If your dream is to become a millionaire, real estate is a great way to get it. It doesn’t matter where you live, what your education is, or where you work. Take advantage of the opportunities that exist in the real estate business. Yes, you may become a millionaire when you become familiar with the techniques and methods of buying real estate.
Study the local real estate market. Analyze difficulties and increases in the local market, including neighborhood factors, new construction and supply and demand of local factions. Ask a real estate agent to give you some statistics.
Evaluate the economic cycles, interest rates, cataclysms, inflation and cash flow of the cities that interest you. When you buy real estate through a real estate agency, remember that the agent works on commission. You can easily search for a property without paying a commission to an agent and save money.
Check the classifieds.
Check the classified ads of the local newspaper. Drive around the neighborhood and look for “Selling” signs in the houses. Ask your family, friends, and business clients if they know of anyone who wants to sell their property.
Thoroughly analyze each property. Check the condition of the house, the previous owners, location and environmental factors, traffic, services, nearby power lines, or a nearby landfill. Consider the value of the house, its price, any necessary improvements, if it has financing, levies or other connected liabilities.
Consider the potential income of the house. Do many repairs need to be done, such as leaks in the ceiling, moisture in the basement, or cracked plaster on the walls? After investigating all aspects of the property, decide the strategy that will give you profits, keep the owner happy and have a minimal risk to you.
Choose to keep the property, rent it or buy it and sell it immediately. Reselling property is the most profitable way to get good profits and start your way to becoming a real estate millionaire. Find a reliable contractor who can do the repair work or do it yourself if you have construction skills.
To create real estate wealth, you have to know when to apply the right strategy to maximize your profits. Use a specific strategy or creative financing that suits the specific situation of each property. You can buy real estate with these financing options: no loan, mortgage loans, seller financing, loan assumption options, wraparound mortgages, lease options, mortgage line of credit, partners, credit cards, a promissory note, or your Own financing ideas.
Buy houses foreclosed by the bank, foreclosures, HUD and VA properties, short sales (purchase the lien at a preferential rate without all the foreclosure paperwork) and REOs (foreclosed real estate) to benefit from real estate offers. Find a list of the properties that are sold at the local tax collector’s office, usually the county and take advantage of the sales of the foreclosed properties. Online offer to buy these properties with the lowest price.
Tips
Buy houses foreclosed by the bank, foreclosures, HUD and VA properties, short sales (buy the lien at a preferential rate without all the paperwork of a foreclosure) and REOs (foreclosed real estate) to benefit from real estate offers.
Find a list of the properties that are sold at the local tax collector’s office, usually the county and take advantage of the sales of the foreclosed properties. Online offer to buy these properties with the lowest price.
Make an investment team (agents, contractors, electricians, accountants, mortgage brokers, etc.) before buying so that you are prepared in advance.
Visit the local court to obtain property records.
Check the financing history of the property owner. Be creative with your strategies, traditional financing is not always the best option. Use all possible financing resources and use your advantages to buy a property.
Improve your financial situation by paying bills on time, improving your credit and reducing your debts. This will improve your chances of getting loans.
Buy Dean Graziosi’s book “Be a Real Estate Millionaire” (Be a real estate millionaire).
Warnings
Never buy a property without seeing it and checking its history. Always do a title search on a property to see all the debts you have linked. It is important to keep a record of repairs, improvements and the necessary costs for the property. Research thoroughly or you could end up with a bad property that nobody wants to buy and you can’t sell.