Image from Canva Pro
3. Think like a businessperson. Like any business, you will want to buy at wholesale and sell at retail. You’ ll make businesslike assessments of each property to determine whether it should be held for rental income or sold for resale profit.
4. Learn to identify hidden bargains and act quickly. Acting quickly does not mean acting impulsively, though. You still will carefully structure your contracts with contingencies and the option to assign the contract, which will protect your interests and profit potential. If your plan is to flip, be sure beforehand that no“ major surgery” on the property is required.
Any improvements you plan to make should be visibly beneficial and have the potential of raising the rental price or the resale value.
Image from Canva Pro
In summary, decide what you’ d like to do, and ensure that you have the proper knowledge and formula for success to make it happen. Remember that nothing at all happens for you unless you take action, so why not get started on your dream today?
5. Learn landlording. Even if you plan to turn the task over to a professional management company, you still need to know the fundamentals of how to manage properties and tenants. Otherwise, how will you know whether a management company is doing a good job for you, or not?
Your partner in prosperity,
Dr. Albert Lowry
MEET ALBERT LOWRY
6. Establish trade accounts with companies such as building supply stores. This will enable you to save money, get into the loop with local tradespersons and other real estate professionals, and build your line of credit. It will also help you establish good bookkeeping, which gives you a sound basis for business decisions on your properties. I suggest keeping a daily log for your expenses. You’ ll be glad you did when you’ re doing your recording keeping, and at tax time.
7. Borrow money for your investments. You can use banks, 50 / 50 partners, or private individuals. When you use sellerassisted financing, creative financing terms are often possible, such as shared future appreciation on the property or nomoneydown deals.
Albert Lowry is an authority on real estate investing and a nationally recognized lecturer. One of his 20 books,“ How You Can Become Financially Independent In Real Estate”, was on the New York Times Best Seller List for three consecutive years. He has a Doctorate in Business Administration, and taught the first Masters Degree Program in Real Estate.
Albert has bought and sold hundreds of properties, run multiple corporations and started many of the investors associations throughout America. He has taught over 350,000 students worldwide and is in the Academy of American Exchangers“ Hall of Fame”.
42