Trying to find great investment properties requires careful planning and research. The locationLocation is where a property is geographically situated. "Location, location, location" is a broker's maxim that states that where the property is located is its most important feature, because you can change everything about a house, except its location. and amenities of your home are important in deciding whether or not it will be an asset.
Q: First off, I love all of your greatly informative articles and blogs. Thank you for providing the public with such useful information. I was curious to know how to go about locating and purchasing some properties that would be comparable to the ones in your article “What Can You Buy for Less Than $1,000?”
I am new to real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. and have no prior experience though I believe this may be a good way to get my feet wet. Could you please help?
A: That story was published some time ago, though we are planning an update. The best way to find great investment properties is to hire a local real estate agentAn Agent is an individual who acts on behalf of a consumer. A real estate agent represents a buyer or a seller in the purchase or sale of a home. Licensed by the state, a real estate agent must work for a broker or a brokerage firm. An insurance agent helps a consumer purchase an insurance policy. Insurance agents are also licensed by the state.A Real Estate Agent is an individual licensed by the state, who acts on behalf of the seller or buyer. For his or her services, the agent receives a commission, which is usually expressed as a percentage of the sales price of a home and is split with his or her real estate firm. A real estate agent must either be a real estate broker or work for one. who can help you search for them. There are properties out there that are priced extremely low, but there aren’t that many and some are in less than desirable neighborhoods. That’s why you need an extremely good agent who can assist you in finding the right properties in the right location at the right price.
In addition, you’ll need to put together a great team of people, of which the real estate agent is just the first. You’ll also want to hire a great mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. lenderA Lender is a person, company, corporation, or entity that lends money for the purchase of real estate., property inspector, accountant or tax preparer and attorney. Each of these folks plays an important role in helping you build your own real estate investment portfolio. If you get them talking to each other, so that they feel comfortable reaching out with questions about your investments, all the better.
Ilyce has written an eBook series on investing in real estate. You might consider buying it for $2.99 on Amazon called “The Successful Real Estate Investors Guide.” We believe that if you take the time to learn about how to invest in real estate, you’ll do much better than if you throw cash at a property just because it seems like it is low priced.
As a first time home buyer you need to understand that the price of a home is only one piece of a larger puzzle. You need to understand that the location of a home is extremely important to how well you enjoy living in the home and the community. The type of home, size, and amenities is extremely important in deciding whether to buy an asset that you may keep for years to come.
The article you quoted was from some time ago when foreclosures and other bank owned properties were selling at record low numbers. You could buy a property for almost nothing, but you’d need to be prepared to put a significant amount of money into those homes to restore them and bring them up to a level where people could live in them.
Learn about the area you might want to live in, decide what type of home you like, your must-haves in a home and what your budget is. Then find a good real estate agent in your area to guide you in the housing inventory out there so that you may make a sound financial decision for yourself.