one time cash payment.
- You can buy the property and immediately sell it to a retail buyer and cash-out.
- You can exchange it for a more desirable property.
- Refinance cash out and use the money for the down payment on another property.
- Etc...
Finally
Now you can visualize the four basic steps in real estate investing. You'll never know all there is to know about every step. Just get started and add to your knowledge as you go along. Remember, all it takes to be successful is perseverance and stamina!
ABOUT THE AUTHOR
Mark Wa |
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