The most important thing is to actually get started. Don’t educate yourself to the point of not doing anything. There is always more to learn each day. That will never change. But, in order to succeed, you have to start. And there is no better time than today!
Destiny is not a matter of chance; it is a matter of choice. – Unknown
Your Investment Strategy
There are several types of property that you can invest in. There is commercial real estate – such as office buildings, apartment buildings, etc. and there residential real estate. Residential real estate can be either multi-family or single-family.
In today’s market, single family homes are your best investment vehicle. I say this because; it is the American Dream to own a home. Most people, who are for looking for a home, want their own house, not one that is attached to another.
Noted Real Estate Investor, John Adams* lists the following 9 reasons for investing in single family homes:
1. Bargains are readily available in single family homes. 2. Financing is easy to get for single family homes. 3. Single family homes are readily available in most communities. 4. Single family homes are easier to rent. 5. Single family homes are easier to sell. 6. The single family home market is extremely stable. 7. Single family homes are relatively easy to understand. 8. Single family homes offer excellent tax benefits. 9. Single family homes make great retirement plans.
Let’s take a minute and review these points in greater detail. First, it is true that you can get great deals on single family homes. Since most people who live in single family homes also own them, this means that, at any given time, there are a number of them available for purchase. People go through lots of life changes that require them to sell their home. They may be increasing the size of their family, moving into a smaller home because their children have moved out or they may have been downsized or have experienced any other circumstances which require them to sell their home. Lots of these people need to sell quickly and are able to be flexible on their asking price – and that means a bargain for you!
Financing is extremely easy to get for single family homes. In fact, there are a group of lenders who specialize in lending to investors who purchase and fix up single family homes. In most cases you can borrow the funds to purchase the property and complete the renovations. We will go into how this works in greater detail further along in the series.
Think about how many single family homes you see every day. They are everywhere. And because they are so readily available, they are very easy to rent and sell. Many people want to move up from an apartment and decide to rent a house. There are others who have gone through adverse conditions and although they may no longer own a house, they still want to live in one. They are very happy to rent. And for as many people looking to rent a house, you have people looking to buy them as well.
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