Get to Know Your Market
To know whether or not a particular investment will work for you, you must know your market. There are no shortcuts or exceptions to this rule. You must get out in the field and look at all types of properties. Looking does not commit you to buying and each time you look at real estate, you learn more.
Read the real estate section of your local newspaper. Get comfortable with the language of real estate and the jargon most investors use. Know what the current market values are in various parts of your community for both property prices and rents. Establish relationships with several real estate agents. Join and be active in your local real estate investors' organizations.
When you know your market, you will be able to recognize and take advantage of bargains and great deals when they come your way.
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