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Real estate is potentially one of the most lucrative markets available. The rags to riches stories you find here are no less than those of the Information Technology sector. Real Estate, however, requires no technical skills. A good, functional brain and the ability to recognize a good deal is all you need, apart from the start up investment, of course. But don’t think the start up investment has to be huge, or that your credit rating is going to stop you. If you have the will, you may turn things around yet.
When you are ready to take the plunge, so to speak, consider the few areas you can invest in and get good deals too. Foreclosure properties are ones to look out for; public auctions and divorce settlements can mean good deals too. However the probate market is a very good option for less competition. Probate property is on sale after a person dies and the probate court appoints an Executioner to oversee that the worldly belongings of the demised are fairly distributed between the heirs.
In such cases, there is a strong chance that the heirs might want to sell the property to get their share of the inheritance or pay outstanding bills, handy money is always good. Keep a look out for such property through watching the court listings, do a little research and find parties that would be interested in sales since they are likely to sell for around 75% of the actual value of the property. A letter to make an offer or even a visit can be a good idea when you know there is a likelihood of a sale.
Similarly, old property sale listings can be good opportunities. If you look up old newspaper ads for property that were once on sale but did not go through it is likely that the demands would have gone down by now, pay a visit or call to check, it never hurts to try. Of course, there are cases where you can actually carve out the diamonds from ugly looking stones. Imagination is a must, if you are creative and you can picture the shabby old house turning into a home owner’s dream deal, you can actually make some good profit through renovation.
As for where to look for real estate investing, it is recommended that you do your homework properly. When you are interested in an area, look at the census records, high demand and low availability is always a good beginning. Job availability, developed parks, malls, theaters, coffee shops, etc. are all things to consider and those basically help you gauge the standard of living; if it is an area that has indicators of a high quality life-style, people are more likely to want to move there and the property value will only gain with time.
Similarly, check records to see the construction done in the area in recent years, the land availability for further construction can be an important factor to look into as well, prices get higher when there is little or no build-able land left. That, incidentally, is the case when the rents go up as well. Choose well and you could be the next success story in real estate investing.
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Source by Gabriel J. Adams