Become an expert in your real estate market. If you have done well in a niche market, keep doing what you have been doing!! RE isn't an experiment, I think it's a skill.
Shelley D. wrote:Tip I send my tenants a $50.00 gift voucher every time I get a good inspection report or after tax time – They love it and I love them for looking after my property.Is that tax deductible? lol
Tips for buying real estate…
1. Ask yourself where do you want to live and what type of property do you want to live in. Do you want to live in the city, near the beach, in the country, etc? It is not only more enjoyable to live in good area, but it will enhance the value of your property.
2. Consider growth areas with good access to local facilities.
3. Once you've decided on where you want to buy, make a list of what is important to you in a house, i.e. number of bedrooms, lock-up garage, view, backyard, period features, etc. Then be prepared to compromise on a few things.
4. Are you prepared to renovate?
5. Look for at least one special feature, i.e. designer interior, large backyard, period features, etc.More tips:
-Think long-term.
-Don't chase the trends.
-Focus on your goals.
-Try reinvesting.Investing the correct way is extremely important. You have to look to invest and save money for future purposes. Here are some tips for new investors to help launch an effective and long term investment strategy:
-Refrain from all equities.
-Look at mutual funds.
-Concentrate on the fees.
-Cut down the taxes.
-Investment is a long and tedious strategy. You have to stick with it and look to improve your efforts.
-Choose and implement a good investment plan.Luteru wrote:Investing the correct way is extremely important. You have to look to invest and save money for future purposes. Here are some tips for new investors to help launch an effective and long term investment strategy: -Refrain from all equities. -Look at mutual funds. -Concentrate on the fees. -Cut down the taxes. -Investment is a long and tedious strategy. You have to stick with it and look to improve your efforts. -Choose and implement a good investment plan.What's your thoughts on going to a financial planner for new investors?
Paullie wrote:Shelley D. wrote:Tip I send my tenants a $50.00 gift voucher every time I get a good inspection report or after tax time – They love it and I love them for looking after my property.Is that tax deductible? lol
It is, I suspect, considering it's a gift to tenants.
TIP,
Always do research. You can never do enough research. A lot of people dive into the property market head first and blind folded, and that’s when people make bad purchases. If you like a property, find out about the surrounding area; find out the local crime rate, find out how much properties in the area recently sold for. Find out EVERYTHING. There are tonnes of websites out there that will give you all these details at no cost.J.Smith
Consider pooling your resources. If you find that your budget won’t allow you to get into the investment property market on your own, consider investing with friends or family in a share of an investment property. With pooled resources you may also be able to afford a larger investment property and attract a larger rental return.
The best investment tips I can think of is to start investing now and earn an average annual return of 10 percent — ambitious, but possible — and you’d have to invest about $7,400 a year to get to $3.26 million in 40 years. But if you wait 10 years to start investing you’ll have to set aside nearly $20,000 a year.
Start early with whatever you can afford. It will make life much easier later.Buy properties that appeal to renters?
For your investment property to be successful you need tenants. Therefore you must consider their needs so your investment property is always occupied.
- Shopping – make sure your investment has a large shopping centre within ten minutes
- Lifestyle – lifestyle choices are also very important – look for parks, proximity to beaches, theatres, movies and other points of interest.
- Job Catchment Areas – tenants need employment, so look for properties that have industry infrastructure that will supply jobs.
- Schools – look for a selection of schools and early learning establishments close by.
- Transport – Transportation is always a big issue now and in the future, so make sure there is good access to public transport and to major arterial roads.
- Owner-Occupiers – good investment areas have a high level of owner-occupiers.
TIPS for buying a new home.
Run a credit check on yourself and verify that the information is correct. Talk to your mortgage professional about how much home you can afford and get pre-approved before you start looking. Make a list of what you want, need, and don't want in a home. Investigate the areas and price ranges for the type of home you are looking for. As you begin the search for a new home, this is an ideal time to make sure that your finances are in order and to set up your financial plan for the future.
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Looking for your dream home just click:- realty or mortgage rates.Here are some tips for real estate investors:
Avoid rental vacancies.
Take advantage of free money, particularly during a rehab or when maintenance on a property is required, getting your hands on capital can be a challenge.
Understand portfolio lending.
Respond to tenant calls quickly.
Include maintenance costs in your financial forecasts.Thanks for the great TIPS what can i add more you said it all
Hey everyone very new to this I’ve read in the book about using the forums to properties to the attention of buyers for a spotter fee in Chapter 16 in Flips and was wondering where to post these?
CheersThat is a very good tip about checking all the information and facts provided by real estate agents… remember they are only human and can make mistakes, plus they only make money when they sell property, so why would they ever tell you not to buy a property? Even though they represent the buyer or the seller their business is to make the deal happen.
J.Smith wrote:TIP,
Always do research. You can never do enough research. A lot of people dive into the property market head first and blind folded, and that’s when people make bad purchases. If you like a property, find out about the surrounding area; find out the local crime rate, find out how much properties in the area recently sold for. Find out EVERYTHING. There are tonnes of websites out there that will give you all these details at no cost.J.Smith
One of the tools I use every day is Google Earth. I can view properties and in most urban and suburban areas in the U.S.A. – take a virtual drive down the street.
I can’t tell you the number of times our clients have been refused finance OR at least ‘put through the ringer’ by their existing financier when looking to grow their property portfolio.
As long as you have completed your budget and are confident you can afford to continue investing, don’t give up. There is usually (if not always) a way to secure the necessary finance…we see this time and time again. Get yourself a great Mortgage Broker and they will usually be able to help you secure finance.Cheers
GarryIf you take the time. And I suggest you do. To read all of the post here you will learn some amazing things
Here is my contribution
1.start investing no matter what you skill and experience an no matter how small the value as it will lead to larger things. Nothing ventured nothing gained
2. Proper planning prevents poor performance ( the three p’s) works for everything
3. Everything is a learning experience even if you lose money There are companies out there that will not hire a person unless they have experienced a severe financial loss due to the the character building and financial experience it gives them.
4 do not let non investors discourage our ostracize you
5. Follow your dream or passion your gut feel will give you directionAll the best
Rob
My top tips:
– Have a plan, with a defined goal and a deadline to acheive it by. You won't acheive a goal if you haven't defined it and set a deadline to achieve it by.
– Find a wise mentor who can give you worthwhile, prudent and trusted advice.
– Use a workable, proven and effective system to manage your investments
– Ensure the data and advice you are being given is accurate and based on sound principles and proven strategies
– Avoid the temptation to "get rich quick"
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