1. Before entering in any business, you should know the market situation and this applies to real estate investing as well. You should also do a neighborhood analysis of the supply curve and the average days on the market through the assistance of a real estate broker.
2. Use Zillow, e-appraisal, trulia and determine the value of a property by doing a comparable analysis. Instead of relying on a broker, you can use these websites to find the comparison report.
3. Don't estimate the repairs by yourself. Get advice from different contractors and get their bids in writing.
4. A good contractor agreement is necessary and its always good to have a local attorney and get signed lien releases everytime you write a check.
5. Getting the advice of a tax professional will be useful because there are many tax issues in choosing an entity.
6. Instead of just depending on a real estate investor, you can market to FSBOs, foreclosures and other sources of motivated sellers. Schedule a business plan to follow your goal and get a mentor to guide you through the process.
For more information visit: http://www.rementor.com/
2. Use Zillow, e-appraisal, trulia and determine the value of a property by doing a comparable analysis. Instead of relying on a broker, you can use these websites to find the comparison report.
3. Don't estimate the repairs by yourself. Get advice from different contractors and get their bids in writing.
4. A good contractor agreement is necessary and its always good to have a local attorney and get signed lien releases everytime you write a check.
5. Getting the advice of a tax professional will be useful because there are many tax issues in choosing an entity.
6. Instead of just depending on a real estate investor, you can market to FSBOs, foreclosures and other sources of motivated sellers. Schedule a business plan to follow your goal and get a mentor to guide you through the process.
For more information visit: http://www.rementor.com/
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