Real estate investor is a person who makes his living by investing in buying houses or commercial property and then selling them. A real estate investor has to keep his eyes and ears open about possible good deals.
Many time people have to sell their homes or property in distress because of some tragedy in the house, loss of income or illness. A real estate investor must always keep an eye on such houses or property to strike a good bargain.
It is advisable to look for houses which don't need much investment in renovating and refurbishing it. The houses which need many structural changes should be totally avoided as it would cut down your profit margin. Instead you should opt for houses which would fetch you more profit after doing some minor changes here and there.
You should also keep a close eye on not-so-well-maintained houses in posh localities for such bargains. Give a new look to these houses by getting them painted and making some minor changes and you may earn a good profit margin for yourself. But in such cases, you must make sure that you do not overspend on the house or property.
It is important that you close the deal in your favor as soon as possible because a little delay may cost you a good bargain as distressed seller may need the money immediately. Therefore, it is advisable to get an approval for a loan beforehand so that it is easier for you to close the deal quickly.
Some tips that a real estate investor should keep in mind are:
If you are still not convinced about your capacity as a real estate investor, you can enroll yourself in different Real estate investor courses related to real estate like marketing houses, how to negotiate prices, property management etc.,
Many books are available in the market which teaches you nuances about ways and means of becoming a successful real estate investor. Some of the authors who have written excellent Real estate investing books on real estate investing are Dianne Kennedy, Peter Conti, Jay Mitton and Bill Bronchick.
Real Estate Investing may be a tough nut to crack initially but with experience, knowledge and smart thinking it can be turned into a lucrative business.