1) Money is made at the time of purchase in real estate, that’s a statement nearly as common as location, location, location when the talk is of real estate—but true.
2) Reaching the owners but anyone else puts you in an advantageous position. Don’t take on more than you can handle—there will be other opportunities.
3) It’s better to have missed out on a chance than to take on a property that you can’t sell and is losing money and taking up all of your time.
4) Prices of properties that have actually sold in your area are much more valuable than the advertised prices of property.
5) Do your research: gather information from the local chamber of commerce—area trends, planned developments, and public and private enhancements of the city. Ask, what will this area be like in 5, 10, 15, 20 years? What stage is the neighborhood in? Is it an area that is growing?
6) If there are low vacancy rates, upgrades to properties are being performed, and expansion—that’s all positive.
7) But if there are high vacancy rates, abandoned buildings, buildings are not being taken care of, graffiti, and crime is up—all negatives, then it’s a bad investment.
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