It is more than just flipping houses and making cash: You have to have an understanding of the housing market
It is more than just flipping houses and making cash: You have to have an understanding
of the housing market Pillar Property For Sale Many greenhorn individuals not in the real estate industry believe you can just go out and purchase a home and flip it for a good return on their investment. Well, this is not the case if you do not do the research associated with the housing market in your geographic region. "Potential investors ask me where and what properties they should consider for investment," said Eric Skeeter, Pillar Property Group. Research the geographic area.Research the sales within the community.Research the property itself. "Many new investors think it is simple as to pick out a home and do some repairs on the property then sell it. But, this is where they make their mistake with their thinking," said Skeeter.
Share: As with many financial investments, a great deal of research is done by an advisor before presenting you the various options that are open to you. If not, you could loose your shirt. This is the same with a novice, who knows very little about the real estate industry looking to make a fast buck. "I have been in the industry for about 20 years. There is no way you can gain a good return from a property investment without doing research. This is why I encourage potential investors to work with professionals within the industry," said Steve Tavenner, Pillar Corporation.
Share: There are many things to consider when researching property markets and Pillar Property Group would like to outline some of them for our readers The largest task and the most time consuming of all tasks is exploring and understanding your market. This means taking the time and doing some hous shopping looking for those bargains. Also, you have to track the sales of homes in the area. This includes the time it takes for the property to be put on the market and to when it was sold. Learn about thehome features or maybe the financing options,which have prompted the fast sle of homes in the area. Consider those properties, which need only cosmetic work (i.e. painting, new flooring, cleaning up and other superficial modifications). "Don't be scared of those properties where there are ominous odors, peeling paint, or ragged or torn carpet. These properties could be true diamonds in the rough and can ultimately yield a high return on your investment," according to Tavenner. If you see major structural repairs are needed (i.e. plumbing, sub-flooring, drywall replacement throughout the dwelling and electrical code issues, the run. These repairs can be costly and go over any budget you might have in place. Again, these are some critical components when researching whether you are going to yield a high return on a property investment. Remember, this research does take time for the beginner. This is why Pillar Property Group recommends you consult a professional if you wish to keep your shirt on your back.
It is more than just flipping houses and making cash: You have to have an understanding of the housing market
By: Stephen Marcum