Margarette Anderson - REIWIRED.COM's blog

Having the Right Attitude when Investing in Real Estate

With the right methods, coupled with perseverance and hard work, investing in real estate is a great way to improve your financial status. You can earn a considerable amount of money without having the need to work at least eight hours a day. If done correctly, there is a big chance that you can be among the richest and wealthiest in the country.

Being a real estate investor is really not that complicated. You don’t need a doctorate degree from some prestigious university or become a rocket scientist just to make it big in the real estate investing business. In fact, some of the most successful investors in the country today are college dropouts and they are still doing great despite their lack of formal education.

If you plan on investing in real estate, meanwhile, here are some traits and qualities that you should consider developing to ensure your success:

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1. Willingness to learn – while it is true that some veteran real estate investors were not unable to finish their schooling, it doesn’t mean that they stopped expanding their knowledge the moment they left school. As the saying goes, knowledge is power and having this power can help you reach new heights and overcome difficulties easily.
2. Have self-confidence – having a profound belief in yourself can make significant contribution to the advancement of your career. Just like what the experts used to say, what the mind can conceive, the body can achieve. So if you think that you can make it big in the real estate investing business, then you can really make it happen.
3. Goal-oriented – Those who have become successful at investing in real estate knows the importance of having a goal and working towards the fulfillment of that goal. Thus, to make sure that you will reach your target, you have to make a sound plan and do the things you have to do to make it work.
4. Have people skills – when investing in real estate, it is important to develop social skills because it can help you negotiate with home buyers and sellers easily. Befriending your fellow real estate investors can give your real estate investing career a boost because they can give you various hints and tips.
5. Possess patience and dedication – like in any other profession, being committed to your chosen line of work can definitely help you reach the top of the real estate investing game.

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Making an Investment In Real Estate: Choosing Properties to Invest in

It is quite understandable that many people will discourage you from making an investment in real estate. Because of the negative news about the housing market, these people would naturally assume that any real estate investment that you’ll pursue would go belly up and all your hard-earned funds would go down the drain. What these people don’t know, however, is that there’s huge money to be made in the real estate business.

Although it is true that the housing market in general is in a big slump, there are local markets that are still thriving amid the country’s economic difficulties. In addition, there are real estate investing methods that are recession-proof. So even if the economy is in the doldrums, you can still generate huge profits, provided that you have sound investing strategy in place.

There are many types of real estate investments that you can make. Listed below are some of the most popular choices among real estate entrepreneurs:

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• Vacant land – developing vacant land is a great strategy to make money. In fact, this is one of the methods used by real estate moguls to create and expand their wealth. However, investing in and developing vacant land can be too much for a real estate beginner. Unless you have unlimited supply of funds, it would be wise to pursue such an endeavor only after you have established a huge financial reservoir.
• Commercial properties – buying commercial properties is a great way to make an investment in real estate. You can generate steady stream of cash by leasing space to commercial establishments. Like investing in vacant lands, however, investing in commercial properties is only advisable for beginners who have huge investment capital.
• Multifamily homes – owning apartment units is a popular choice among real estate investors as it is relatively less risky than investing in vacant lands and commercial properties. If you have the patience to deal with tenants and property management issues, then you’re suited to invest in multifamily homes and be a landlord.
• Single-family homes – single-family homes are probably the most flexible type of real estate investments because you can do almost anything with them. You can either flip, wholesale, or rent them out. You can also renovate undervalued houses and sell them at retail prices.

With the right investing strategy, there’s always money to be made when making an investment in real estate. 

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Flipping Houses: Important Pointers on Buying and Selling REOs

Flipping houses is probably one of the easiest ways to make a quick buck. With this real estate investing strategy, all you have to do is buy a property at a discounted price and then sell it to an end-buyer who’s willing to pay handsomely for the house. You don’t need rocket science to make money through this method. As long as you have great sources of properties to flip and a long list of ready buyers, achieving financial freedom by buying and selling homes is a piece of cake.

Speaking of houses to flip, you should take a look at bank owned homes. Popularly known as REOs (real estate owned homes), these babies are among the hottest investment properties in today’s real estate market. Many home buyers and real estate investors are seeking to buy them because of their affordable prices. In addition, REOs have a great deal of equity and are in relatively better condition as compared to ordinary foreclosures. So if you’re looking to flip residential real estate, you should definitely consider investing in bank owned homes.

