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Ten Myths Of Real Estate Investing
Is real estate investing only for the wealthy? Can you buy with no money down? Do you have to know the "right" people? Let's answer by looking at some of the myths of real estate. 1. Real estate investing is for the wealthy. Money helps, but my first real estate investment was a $3,500 lot - which I sold for a profit two weeks after I bought it. Small deals, partners, low-down deals, or just putting aside $7 per day for a couple years until you have enough money for a downpayment - these are some of the ways to start with a little and invest in real estate. 2. "0 down" isn't possible. I sold a rental property for $1,000 down because I trusted the buyer to make the payments, and I wanted the 9% interest and higher price. He could have gotten a cash-advance on a credit card for another $30 per month and made it a "0-down" deal. "No money down" means none of YOUR money down, and yes, it happens. 3. "0 down" is the best way. If you don't invest some of your own money, you'll have higher payments. You'll also spend more time finding suitable properties, and pay more for them (generally cooperative sellers want more for their cooperation - I do). There are 0-down deals out there - they just aren't always worth doing. 3. You need experience. Experience helps, but you get it by investing. Start with common sense, ask how you can lose money, be willing to learn the numbers, and you can start where you are. 4. Some investors have a "knack" for making money. Sort of. More accurately, some just took the time and risk to learn the market and continue their education. 5. You need to know the "right" people. It helps, so start the process. Talk to investors, real estate agents, landlords, etc. 6. You have to be great negotiator. If you learn to run the numbers and make the offers based on them, you can be the worst negotiator and still do okay. 8. You need insider knowledge. Understand one deal, and you are on your way. Read and read more, but the best "insider" knowledge comes from experience. 9. Fixer-uppers are safe. People have the idea that doing the work themselves is the safest way to assure a profit. Not true. Mis-planned "fix and flips" have bankrupted even experienced investors. Most poorly purchased rental properties will only eat a little money every month. 10. The key is lowball offers. The numbers have to work, and you need a plan. You can offer MORE than the market price and make money investing in real estate, if you understand creative financing - and how to do the math. Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com
MORE RESOURCES: Prologis Warns of Slowing Industrial Real-Estate Market The Wall Street Journal Office market collapse: Commercial foreclosures spike 117% in a year Business Insider 'It was surprising.' Metro Detroit man caught up in real estate scam; here's how to protect yourself WXYZ 7 Action News Detroit 21 Largest Real Estate Companies in the World Yahoo Finance Big Tech Is Downsizing Workspace in Another Blow to Office Real Estate The Wall Street Journal Real Estate Briefs | April 19 | News, Sports, Jobs Cape Coral Breeze Banks' Commercial Real Estate Risks Are Uneven Federal Reserve Bank of Kansas City Inked: Recent LI real estate deals Long Island Business News TikTok’s Origin Story: Court Files Show Role of GOP Megadonor Jeff Yass The New York Times Blackstone Earnings Rise as Investment Giant Projects Commercial Real Estate Recovery - CoStar Group Motley Fool: Investors could trust real estate The Spokesman Review Real Estate Minute – 04-18-2024 KFDX - Texomashomepage.com Real Estate Balance Announces Chair CoStar Group Real Estate Transactions: April 19, 2024 The Recorder Real Estate: Q1 2024 - Coronado Real Estate Market Update Coronado Times Newspaper Southeastern Wisconsin industrial real estate market softens in Q1 BizTimes Milwaukee Inside PROFILEconnect 'A Night at The Museum' Real Estate Impact Conference at the Coral Gables Museum PROFILE Miami Google's Strategic Job Cuts Reflect Ongoing Cost-Cutting Measures, Affecting Real Estate and Finance Departments Yahoo Finance Bronx real estate sales drop across the board, though spring market may be more active: report – Bronx Times Bronx Times Legacy Hills neighborhood in Celina wins award at DBJ Best Real Estate Deals - Dallas Business Journal The Business Journals Jefferson at the Grove apartments among DFW's Best Real Estate Deals - Dallas Business Journal The Business Journals 'A Man in Full,' starring Jeff Daniels as an Atlanta real estate mogul, dropping May 2 FOX 5 Atlanta Inside Savannah Homes: $6.475M Historic Monterey Square home Savannah Morning News Mike Wyatt honored with Lifetime Achievement Award for brokerage career, community support - Dallas Business Journal The Business Journals S.F. housing market: Still very few homes, selling even faster San Francisco Chronicle Tom Thumb southern Dallas named one of Dallas' Best Real Estate Deals - Dallas The Business Journals Will It Be a Pricier Housing Market in Spring 2024? Norada Real Estate Investments Mixing real estate & renewable energy to help build greener world NoCamels - Israeli Innovation News Blackstone Real Estate Earnings up 15% in First Quarter The Real Deal EquityMultiple Bullish on Industrial Real Estate Sector, Brings Opportunity to Individual Investors Newswire Why you might not need a real-estate agent when buying a home Business Insider WHO?! This Southern Utah Town Is A Real Estate Hot Spot! Cat Country 107.3 and 94.9 AI in real estate discussed during virtual forum Westfair Online The Real Estate Top Performers share tips for buying or selling a house in today's market! WUSA9.com Documentary shows roots of segregation were planted in Chicago Tribune High Country Real Estate: First Quarter 2024 High Country Press Real estate mogul concerned how Americans will deal with squatters: ‘Something really bad is going to happen’ Fox Business Millennials Are Coming for Your Golf Communities The Wall Street Journal Celebrity real estate agent Mauricio Umansky explains when housing prices will come down Fox Business Boise Real Estate Market Steady Amidst California's All-Time Low KIDO Talk Radio ‘It doesn’t smell right.’ Michigan councilman linked to $69,000 marijuana real estate sale MLive.com A new real estate trend? Shopping malls converted into residential units in South Florida NBC 6 South Florida China home prices slumped in March as property crisis drags on Business Insider Will Hilton Head real estate pricing rules change this summer? Here’s what’s in play Hilton Head Island Packet Fannie Mae, Freddie Mac clarify real estate commission rules National Mortgage News REAL ESTATE | The Lofts at Cedar Lake include access to a 245-acre wooded campus washingtoncountyinsider.com Tiny California home the size of a hotel room will sell for 'considerably' more than its $1.7M asking price New York Post Real estate: Buyer’s agents’ role in today’s real estate market Main Street Media of Tennessee Former HGTV star from Los Gatos sentenced in $10M real estate fraud case CBS San Francisco Retirees: Is it time to downsize, even in this real estate market? Effingham Daily News |
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