One Day He Was Offered A" Real Deal" On A 33- Unit Apartment Building And He Took It

Category: Finance, Real Estate.

I m sure most of us have played the very popular board game called Monopoly at least once in our life. Once purchased, properties can be built on them.

If not, the premise of the game is to roll dice, land on properties and eventually buy them. First you build a house and then another until you get four on a particular property. This is a great lesson to all" would- be" real estate investors just entering the market but still unsure as to a game plan. Once you reach four you are able to build a hotel and so on. Lots of investors just jump into the market without a focus, or business plan, game plan( whatever you would like to call it) . If you are in the market without a plan, please take a few minutes and heed this advice.

This is scary to think about it and it should frighten the heck out of those of you who are doing just that at this moment. Buying properties should not be looked at as" the one with the most wins" . If you ran out and bought 20 properties and then found out you didn t care for real estate investing, well too late you better get liking in soon( at least until you can get rid of them) . Rather you should slowly dip your big toe in the real estate waters to see if you even like it. If your having trouble coming up with a focus, one suggestion would be to take the game Monopoly and adapt it as your business plan. Buy one property, and sell it, fix it up or hold it. This may sound somewhat ridiculous but what is meant by that is to take your time.

Then when you feel comfortable with the process, decide whether or not you want to purchase another one. Once you are comfortable with that then maybe you want to try your hand at apartment buildings, commercial properties or development. Once your feet are sufficiently wet, then you can move up to bigger projects if you like such as duplexes, six units, fourplexes, and eight unit properties. This methodical approach will give you time to learn, put systems in place and really season yourself as a true real estate investor. One day he was offered a" real deal" on a 33- unit apartment building and he took it. Just as an example, we knew an investor who had only a couple of single family homes in his real estate portforlio.

Soon afterwards his tenancy dropped below 50% , and his roof needed to be replaced in the tune of$ 60, 000! The point of the article is to take your time. Not to mention he had to figure out how to manage the property quickly or he would be looking at further decreases in tenancy and in turn even more money out of his pocket for his debt service. There are tons of good deals out there and you won t miss them by taking your time. Use the game Monopoly as your guide for a sound business plan that will have you purchasing properties steadily and ensuring your that you become a successful real estate investor. Don t set yourself up for failure by taking too much on at one time and possibly leaving yourself vulnerable financially or finding out that you just don t like the stress of real estate investing.

Read more...

Many People Fly Out From Britain For A Long Weekend In Portugal - Finance and Real Estate:

The Alentejo area is blessed with a beautiful coastline and is easily accessible- as most of Portugal is- house prices are significantly lower than in more well- known regions such as the Algarve. There s loads of space not on the Algarve, but the rest, of course of Portugal, empty roads, [people] living really from day to day.

This Is Also Why Many People Are Moving Into Dallas - Finance and Real Estate:

You already know that there are real estate agents and realtors who will buy your ugly house.

Water Problems Again - Lesa Kimberlin about Finance and Real Estate:

I always advise any home purchaser to get a professional home inspection. So why not get in the habit of looking for those tell- tale red flags for yourself anytime you are looking at property for sale.