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To help you get started, here are some nifty hints and tips on buying and selling real estate owned properties for profit.

• It is important to study market trends when flipping houses because it can help you minimize financial risks and boost profits. So before you invest in a particular city or county, you should determine if there are a lot of REO sales in that area. You should also discover the amount of money these properties are being sold for and what types of REOs consumers are buying nowadays.
• Choose the best location. Always remember that a property’s location can affect the amount of profits that you’re going to make from a bank owned home. Thus, see to it that you’re going to invest in a place where you’re target buyers would be happy to live in.
• Although not required, gaining access to the MLS, or the multiple listing service, can help you in more ways than you can imagine. It allows you to be the first person to know of the latest REO home to hit the market. In addition, pulling comps on a property is much easier with the MLS.
• Be persistent. Although there are times that banks will reject your offer, don’t let it discourage you from making a better offer.

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Flipping Real Estate: The 3 D’s of Creating a Seller’s List

As you may know, it is very important for a real estate investor to build a seller’s list when flipping real estate. Knowing where to find good sources of investment properties can be quite a handy, especially if you have lots of potential buyers already waiting for you. But, how do you exactly build a strong seller’s list?

The process of creating a seller’s list is quite simple, actually. All you have to do is to find homeowners who have pressing reasons to sell their properties. Motivated home sellers are considered one of the best sources of houses that you can flip. They can close quickly and most of all, they are willing to sell properties at discounted prices.

There are three things that you should look out for when searching for motivated home sellers. These are debt, death, and divorce.

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Debt. A huge debt is probably one of the biggest reasons why a homeowner is selling his home. Because of unpaid mortgages, property taxes, and utility bills, a homeowner may opt to get rid of his house to prevent his financial liabilities from piling up. For this reason, you should include distressed property owners to your seller’s list when flipping real estate. Since they are in a hurry to sell their homes, negotiating with them for a lower asking price would be much easier as compared to convincing an unmotivated seller to sell properties at a discounted price.

Death. Although most people would be delighted with the prospect of inheriting properties from a deceased family member, some are not exactly thrilled with such a scenario since owning additional properties entails a lot of responsibility. Homeowners who are not too keen on taking unwanted responsibilities are ideal candidates for your seller’s list. Because they don’t want to look after another property, they would be more than willing to sell you the house that they have inherited from a deceased relative.

Divorce. When married couples separate, nobody usually wants to have the burden of looking after their former love nest. This is the reason why those who filed for divorce are ideal sources of properties that you can flip. Because they are in a hurry to get rid of their unwanted properties, they are more open to the idea of selling their home at a much lower price.

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Make Money in Real Estate: Finding Business Partners

As you may know, there are many ways to make money in real estate. You can buy and sell houses, develop vacant lands, or manage rental properties. There’s lot of money-making opportunities to be had in the real estate investing business. All you have to do is choose a niche that you think will suit your skills and personality, learn everything you need to know about that niche, and start moving.

However, the prospects of investing in real estate can be difficult to swallow for a beginner. For this reason, many real estate veterans recommend entering joint ventures or investing in syndicated real estate deals. By working with more experienced investors, a beginner can significantly minimize financial risks while maximizing profits.

But before you enter a partnership with an investor or a group of investors, it would be wise to perform due diligence before making your business relationships official. You also have to ensure that you will get along perfectly with a joint venture partner and see to it that your business buddy is a person that you can definitely trust.

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If you want to make money in real estate through a joint venture, here are two of the most common questions that you need to ask yourself and a potential business partner:

• What are the types of real estate investments that you would be willing to undertake? Always keep in mind that it is important for the both of you to reach a common ground before starting a particular project, which is why you and your partner need to decide early on which type of investments you’re going to make before making everything official. This way, it would be easier for the both of you to make decisions in the long run.
• What are the previous real estate investments that you have made? Although an investor’s past records doesn’t necessarily determine the outcome of future investments, veterans in the real estate investing business said it is still important to determine such information. According to them, how an investor answers this question can tell a lot of things about the person. It can also help you gauge a potential business partner’s level of honesty.

