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How to Become a Successful Real Estate Investor
Many folks dream of becoming real estate investors, but not everyone has what it takes. If you're dreaming of becoming an investor, here are several important questions to consider, long before you buy your first investment property: 1) Why would a homeowner sell a house at a bargain price? Many things happen in people's lives that make their home suddenly become a burden. Loss of income, divorce, or illness are the most common, but sometimes a homeowner dies, leaving a home that none of their heirs wants. In any case, the home has become a problem, which is where you, as an investor, come in. The homeowners, or the heirs, have a problem, and you must find a way to offer a solution. 2) What types of houses should you look for? Besides being owned by someone who no longer wants or can afford to stay in a property, you want to find a home that's only tired, and not in need of structural work in order to favorably compete with similar houses on the market. We call that type of house a "doghouse." 3) How do you find doghouses? Your real estate agent can scan the MLS listings, looking for fixer-uppers, handyman specials, or as-is houses. You can also find similar properties yourself, using the local newspaper or shopper. 4) Should you try to close quickly? This is an important step in becoming successful, because beleaguered sellers will almost always be in need of money in as short a time as possible. Get yourself prequalified and preapproved for a loan, so you can close on the property quickly. Being able to let sellers know they'll get paid fast will consistently net you more houses than your competition. 5) How do you flip houses fast? Find ugly homes, in good neighborhoods, that need as little work as possible. Clean them up, paint them inside and out, and install a neutral shade of new carpet, and you should be able to flip the home in a short amount of time. Always keep your limitations in mind. Hiring professionals for repairs will cut into your profit margin. Asking yourself these questions will help get you started in your real estate investment career, and keeping these answers in mind at all times will keep you from making costly mistakes as you buy and sell investment properties. (c) Copyright 2004, Jeanette J. Fisher. All rights reserved. Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, newsletters, and sales flyer template, see http://www.doghousetodollhousefordollars.com/pages/5/index.htm
MORE RESOURCES: Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Top real-estate CEO sees decades of housing pain ahead: 'What the Fed did will have a 30-year tail on it' Yahoo Finance Commercial Real Estate's Systemic Threat: Separating Fact From Fiction Commercial Observer Rules that helped set real estate agent commissions are changing. Here's what you need to know The Associated Press Refined Real Estate: Historic Queen Anne Polson House lists for $6,950,000 seattlerefined.com Luxury's Latest Battleground: Real Estate | BoF The Business of Fashion The Realtors' Big Defeat The New York Times Local real estate agents face uncertain future with new negotiation rules WJHL-TV News Channel 11 Investigation underway after 44-year-old real estate investor seen on video firing shots off boat docked at Lakeview ... WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale Will March bring more madness to Craven County's real estate market? New Bern Sun Journal Rules that helped set real estate agent commissions are changing. Here's what you need to know Lufkin Daily News A luxury agent on how the NAR settlement will change his business The Washington Post What National Association of Realtors agreement means for Texas real estate KAMR - MyHighPlains.com Rules that helped set real estate agent commissions are changing. Here's what you need to know KXLY Spokane Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times National lawsuit could shakeup housing market, cut into real estate agent commission 11Alive.com WXIA Swimmo Invest Opens up a New Chapter in the Real Estate Industry Markets Insider Realtor group will pay $418M to settle commission lawsuits The Associated Press What Seattle-area homebuyers should expect after national settlement The Seattle Times CrewBaltimore’s mission to accelerate women’s success in real estate Afro American Newspaper Realtors settlement to lower home sale costs, alter commission structure - The Washington Post The Washington Post Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal Settlement will affect Iowa homebuyers KCCI Des Moines Israeli real estate event: Legal complaints escalate NorthJersey.com What the death of the 6% real estate commission means in D-FW The Dallas Morning News China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal Making Sense of New York's Confusing Luxury Home Market The Wall Street Journal Real estate commissions, unassailable for decades, could crumble after landmark settlement The Denver Post A commission settlement may affect housing market 9News.com KUSA Rules that helped set real estate agent commissions are changing. Here's what you need to know Northeast Mississippi Daily Journal Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Pension funds snap up real estate at steep discounts Financial Times Bay Area Real Estate Executive Charged with Wire Fraud, Identity Theft in Investment Scam - Hoodline National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Foreclosures Are Rising—Especially in This One State—but Not for the Reason You Might Think SFGATE Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Rules that helped set real estate agent commissions are changing. Here's what you need to know News10NBC Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal Real estate lawsuit settlement upends decades-long policies that helped set agent commissions WQAD Moline Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times Manhattan Real Estate Update westsiderag.com The NAR Settlement's Impact On Commissions And Home Prices Financial Samurai End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Bridgemarq Real Estate Services (TSE:BRE) Share Price Passes Above Two Hundred Day Moving Average of $12.93 Defense World Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily 4 Ways a Settlement Could Change the Housing Industry The New York Times Real Estate Stocks Drop As NAR Agrees to $418 Million Settlement Markets Insider Colony Ridge violated deceptive trade practices, Texas says The Texas Tribune Agent Migration and the Power of New Mike DelPrete Antitrust ruling rocks real estate: Buyers brace for shift in commission structures Straight Arrow News |
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