So, you are interested in the real estate market, but where do you begin? Today, we will discuss three habits highly successful real estate investors possess. First, a successful real estate investor researches each property deeply. You must ensure your investment is sound. Otherwise, you will lose money, rather than earn money.
Things to know before making the decision to purchase:
- Is the parcel located near any prime commercial real estate?
- What is the parcel zoned as? For example, a parcel in a flood zone will be harder to market to your potential buyers.
- Contact code enforcement officers to inquire if there are any outstanding issues for the parcel.
- Is the house in a marketable condition or in desperate need of repair?
- Does the house have any history which would hinder resale?
- What is the reason for the house being sold?
The real estate market can be very lucrative, but investors must make the time to research each possible deal. Many investors enter into a deal blindly, believing money will just start to automatically flow. Research is the most important of the habits highly successful real estate investors possess.
Second, networking is crucial to a successful real estate investor. Your networking arsenal should include a real estate agent, a home inspector, a handyman, an attorney, and an insurance agent. Having connections in each of these fields is vital.
Third, do not try to spread yourself too thin. There are many ways to earn money in the real estate industry. One specific niche is purchasing properties from tax deed auctions. Many times, you can purchase the property for the taxes due, interest and penalties. The three habits listed above are just a few habits highly successful real estate investors possess.
Tax Auction Properties: Are they Viable Leads?
Nevertheless, this niche does carry a certain amount of risk. Because you are not able to properly inspect the home’s condition prior to the auction. To work around this, you can research County Real Property Records for the current owner’s mailing address and send them a mailer. This way, you are able to gauge their interest in selling their property prior to the auction. Current property owners may be open to making a small profit for themselves.
Once a property goes up for auction, the current property owner must leave the property and doesn’t get any money. When they choose to work with a property investor, they still lose the home. However, they are less likely to damage the home prior to leaving; since they stand to make a small profit before they do.
Currently, Tax Deed Auction Info is offering a Giveaway for Carter Coombes book, “Habits of Highly Successful Real Estate Investors.” Enter now to see if you win, five lucky winners will be chosen at random. Good luck! Feel free to share!