Real Estate
Inch your way forward in the world of real estate investment with tips from the experts.
Renting & Selling
You make money when you buy a property, not when you sell it. If you pay too much for a property you’ll never recoup as much as you could have had you driven a better bargain. The trick is to have a formula, such as not paying six to eight times the rents you expect to make in the first year. Some experts say the key is to make sure your rental income will cover your out of the pocket expenses. Either way, make sure there is enough cash reserve left over for unexpected surprises. Rents are not guaranteed. What happens when your tenant runs out of you? It is best to have savings for at least eight months payment for emergency scenarios.
Getting a Partner
Real estate investments tend to require a huge amount of investment capital. Experts advice on getting an investment partner to help split the bill, and the risk. It doesn’t have to be 50-50 split, but it does have to be someone you can trust with your life, since you are going to trust them with your money.
Asset or Liability?
An item is not an asset unless it produces income. Everything else that produces expenses is a liability. In other words, a person might buy a house thinking it is an asset. In fact, the house is a liability because the person would be end up working to maintain the property and service the housing loan plus interest. However, a house can be a form of long term investment provided you do the math right.
Learn from Experts
What to buy, when to buy, and how to make a wise investment all boils down to research. Talk to friends, real estate investors, financial advisers and family members. The final choice of course is yours but talking to people and doing your research online will help you make the better choices.
Savage Salvage
If you are in a loss situation currently, unless you see a recovery within the next 12 months, it is best to realize your loss and revisit your investment strategy. If it is a house, spruce it up with a new coat of paint and arrange appointment with fellow buyers. An expert tip will be arrange appointments with all interested parties at the same time to drum up interest and hone on all the positives the property has to offer.
Opportunity vs Risk
The difference between opportunity and risk lies in making an informed decision. Big companies conduct due diligence on a purchase and so should individuals. Run a check on the reputation of the developer, the location in the long run, proposed developments, infrastructure improvements, legal issues and pricing levels. The only difference between amateurs and professionals is the amount of research done.
All about the Math
Real estate investment is not rocket science, but you must be able to do the math. Overestimating revenue and underestimating expense may very well turn a profit into loss. Revenue should include your personal cash flow management, as well as funds generated by the property. Also consider that leveraging the assets and funds that you already have can give you higher profit margins. For example: you have bought a property for USD100,000 with cash. After a year, the property appreciated 10% and now is worth USD110,000. Selling this house will gain you 10% return on your investment after 1 year. Alternatively, you can use the USD100,000 as a down payment of USD1 million home, where you can take up mortgage on the balance. After a year with 10% appreciating in value, it is now worth USD1.1 million. Of course you have to consider legal fees, laws if they allow you to transfer ownership in a short period of time.
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