Working with others is a great way to expand your knowledge of real estate investing. But if you want to go solo, you can always learn on your own by surfing the Internet, attending seminars, and reading related materials.

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Handy Hints and Tips for Real Estate Investing Neophytes

One of the main reasons why newbie real estate investors fail is that they don’t consider real estate investing as a serious business. Instead of looking at investment properties through the eyes of a businessman, these investors look at properties in the same manner as they do when buying their own homes. Real estate investing doesn’t work that way. If you want to make it big in this business, you’ve got to get serious and treat the industry with the amount of respect that it deserves.

Real estate is not bought, held, or sold on emotion. If you let your emotions cloud your judgment, you will make a lot of mistakes that will affect your momentum, or worst, make you lose a lot of money. Meanwhile, to help you avoid suffering the fate of investors who quit halfway, here are some of the things that you should do when investing in real estate:

 

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• Create doable goals. As a real estate investor, it is important to set meaningful goals, which can guide you as you climb your way to the top. By listing down the things that you want to achieve, it would be easier for you to act. Setting goals can also motivate you to do your best.
• Conduct market research. Getting to know your target market can help you maximize profits and minimize risks. By studying and observing the real estate market that you want to invest in, it would be easier for you to avoid costly mistakes that can be detrimental to your real estate investing career.
• Do your numbers. Like what was mentioned earlier, you shouldn’t buy investment properties on emotion. If you don’t want to be saddled with a house that is bringing you profit losses instead of profit gains, you should do your homework and learn how to determine the amount of money you will make from a particular property.
• Build networks. Establishing meaningful alliances with more experienced investors can do wonders to your business because you can learn a lot from these people. In addition, veteran investors can be great sources of leads to lucrative real estate deals. So instead of isolating yourself from your fellow real estate entrepreneurs, it would be wise to build good relationships with them.

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Flipping Homes and REOs: Starting with the Basics

With so many methods of investing in real estate, it is sometimes hard for a beginner to choose the best strategy that will help him generate positive cash flow. The success stories of numerous real estate investors in their niches can also add up to the confusion, making it even more difficult for a beginner to make up his mind. If you are thinking of investing in real estate but couldn’t quite decide which strategy to use, here’s a piece of advice for you. Why don’t you start with the basics?

Flipping homes is one of the basic ways to make money in real estate. In a nutshell, this real estate investing strategy simply involves the process of buying and selling for profits. Flipping is relatively less complicated as compared to doing subject-to deals and other high-level REI strategies. So if you want to join the real estate game, buying and selling homes for profit is a great way to get started.

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One of the properties that you should consider buying and selling for profit is a bank owned home. Also known as real estate owned homes or REOs, bank owned houses are among the hottest investment properties in today’s market. They are cheap but have great equity. In addition, they are in relatively better condition as compared to ordinary foreclosed homes.

But before you invest in such properties, first you’ve got to inspect the REO of your choice. REOs are sold “as-is” and it is no secret that the previous owners of bank owned homes have experienced financial difficulties prior to losing their properties that prevent them from properly maintaining their houses. Conducting a property inspection allows you to determine the cost of repairs on the property. It can also provide support to the initial offer that you’re going to submit to the bank.

One of the secrets to success when flipping homes is having the courage to negotiate. When buying an REO from the bank, don’t be afraid to ask for a lower down payment or interest rate. Although lenders will tell you that prices of bank owned homes are non-negotiable, some of them may be willing to provide you with favorable terms, which is why you should never forget to negotiate.

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How to Make Waves in the Real Estate Investing Business

If you want to make money amid the ongoing economic crisis, you might want to try real estate investing. Despite negative media reports, buying investment properties is still one of the best ways to earn big profits. In fact, recent government report shows an increase in home sales, providing that there is still big money to be made in the real estate business.

Real estate investing is basically the purchase, ownership, management, and rental of real estate properties for profit. While some investors earn money by buying and reselling properties, there are some who buy dilapidated homes and rehabilitate them before selling the said houses at higher prices.

