How to Become a Successful Real Estate Investor

Many folks dream of becoming real estate investors, but not everyone has what it takes. If you're dreaming of becoming an investor, here are several important questions to consider, long before you buy your first investment property:

1) Why would a homeowner sell a house at a bargain price?

Many things happen in people's lives that make their home suddenly become a burden. Loss of income, divorce, or illness are the most common, but sometimes a homeowner dies, leaving a home that none of their heirs wants. In any case, the home has become a problem, which is where you, as an investor, come in. The homeowners, or the heirs, have a problem, and you must find a way to offer a solution.

2) What types of houses should you look for?

Besides being owned by someone who no longer wants or can afford to stay in a property, you want to find a home that's only tired, and not in need of structural work in order to favorably compete with similar houses on the market. We call that type of house a "doghouse."

3) How do you find doghouses?

Your real estate agent can scan the MLS listings, looking for fixer-uppers, handyman specials, or as-is houses. You can also find similar properties yourself, using the local newspaper or shopper.

4) Should you try to close quickly?

This is an important step in becoming successful, because beleaguered sellers will almost always be in need of money in as short a time as possible. Get yourself prequalified and preapproved for a loan, so you can close on the property quickly. Being able to let sellers know they'll get paid fast will consistently net you more houses than your competition.

5) How do you flip houses fast?

Find ugly homes, in good neighborhoods, that need as little work as possible. Clean them up, paint them inside and out, and install a neutral shade of new carpet, and you should be able to flip the home in a short amount of time. Always keep your limitations in mind. Hiring professionals for repairs will cut into your profit margin.

Asking yourself these questions will help get you started in your real estate investment career, and keeping these answers in mind at all times will keep you from making costly mistakes as you buy and sell investment properties.

(c) Copyright 2004, Jeanette J. Fisher. All rights reserved.

Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, newsletters, and sales flyer template, see http://www.doghousetodollhouse fordollars.com/pages/5/index.htm

---

Buying and Selling Real Estate: Negotiating to Win-Win

You don't get what you deserve - you get what... Read More

Water, Water Everywhere on the Waterfront

Waterfront living is among the most desirable of locations in... Read More

Unravelling The Real Estate Buying Process in Canada

If you're a foreign national thinking about investing in the... Read More

Buying a House in Scotland

Buying a house in Scotland is slightly different from buying... Read More

Renting a House

Renting a house or a room in your home is... Read More

Setting Goals for Real Estate Success

The power of goal setting has been well documented and... Read More

Condo Hotel Trends - A Look at the Big Picture in Vacation Home Ownership

Condo hotels are one of the hottest products in today's... Read More

Your Home Equity Can Work for You

"Use your home's equity to pay off your debt. It's... Read More

What Should I Do If My Home Isnt Selling?

Suppose you've been trying to sell your home for months.... Read More

Property Investing - Am I Buying for Profit or Prestige?

All of us have emotional preconceptions and assumptions. They are... Read More

Selling Your Own Home ? Pet Issues

If you are selling you own home, you need to... Read More

Finding a Great Listing Agent for Your Home: 8 Tips

If you've decided to list your home, you'll be paying... Read More

Real Estate Investing with Bad Credit!

By being creative, you can play the game of real... Read More

Making a First Impression When Selling Your Home

So you've decided to take advantage of the booming real... Read More

Real Estate Investors: How to Get a Powerful Marketing Education for Free

I am a total geek.A few weeks ago, late at... Read More

Successful Property Letting And Management

Successful Property Letting And Management is not something that just... Read More

Are You Profiting From O.P.P.?

Are you profiting from O.P.P.? If not, why not? We... Read More

Cutting Edge Real Estate, Is the Bubble Ready To Burst?

Of course, this is the big question in real estate... Read More

For Sale in Ridgefield

Ridgefield Connecticut, located near the New York border, is a... Read More

Real Estate Investing Works In Your Area Too!

I hope you had a spectacular weekend!Things have been going... Read More

Choosing a Reputable Real Estate Appraiser

When you are considering purchasing a property; either for investment... Read More

What Homeowners Should Know to Stop Foreclosure- Speaking Your Lenders Language

Financial literacy is the means of empowering consumers to make... Read More

Selling Houses: Psychological Effects of Landscaping

Buyers think they care more about the inside of the... Read More

Best Time to Buy? Best Time to Sell?

When is the best time to buy? When is the... Read More

Helpful Hints for First-Time Home Buyers

Buying a house can be a daunting task, even for... Read More

Investing in Real Estate for Your Retirement (and Now!)

You've probably heard a lot of opposing information about Investing... Read More

Real Estate: A Strong Investment

Description: Even in uncertain economic times like these, history shows... Read More

Real Estate Investing Deals That SkyRocket Your Net Worth 10-Fold

Consider these parameters for a real estate deal:Property Value: $250,000... Read More

Oh No! Something has Happened in Florida

The Florida housing market has attracted many foreigners to invest... Read More

Minneapolis Warehouse Loft

Downtown Minneapolis is rich with true metropolitan charm. With the... Read More

Apres-Ski

European tax haven Andorra enjoys the same fiscal benefits as... Read More

Choosing a Residential Lot

Finding a lotPlanning for your new home is a very... Read More

Saving for a Home

So you want to buy a home? This is a... Read More