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by Maria Palma
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Real estate investing is probably by far the best investment strategy
of bringing in the best bang for your buck. Here are a few tips I'd
like to share:
Find a motivated seller – In order to get a good deal on a property,
the seller must be motivated. This is the first and most important
step in negotiating a deal. Your chances of getting a price below
market value are much higher if a seller is motivated.
Do not let fear get in the way – Understand that when negotiating
deals, you will get some no's. Real estate is a numbers game. You
will eventually get a yes. It's hard to believe sometimes that a
seller will accept a zero down offer, but don't be afraid to ask.
You won't get any yes's unless you ask.
Focus on one geographic area – In the beginning it's better to focus
on one area. After a few deals when you feel more comfortable you
can expand to other areas. Get to know your target area well and
take note of homes for sale and what they are currently selling for.
It's also good to know what has sold in the area and for what price.
Which brings me to my last tip…
Create a team – When buying and selling real estate you need
support. You will need title, escrow, appraisal, and inspection
people to help you. However, the best person to have on your team is
a real estate agent because he/she is always in contact with all the
other support people you will need. A real estate agent can help you
find good deals and give your information on the current market. Be
upfront with agents you interview and |
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