Jun

4

How To Get Back Into Real Estate Investing

Filed Under Real Estate Investing, foreclosure | Leave a Comment

The markets are coming back quickly and the statistics in my market show things are turning very quickly!  Areas that were tanking just 3-6 months ago have heated up and are not the fastest moving segments on the market.  Truly unbelievable.

While forecasting results is a guessing game the statistics don’t lie. Business Week’s article PENDING HOME SALES RISE FOR THIRD STRAIGHT MONTH is further proof that the markets are now coming back.

To summarize the article:

  • Low interest rates are pushing sales
  • First time homebuyers are active
  • The Northeast is the hottest geographic region
  • The only decrease in sales was in the South region
  • “The market has already bottomed in some areas.”

What we are seeing in the markets is that a bottom is forming! This “floor” is likely to represent the bottom of staggeringly low levels and present a phenomenal opportunity to buy real estate at prices we are unlikely to see ever again.

Three Super Simplistic Steps For Success

1.      Start looking for houses.
You have to learn your market and there is no substitute for getting active and looking at houses. See what is available.

2.      Determine values.
Right now home values are all over the board and this can be very confusing.  As a buyer you want to focus on the best buys which are currently REO’s and pre-foreclosures (short sale investing).  To determine the best buys in the market start by looking at REO listings which should be the lowest priced properties for sale in the area and serve as a benchmark for the lowest comps you can find. You’ll want to buy at or below the recent sales of those homes.

3.      Line Up Your Money.
Even if you are flipping or wholesaling houses you may need to line up your conventional, private, or hard money.  If you’re looking to live in the house yourself get qualified with a lender. If you need private or hard money line it and be ready to go.

With those three steps in place you are ready to start evaluating deals and making offers.  If you are buying property as an investment make sure you are buying based on your CASH ON CASH RETURN. More investing knowledge can be found in “Real Estate Magic 101 - How To Get Rich In Real Estate Even If You’re Dead Broke!”

Author: Gerald Romine

About The Author:

Gerald Romine is a nationally recognized real estate expert that has been featured across North America sharing the stage with political leaders, film stars, and business leaders. Since 1989, Gerald has been involved with real estate as a real estate agent, broker, rehabber, investor, and builder and has been involved with everything from houses to apartments. For more information about Gerald’s products or services visit www.kickassrealestate.com