On the other side of the "great buy"
Becoming a seasoned investor, comes with its own challenges. From an outsiders perspective, it can appear abnormally easy for some eager individuals to succeed in the real estate investment game. While some appear to hit the real estate profit jackpot with ease, there are always two sides to every story. Many an investor can tell you of the times they should have thought twice about signing on the dotted line and purchasing real property in the amount that hardly any of us would consider a casual purchase. Often, the things that make the "great buy" are the things that the investor is willing to do. Sometimes, you have to go where no one else will go. This can mean literally, cleaning up the left behind trash (let your mind take you where it needs to), and enough elbow grease to oil ten tractors! I can tell you from personal experience, that sometimes the best "gemstones" are right under your nose. In fact, you can usually smell it- if you get my drift. We once bought a house that no one would touch. Yes, just what I said. No one would touch the door knobs- any of them! They were so dirty, even the bravest of real estate agents were grabbing tissues to turn and open the doors. So, if the door knobs were that bad- what do you think the carpet was like? Lets just say it got ripped out right away! Once everything was fixed up, looking good, and smelling pretty, it seemed too easy. It was a "great buy." You know, the kind that looked soooo easy? If you're ready to venture out and try your hand at the property investment, there are a few things to consider beside whether or not you can afford it. Those things should include 1). your availability in your schedule. Even if you sub-contract work out, it still takes plenty of time to manage your job site 2). ask yourself "once I make the improvements I want to make, will this still be priced competitively?" You certainly do not want to "over improve" your market area, and 3). Do you have access to some good council, from someone who has charted the property investment waters before you? Do your homework, and know there is more to the other side of the "great buy."