You have to recognize that property investment is a complicated
process, risky, and time consuming, which is not for the faint of heart.
Investing in real estate can extrapolate large
amounts of money in relatively short periods of time. It can also destroy your
livelihood particularly if it is done with patience and a bit of assistance.
Below is a list of 7 tips that Dean Graziosi has gathered to help you make the
proper decisions for investment.
1. Check property
right. This is the most important aspect of any real estate purchase. Hire
professionals to meet your initial inspection. You can also check with
neighbors about the history of the house, who lived there, take care of it,
they were always breaking things and causing a scandal. Where appropriate, a
thorough inspection should be made, you never know what a person can do in a
house they know they go.
2. Specialize only
in one type of real estate. There are many different types of real estate
in the world, trying to be traded-Smith will bring them all frustration rather
than profit.
3. Learn the best
you can local and state tax laws on a personal basis. State and local tax
laws can have a huge impact on the final price of credits and payments, which
will have a direct impact on cash flow.
4. If you are
renting property in question, know the tenets. It is very tempting to take
the first tenet that needs cash on hand. While it is important to get the cash
flow moving from a property which is just as important to get the tenets that
will not destroy your rental. In the long term, following this advice will save
more money than you make haste tenants have not been inspected in your
property.
5. Learn when to
cut losses. Money loss can make someone’s hair to turn gray and fall. It's
one of the most stressful situations an investor can find himself in. So, be
honest with yourself and note any problems that will affect cash flow of any
given property. If necessary, admit that you got in over your head and deal
with the problem accordingly.
6. Get a mentor.
Dean Graziosi believes that a mentor can be a valuable new investor save tons
of personal failures and frustrations along their chosen career. A mentor, even
paid, can give vital clues in the art of real estate negotiation, how
to handle short sales, REO's and Foreclosures.
7. Once a surplus of cash
has been created, the best avenue for that cash, if you’re interested in growing
your career, would be to start your own real estate business. At this point, you need to be very
experienced, 5-10 yrs. minimum, and have a high level of confidence in your own
ability to find, rehab, and sell properties.
7. Once a cash
surplus was created, the best way for the money, if you are interested in
growing your career would be to start your own real estate business. At
this point, you have to be very experienced, years 5-10. Minimum, and have a
high level of confidence in your ability to find, rehab, and sell properties.
Use these tips from Dean Graziosi, plus your own business savvy
and you’ll find your way through the real estate maze to get that all elusive
profit.
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