- Lender/Broker: First and foremost are your own finances. If you are looking to branch out into the investment territory it will mean throwing in a bit of your own monies, whether borrowed or from savings/investments of your own. Make sure that your own credit is also up to snuff, the last thing you want to have happen is to find an embarrassing or unknown blight on your report. Being declined for your first loan is hardly an ideal way to get your investments tools in gear. After speaking with colleagues and acquaintances, try to get a few names for potential brokers/lenders. After all, having someone recommended by a trusting friend, might be reason enough to set up a meeting. Make sure to have at least three candidates, it wouldn’t hurt to hear about other’s track records and approaches when it comes to investment opportunities.
- Real Estate Hunting: Yes, you might go the realtor route, or you could get in the hunt yourself, sometimes hitting the classifieds and just walking through your target neighborhood can sometimes reveal that hidden gem. Keep your ears open, you never know when a deal could literally fall on your lap, a friend of a friend could be in dire straits and wanting to unload a property quickly, but you’ll never be able to get in there without a little effort on your part as well.
- Be Determined: Sometimes the difference between your bid and the next guys is persistence. Be willing to work and compromise to make a deal that was heading south, climb out of the frigid waters of Failures Ville and into the calming pools of success! And sometimes you just have to learn to walk away. As a savvy investor, you will soon have the ability to pick up on properties that are worth the extra effort.
- Tricks of the trade: This means having a good list of appraisers and inspectors, reputable people that you can rely upon to give an honest assessment. If you are at a point that you are considering making an offer on, be smart and above all, patient. The last thing you need for your profits is to get stuck with a property in dire need of major renovations; repairs you could have potentially avoided had you taken the proper time and techniques for fleshing out riskier investments. Have a team approach to your investments and make sure you’ve got all areas covered, from finances and assessments to contractors and agents.
Wednesday, March 6, 2013
What Your Lender Won’t Tell You: Hidden Secrets Coveted by Wise Investors
Below is a guest post by Tiffany Walker. This is a continuation on our discussion on real estate investing. If you would like to write a guest post, please contact me. Click on the About Me link for my contact info.
Tiffany Walker is a former real estate agent who now enjoys freelance writing. She primarily focuses on the issue of real estate investing. When she isn't writing, Tiffany enjoys dabbling in graphic design projects and oil painting.
Mistakes can be looked at as lessons in disguise and true knowledge is gained by either personally experiencing said mistakes or by living vicariously through someone else’s (my preferred method). Regardless there is something to be said about the way you choose to look at your mistakes as well. One popular notion that is attributed to this creed might be, “nothing ventured, nothing gained”. And when speaking about the world of commercial real estate investments, this might be a good way of getting your feet wet in the business.
It’s true, commercial real estate investments offer a wide array of avenues to venture off into and for the savvy investor they can appear to make great choice after great choice, but how is this possible?
Let’s look at a few tips below to help the novice investor get a foothold in the real estate door:
At the end of the day, purchasing commercial real estate can be a worthwhile opportunity to watch your saving grow and be an active participant in your own investments.
Be smart, patient and persistent.
Labels: Real Estate Investing