Investing in Real Estate
Real Estate can be a wonderful Investment. I know many people that. have made a career out of it. Here are a few ways many people have profited from Real Estate Ownership.
Rental Properties – Your Real Estate Agent or an Appraiser should be able to help you set your lease amount. If you price it too high your tenants will be moving out frequently. A fair rent could land you a long time tenant.
Nothing is better than a good Tenant. Be diligent and check past rental references, the Sex Offender Site and conduct a criminal back ground check before you sign the lease.
Spend time finding a lease that protects you and know the State Laws and your obligation as a Landlord. Believe me, the Tenant will know theirs.
Resale – Buying a property at the right price, some properties require repairs or/and remodeling, then reselling the property for a profit. Of Course, these Investments can also turn into a not so good Investment. It is important that you take your time when purchasing a property. Hire a Professional Home Inspection before you purchase a Property. Buying AS IS is nice for the Seller but can be a nightmare for the Buyer. Do the math and make sure you allow for hidden defects. If the numbers don’t add up its best to move to the next venture.
Contract Sale – Some Sellers like to be the bank for the Buyer. This is great for the Buyer if they are unable to obtain a loan right away. Profitable for the Seller because of the Rate of Return on their money is favorable. Qualify your Buyer like a Bank Underwriter would before they close the loan. Be thorough. Pull their credit report, check credit references, check the Sex Offender Site and conduct a criminal back ground check. You might still wish to proceed but know your Buyer before you become the Bank. Allow the Buyer time to conduct a Home Inspection. Know that they can afford the house. An Attorney is a must and should prepare all the legal documents accordingly.