Having a reference or document to refer to is a very important part of any business agreement. Most contracts between you and a property manager will detail that he/she is responsible for collecting rent from all tenants and forwarding the rent to you. The contract may also state that he is responsible for routine maintenance or needed repairs.
The several thousand or even millions of foreclosed properties allover the US are prime pickings for investors or first-time home buyers, if they know what they’re doing. Foreclosed properties are some of the best buys and worst around. Most lenders simply have so much to dispose of they may not have maintained them properly. The may look fresh and sparkling on the outside but what about the guts of the property or home? These can easily be checked for defects by licensed home inspectors who can point out major problems should they exist out of sight of us normal people.
Most real estate development projects are aiming for green technologies to capitalize on the many perks being offered by the government for such projects. From tax discounts to other incentives, companies and developers who adopt green technologies even before they are made mandatory by law in the coming years. The government is scheduled to pour out billions in the development of such technologies that are starting to filter down the construction industry down into the home.
Image source: www.propertyforeclosureprofits.com
Here’s a simple method of getting to know your real estate investing market, which is VITALLY IMPORTANT before you can know if a property/price is worthy of calling a ‘deal’ or not…
This ‘LAZY’ method of market research reveals some amazing facts about the real estate investing market in your area and it works for any area there is….
Take a local newspaper (you can get many of them online, for free, nowadays) and simply count the number of ‘For Sale’ and ‘For Rent’ ads, keeping track of them for later reference.
Usually, Sunday and Wednesday papers are the ‘biggest real estate investing days’, so, for now, just watch these.
Keep track of the number of ads for a few weeks and watch what is happening to your market (hold on, now, we’re coming to the part about you turning all this research into a really great real estate investment).
Keeping more detailed records (what price for a 3/2/2 in the SW part of town is being offered for sale and rent wise, etc.) will yield tremendous knowledge, but, for now, just to get started in your real estate investing, stick with the basic ‘total ads’ research.
After a few weeks, you’ll start to see ‘trends’ in the real estate investing potential of your area – maybe the number of For Sale is going way up and the number of For Rent is going way down…
Investing in a real estate business is not that plain and simple. A realtor will go through the process of buying, renovating and then selling his acquired property. Not all transactions will be rewarding and it is vital that an investor be knowledgeable on the ins and outs of the business.
