Have you ever been able to smell a good deal a mile away ?
Do you have the natural instinct to sniff out a good deal ?
If you are like most , the answer is unfortunately no.
It takes Work
Yes, it really does take a lot of work to find the right real estate deal. If anyone tells you otherwise, their nose is likely too big ( like Pinoccio ) if you know what I mean !
Yes, there are unfortunately no easy ways to sniff out the good deals for most of us. It takes a lot of research and getting to know the markets you are exploring.
What To Look For
When looking for Real Estate, one must focus on the location and the area dynamics. For instance, look for an area that has an excellent potential for growth. Examples are, new and better access to an area, local infrastructure improvements such as schools and shopping centers etc. If the big money is willing to invest, so should you.
Stay away from areas that are declining in popularity as these will most likely become the future slums. You definitely want to be able to attract good quality tenants and not ones that will destroy your investment.
Follow Your Nose
After time and with more experience, you will find that you may start to be able to smell a good deal. It will eventually become second nature to be able to find the good locations with growing potential for development.
In the meantime however you will have to learn as much as you can from those who have already done what you want to do.This will enable you to avoid the costly mistakes that they have made throughout their lives.
As in all investing, it is imperative to avoid a loss at all costs. The fewer mistakes you make along the way will ensure the smoother transition to a prosperous and brighter future.
Follow the leaders and learn from their costly mistakes. Learn as much as you can before taking the plunge into the real estate market. Learn to follow your nose.
As always, I welcome your comments and suggestions for future topics.
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