STAY EDUCATED ABOUT THE MARKE T THE MARKET
This is something worth repeating throughout this book. The more an investor, purchaser, or even a browser knows about the market they are looking at, the more qualified they will be to negotiate with owners. The more you know, the more you’ll be able to engage in an early back and forth with property owners, even before negotiations. Knowing about current trends, recent changes in buying habits, spending habits and average upfront costs, loan rates, and other aspects go a long way to preparing you to start your search. With that research, you’ll be able to spot good opportunities from bad ones. You’ll then have room to negotiate the poor ones. Reading about your current market and the entire country is also recommended. There are companies and investors that share data and information all the time. Reading any of this type of information can only prepare and help you more. The best investors spend an hour or more reading real estate information, data, and articles online. You don’t need to do that, but do some Google searches for information on your area and any other aspect that intrigues you. It will make a big difference when you look at properties and their numbers, and will cause you to rely on your knowledge and hard data when you are planning your financing and eventual purchase.
USE AND RELY ON A TEAM
You’ll be relying on your broker and other contacts for this but it is one of the biggest parts of a smooth and successful real estate purchase. You will need a few different professionals from a few different industries for advice, knowledge, and particular services.
75
Powered by FlippingBook