Real Estate Investment Is All About Understanding Your Needs
It’s completely up to you to spend however much or little money and time on your advertising. Bake some cookies and have a Sunday afternoon open house! People will come with their spouses and friends and they’ll tell their friends and so on. That’s called viral advertising! Pitch it as a “Choose your neighbor day” and invite your neighbors. They might have a friend or relative who’d love to move in next door.
Prevent yourself from entering into any transactions that is considered “self dealing”. It is a term used to describe any circumstances wherein an individual who is connected to the company makes use of his power to gain personal benefit from the investment.
The state has a lot to offer from the beautiful climate all year long to great scenic views. The median price home in Bend Oregon is 2,000 and that’s after the 16% correction that it had this past year. In 2003 the same homes were going for 5,000, which means that the value of that home has increased by 50%, better than what is going on in the rest of the country. If by chance you bought it as an investment and had rented it out for the price of an average price rental in the area, you would have brought in roughly ,000. Investments like that are not something you find every day, but in Oregon it’s much more likely to happen.
Flipping houses is work. It takes hard work to find an exceptionally good deal. It takes knowledge of your market. It takes knowledge of rehabbing. It takes knowledge of the house selling process. It requires holding money and it usually takes longer than you thought it would. That 3 month time frame you had in mind will probably be more like 6 months unless you’ve done a lot of fix and flips before.
A huge quantity of work can be anticipated. To get a decent working knowledge of real estate will involve learning many different subjects. There will be many skills to learn while becoming educated, including finance and negotiation skills.
Read up on the latest news. While land is permanent, it doesn’t mean that the investment does not devalue. Keep yourself abreast of the latest real estate invesment news. You never know when the real estate market is going to take a tumble.
Real estate is not the stock market. You cannot expect to play it for short term profits. In the past, people have invested in property and flipped it for handsome profits. But that bubble has popped and it is anybody’s guess when things will be as they were before. So, play in real estate only if you are in it for the long run.
Next you must speak with your chosen lender for an estimate of the cost involved in procuring the loan. As per law, the home loan lender needs to provide you the estimation statement within 3 days of having received your loan application. You must also ask your lender, which type you have been selected for. Don’t forget to ask him/her about interest rates, terms of the loans, and other specific information, ex: higher repayment penalties etc, as these can spell trouble later on.