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Ten Myths Of Real Estate Investing
Is real estate investing only for the wealthy? Can you buy with no money down? Do you have to know the "right" people? Let's answer by looking at some of the myths of real estate. 1. Real estate investing is for the wealthy. Money helps, but my first real estate investment was a $3,500 lot - which I sold for a profit two weeks after I bought it. Small deals, partners, low-down deals, or just putting aside $7 per day for a couple years until you have enough money for a downpayment - these are some of the ways to start with a little and invest in real estate. 2. "0 down" isn't possible. I sold a rental property for $1,000 down because I trusted the buyer to make the payments, and I wanted the 9% interest and higher price. He could have gotten a cash-advance on a credit card for another $30 per month and made it a "0-down" deal. "No money down" means none of YOUR money down, and yes, it happens. 3. "0 down" is the best way. If you don't invest some of your own money, you'll have higher payments. You'll also spend more time finding suitable properties, and pay more for them (generally cooperative sellers want more for their cooperation - I do). There are 0-down deals out there - they just aren't always worth doing. 3. You need experience. Experience helps, but you get it by investing. Start with common sense, ask how you can lose money, be willing to learn the numbers, and you can start where you are. 4. Some investors have a "knack" for making money. Sort of. More accurately, some just took the time and risk to learn the market and continue their education. 5. You need to know the "right" people. It helps, so start the process. Talk to investors, real estate agents, landlords, etc. 6. You have to be great negotiator. If you learn to run the numbers and make the offers based on them, you can be the worst negotiator and still do okay. 8. You need insider knowledge. Understand one deal, and you are on your way. Read and read more, but the best "insider" knowledge comes from experience. 9. Fixer-uppers are safe. People have the idea that doing the work themselves is the safest way to assure a profit. Not true. Mis-planned "fix and flips" have bankrupted even experienced investors. Most poorly purchased rental properties will only eat a little money every month. 10. The key is lowball offers. The numbers have to work, and you need a plan. You can offer MORE than the market price and make money investing in real estate, if you understand creative financing - and how to do the math. Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com
MORE RESOURCES: L.A.’s Real Estate Upfronts Reveal Penthouse A at Rosewood Residences Beverly Hills Hollywood Reporter Refined Real Estate: Unique Leschi home with lake views lists for $1,395,000 seattlerefined.com Real estate mogul cautions about avoidable mistake when buying a home, explains how to avoid 'drowning' Fox Business Coloradans negotiating lower fees for real estate agents with new law on horizon Colorado Public Radio Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties May 19, 2024 edition MassLive.com Real Estate Newsletter Articles this Week: Housing Starts Increased to 1.360 million Annual Rate in April Calculated Risk London Real Estate Is About to Get the ‘Selling Sunset’ Treatment Hollywood Reporter Real estate transfers: May 17, 2024 RiverheadLOCAL Mid-May Greenwich Real Estate Market Report Greenwich Sentinel Should I Buy a House Now or Wait Until 2025: Expert Forecast Norada Real Estate Investments Dodge County Real Estate Transfers Fremont Tribune The Michael Houck Real Estate Guide for May 19 Oil City News Washington state ahead of the game as lawsuit rewrites real estate commission rules The Business Journals MCB Real Estate Revives Long-Awaited Viva White Oak Mixed-Use Project Source of the Spring STAR resource center Department of Taxation and Finance Yes, there are other coastal Delaware towns besides Rehoboth Washington Blade Dutchess County, NY real estate 2024: What's on the market for $579K Poughkeepsie Journal Baltimore real estate: 4 waterfront condos for sale The Baltimore Banner Revolution in real estate: How the NAR settlement is changing the game Eden Prairie Local News Real Estate Briefs: Lakeside homes, news condos, and more news Rough Draft Atlanta Home Prices Hit Record Highs in April 2024: Trends & Forecast Norada Real Estate Investments REAL ESTATE | UPDATE | Johnson Bus selling lot for new West Bend Fire Department No. 1 washingtoncountyinsider.com VIDEO | REAL ESTATE | Construction finally underway for Taco John's in West Bend, WI washingtoncountyinsider.com Innovative Leaders Vanderstraaten and Rohrman Inducted into North Texas Commercial Real Estate Hall of Fame ... dallasinnovates.com Here are recent property transfers up to $1.28 million St. Albans Messenger James Quinn's Data Center Advisory Expertise at JLL Drives Innovative Real Estate Solutions for Global Corporations Markets Insider Oceanport's Denholtz recognized by commercial real estate organization themonmouthjournaleastern.com Westmoreland County Real Estate Transfers | Real Estate | latrobebulletinnews.com latrobebulletinnews.com Real Estate Mogul Grant Cardone Closes Largest All-Cash Multifamily Deal In South Florida This Year Yahoo Finance Routt County real estate sales at $17.6M for May 9-15 Steamboat Pilot & Today OT Real Estate Spotlight of the Week: 2115 Sheridan Place The Owensboro Times Robert Willett may be targeting female Realtors in Northeast Ohio Akron Beacon Journal China Says It Will Start Buying Apartments as Housing Slump Worsens The New York Times Number of homes for sale in Metro Atlanta increased significantly, real estate brokerage says – WABE WABE 90.1 FM What's real estate wellness? Fortune Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 Billionaire Frank McCourt raises his hand to buy TikTok Business Insider Ellison sues real estate broker Chad Banken over alleged schemes involving contracts for deed Star Tribune Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 My Co-op Neighbor Never Pays His Maintenance on Time. Can We Make Him? The New York Times ACRES 2024 showcases innovative real estate projects focused on enhancing environmental sustainability Malaysia Sun Navigating Northern Virginia Real Estate: An Insight Into Rhonda Campbell's Bespoke Approach Grit Daily Local couple buys Pat Burrell's former Center City penthouse for 38% under original asking price The Business Journals Letter: Clarifying changes to real estate industry Morgan Hill Times Sean Bloom Investments Announces $2B Real Estate Project in Las Vegas InvestorsObserver Home listings are on the rise in southern Colorado, while other indicators show a slowing real estate market Colorado Public Radio Real Estate Transactions for May 18-19 | News, Sports, Jobs Nashua Telegraph Southern fast-food chain Cook Out buys Tampa real estate The Business Journals KKR Real Estate Finance Trust Inc. (NYSE:KREF) Given Average Recommendation of “Moderate Buy” by Analysts Defense World Did Fort Worth’s real estate market really ‘bottom out’? | Fort Fort Worth Star-Telegram New Rules for North Texas Real Estate Agents Creates Uncertainty Dallas Observer Edgefront Real Estate Investment Trust (TSE:NXR) Forecasted to Earn FY2024 Earnings of $0.73 Per Share Defense World EG Real Estate: 18 Opens This Weekend – East Greenwich News East Greenwich News Do starter homes still exist? Here's what NJ realtors said NorthJersey.com Busch relative settles squabble with Clayton investors over real estate trust St. Louis Post-Dispatch LOCAL REAL ESTATE TODAY 5.17.24 – KQEN News Radio kqennewsradio.com First Capital Real Estate Investment Trust (TSE:FCR.UN) Share Price Crosses Above Two Hundred Day Moving ... Defense World Shaping the Future of Real Estate Technology RisMedia.com Housing Market 2024 Predictions Bankrate.com End of war against property speculators marks new phase in China housing South China Morning Post |
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