We are In a Buyers Market Folks!
Now is the time to make your move. Real Estate Investing is not for the Squeamish!
It's for those that believe in dreams!
Written by: Rose M. Simms, Senior Consultant - Keller Williams Realty - Novi, MI
First, I ask a question, do you know how to determine a location? Do you randomly select a price? Do you consider current, past and future value? Do you believe everything you hear and see on "Info-mercials"? Take guard and be wise my friend and be prepared.
You'll need to find a good Real Estate Agent that has YOUR best interest in mind. Interview and listen carefully. Ask for facts. Selecting the right agent will turn your investment into the color green; their drive and will to succeed will be so strong that all you need to be concerned about is preparing yourself to win.
I've had so many investors contact me from all over the country with a desire to pick up property for 500 to $2,500.00 however the homes listed at that price pretty much is located in areas that isn't necessarily the soundest investment. Why? The area can be questionable complete with other problems such as theft, run down rat infested vacant homes that in most cases will cost so much out of pocket expense due to continuous break ins trying to steal the copper from wiring, taking the furnace opposed to many other factors, the hassle is hardly worth your time.
In my opinion I would step up to the plate and plan to spend at least $25,000 to $54,000.00. Many times the house is in decent condition with minor out of pocket expense; easier to rent because of it's location. Once you consider the total picture it may be well worth the bottom-line.
Becoming a real estate magnet is a journey. It takes time and patience and careful planning. However I must add that when in fact a good investment is presented, don't sit back and wait - you're wasting everyone's time because another slick investor will pull the carpet from under you.
Learning the difference will change the entire way you invest, because how you think matters, in fact, it matters a lot. Building financial wealth is possible through real estate; I can't help but think of the movie "Gone With The Wind". All the devastation, loss of jobs, homes, monetary items, war...(sounds like today, doesn't it?). But what did Scarlet O'Hara do near the end? She sifted the sand through her fingers. It was like gold, because the value is in the land.... all her wealth was returned, how? Because there is power in real estate, there is power in the land; everyone needs a home, everyone will either own or rent. The stock market will slide up and down, but everyone needs a place to rest their head.
Anyone can do it, but not everyone will. If you are interested in taking advantage of the Michigan marketplace give me a call. I'll either take care of you personally or refer you to another consultant who will have your best interest in mind.
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