Â Â Â If you have never done anyinvesting in Real Estate Rental Houses Â before, make up your mind that this willÂ be the year. I know that it has been hard to get into real estate without a lot ofÂ risk in the last year.
Â Â Â But I think that this year will provide some great opportunitiesÂ as banks get real and the govt gives great incentive for buyers. So if you haveÂ been sitting on the sidelines afraid to act, take heart. Your time is coming. PleaseÂ don't get discouraged. Take the time to get educated.Â
Â Â Â However, don't suffer from a paralysis of analysis. You are never going toÂ have all the facts. Make sure that you know what the house will sell for afterÂ repaired; know the fix up costs and MAKE OFFERS!!!! Remember, if you are notÂ embarrassed making the offer, it's too high.
Â Â Â Knowledge has never been more important. In a competative market, you have toÂ set yourself aside from the many beginners. Many people are going to over payÂ thinking that if prices have dropped so much they don't need to get any discountÂ from market value. Don't you be one of them.Â
Â Â Â If you have adjustable loans, GET RID OF THEM. Either fix and flip, or plan toÂ hold for the next 5 years- at least. It may not be a bad idea if you are lookingÂ towards holding for retirement. Real estate cycles go in about 7 year cycles. ThatÂ means prices may go down more and then it will take years to come back upÂ again. I remember seeing a chart of prices in LA in 1990 and then in 2000. A lot of areas never even made it back to the 1990 levels until 2003.Â
Â Â Â Â Set a monetary goal for yourself. Then decide what you are trying to accomplish.Do you want immediate cash? Can you wait 3-6 mo.? Are you prepared to hold ifÂ you can't sell? Can you wait 2-3 years? How about a lease with an option? AreÂ you looking to build a retirement fund? Once you have done that, then you areÂ ready to break the total monetary goal into chunks: how many quick flips, howÂ many rehabs, and how many to hold for long-term cash flow.Â
Â Â Â Â Make a plan that will set the steps to accomplish those goals. Write it down!!Â Where are you going to get the needed knowledge? Who do you have to talk to?Â What people do you need help from?Â
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