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When starting out in the
business of real estate and foreclosure investing, it is important
to keep five simple tools at hand at all times. A notebook and pen
are important for obvious reasons. In addition, a basic calculator
will help get rid of small calculation problems which can lead to
lost profits. It is also always a good idea to keep a local area
map. Time is money and getting lost on the job is not a good idea!
Finally, you need to have the right mindset and attitude to finish
deals and persuade others to see things your way.
Need help getting started? Then ask yourself this question. How
often do you pay attention to your surroundings? Potential real
estate endeavors are in each and every neighborhood! Try this simple
exercise. When driving around town for errands, pay attention to the
subdivisions you pass. Make note of areas of housing that you have
never thought to look into. Then spend a couple extra minutes,
shouldn’t take longer than fifteen, to actually drive through
different neighborhoods and analyze the houses you pass. Look at how
well the house has been developed and maintained, how much money the
owners of the house have, what cars they drive is usually a adequate
model to look after. If any homes are for sale, don’t be afraid to
stop and pick up information and look into the house with more
detail. Keep doing this every time you go out to drive and you will
find yourself immersed in real estate knowledge in no time.
You might ask what the point is in learning about individual homes
and driving through strange subdivisions. There are many homes, in
every neighborhood, that don’t quite seem the same as the other
homes around it. This may be due to a family who doesn’t care about
maintaining the exterior integrity of their home. It may be due to
too many people living in one house or not enough people living in
one place. Also look for structural differences and whether or not
certain houses were built better than others. The more you look for
houses that don’t fit the puzzle that is a healthy neighborhood, the
more likely you are to find them. If you continue to gain a sense
for how houses should look in their respective areas, you will begin
to form a backdrop for investing with success. Don’t worry about how
you will use this information just yet, more information is provided
later in the fifth chapter. For now just make a mental note using
one of your five tools (can you guess which one?) and move on.
One of the reasons that a map or guide is valuable is that it can
help you determine where the more profitable housing areas are.
Neighborhoods closer to certain venues, such as family areas, golf
courses, etc, will usually be worth more than those in the middle of
nowhere. The houses in these areas are usually taken care of and are
the type families are looking to buy. Much in the same way, housing
areas near freeways, airports, and other loud or annoying venues
will be worth less then those not. Using a map will allow you to
investigate only the neighborhoods that will sell for the most.
By using these tips, you will be able to learn about real estate and
investing in no time at minimal cost. Spending a couple extra
minutes when out driving anyways to look at houses should not be a
big deal. And aside for money for gas and a good map or guide, you
will not be out much money at all. There is little risk to using
these methods and there is much reward in the valuable knowledge you
will gain. |
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