This particular means of living is serious business. For a genuine real estate investor, flipping, wholesaling, and rehabbing homes are not merely hobbies or activities that can help you make some money while passing up the time. They can be considered as careers that can bring you good fortune if you treat them seriously.

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If you’re a real estate investor who have just started out in the business, one of the most important things to remember is that investing in real estate requires patience, hard work, and dedication. You have to learn take advantage of great opportunities that come your way.

Take your fellow investors as an example. Some of them were able to pocket big bucks and acquire great investment properties by cashing in on the growing number of foreclosed and real estate owned homes, which were brought about by the ongoing economic downturn.

Always keep in mind that proper education is the key to surviving and succeeding in this business. Never stop sharpening your skills when it comes to real estate investing and learn new ways on how you can boost your knowledge of the latest market trends. This will ensure your continuous success in the housing business.

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Wholesaling Houses: Finding Home Buyers and Sellers

With hard work and perseverance, the business of wholesaling houses can be your ticket to a great life. It can give you lots of opportunities to make money in the real estate market without having the need to invest a huge capital. Sounds impossible? Then read on.

The word “wholesaling” mainly refers to the act of placing a property under contract and then selling that contract to a buyer. It is basically finding a bargain property and then selling it to those who want to buy affordable real estate.

Wholesaling houses is ideal for those who want to make huge profits but can’t afford to invest huge capital. As unbelievable as it may sound, you can start being a wholesaler with no money or no credit. Because you are not really required to buy a property per se, you don’t have to qualify for a bank loan or obtain a huge amount of cash.

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The road to success in this type of real estate investing is fairly simple. All you have to do is find people who need to sell and buy homes and that’s it. Money will start pouring into your bank account once you have mastered such a simple task.

The first step to wholesaling houses is finding as many motivated home sellers as you can. As the name implies, motivated home sellers are those people who needs to sell their properties as soon as possible because of various reasons. They will mostly accept your offer as long as you help them get rid of their houses the soonest possible time.

One of the common reasons why motivated home sellers are willing to trade their houses for cash is financial difficulties. Some of them may be unable to pay off their mortgages while some can’t make ends meet, which is why they are forced to sell their homes. Another reason is that they are planning to relocate to another state or city, start afresh, and leave their old lives behind.

When you’re done finding motivated home sellers, your next task is to find motivated home buyers. These people can be ordinary families looking for a nice and affordable place to stay into. You can also sell the contracts you have acquired to your fellow real estate investors, who may be planning to flip or rehab the properties.

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Ensuring the Success of Your Real Estate Investments

Because of all the negative news about the housing market, many people believe that making real estate investments is equivalent to dumping your money in the ocean. In fact, a recent survey showed that more than a quarter of the country’s population who rent apartments have no plans of ever buying a home of their own, fearing that home values will decline because of the economic downturn.

What these people don’t know, however, is that with the right method and strategy, an investor can make money in real estate no matter what the current financial situation in the country is. As a matter of fact, there are many money-making opportunities to be had in the real estate investing business. All an aspiring investor has to do is get over his initial fear and take massive action to start generating positive cash flow as a real estate entrepreneur.

However, while it is true that investing in real estate can help a person gain financial freedom, real estate investing is not a “get rich quick” strategy. Like any other industries, the road to success is full of various challenges. It is also no secret that there are lots of real estate investors who quit the business because they were unable to overcome the challenges that came their way.

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Although succeeding in real estate investing is challenging, it doesn’t necessarily mean that it can’t be done. The following are some pointers that you should consider to ensure the success of your real estate investments:

1.       Expand your real estate knowledge. One of the keys to achieving real estate success is through constant self-improvement, which can be done by enhancing your knowledge on real estate investing. As the saying goes, knowledge is power and having ample knowledge about your chosen endeavor can give you the power to become successful at what you do.

2.       Study your market. As a real estate investor, it is important to acquaint yourself with the place you want to invest in, as well as the people you want to buy properties from and sell properties to. By observing how your target market moves, making timely decisions and identifying which investing strategies to use are virtually a walk in the park.

3.       Build networks. Establishing good relationships with people in the business, including home buyers, sellers, and your fellow investors can do wonders to your real estate career.  In addition, it can make the process of setting up real estate investments much faster and easier.

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