Australians Make Money in Real Estate By Avoiding the Most Common Mistakes
There are plenty of money-making opportunities if you know how to tap into the right resources. How to make money real estate investing is an acquired skill and you can learn more about this through different books, websites, and successful real estate investment gurus.
First time investors often make investment mistakes, leading to financial losses. Learn how to profit instead of making losses. This article gives you some real estate money tips and what pitfalls to avoid if you are new to this industry.
These are some of the common mistakes to avoid:
(1) Involving too much personal money. Basically, real estate is an OPM or “Other People’s Money” industry.
In any property purchase, minimize the use of your own money.
To get ahead of this field, you also need to have excess reserves for emergencies or unpleasant surprises.
(2) Buying at market value.
By buying at market value, you won’t profit much from after-sale.
Look out for changes in property prices and choose to invest in distressed properties- with purchase value of 70% (or less) of market value.
(3) Think you can do it all on your own.
In this industry, you cannot survive being a loner. You need networking- lots of it.
Consult trusted friends, experts, and colleagues. That way you’ll benefit from picking other people’s brains and thoughts on the current property situation.
(4) Follow random speculation.
Many new investors tend to follow the crowd when they want to make money real estate investing. They listen to speculations and buy properties in hope that they will appreciate soon. This is basically a risky strategy. Not many people are able to make huge profits this way.
Many people will share with you that it’s possible to make money real estate. You need to build a good strategy and ask the right questions. In any property investment, the keyword to remember is location.
Location includes the vicinity of property and development opportunities around the area.
It matters greatly because property prices tend to appreciate when there is good infrastructural development around the area. These real estate money tips give you an introduction to the world of real estate investment.
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