Becoming a successful real estate investor
Becoming a successful real estate investor requires being able to find good real estate investment deals and put them together.
Your job is not to become an closing attorney, a management expert, or a repair person.
You must learn how to appraise and find the true value of real estate this information will help you make better investment decisions.
Realtors, appraisers, and banks determine what a property is worth by looking at comparable sales usually three to five sales of similar property that has recently sold in the same neighborhood.
You must be able to do the same.
Getting a list of comparable prices of properties bought or sold (and when it sold) for the neighborhood you need information about, and asking active real estate investors in your area what the market is like will be helpful and making a better investment decision.
What is the ideal market for investing?
There is no such thing as an ideal real estate market for investing.
It tends to be more difficult to find bargains in rising markets if the market keeps rising the probability of selling the property quickly for a large profit increases.
In contrast but when property values are falling more bargains become available.
You need to be able to assess the true value of properties based on when you expect to sell.
Your purchase must be made at a good enough discount to allow for a profitable sale at a later date.