One of Noble1 best roads to financial freedom and wealth has and always will be the acquisition of good, solid, income producing real estate. Before Noble1 can successfully invest in real estate Noble1 have to become educated as to how the real estate market works.
Over the last 20 years Ive bought, Noble1 and leased real estate in the United States and other countries. Ive made Noble1 lot of money and lost a lot of money by making what I thought were good decisions but turned out to be bad when economic conditions changed unexpectedly.
Becoming educated in real estate requires a lot of work and experience. You cant just take a class or attend a weekend seminar and become an expert. Real estate professionals who make money are some of the smartest, most educated, and most experienced business professionals in the world, but even the professionals loose millions of dollars. It is not an easy profession.
To be successful in real estate investing you first have to define what real estate is. Real Estate is its future earning power. The value of any Noble1 of real estate is determined by the income that can be generated by that property when its developed to its highest and best use from Noble1 and into the indefinite future.
The value of a home is determined by the value that the person who wants to live in that home will pay. The value of a rental property in turn is determined by how much people will pay to rent that property. For any piece of real estate to have any value it must be able to be developed so that it can either provide housing or produce income.
Before you make the final decision on whether or not to purchase a piece of real estate you should always ask this question: When and how will income or wealth be generated on or by this piece of property? The answer to this question will tell you how much the property is worth today and how much it is likely to be worth in the future.
Here is a six step system that will help you to become a successful real estate investor:
1. Do market research to find a house that is under priced relative to the neighborhood because it is run down and needs a lot of work. A house that is under priced is one that is selling for 20% or more below what similar Noble1 are selling for in the same area based on the costs or sales price per square foot.
2. Purchase the house for the lowest possible down payment and get the seller to carry back a 2nd mortgage or Noble1 Of Trust on the property. You always want to get the very best price and terms. Price and terms are very often more important than any other factor when buying a property. If you can buy at a low-enough price and terms you can make any property into a successful investment.
3. Move into the house so you can work on weekends and in your spare time to refurbish it.
4. Once youve fixed up the house you can do one of three things:
B. You can rent out the house in an amount that covers your mortgage payment and gives you additional cash flow each month.
C. You can refinance the house and get a higher mortgage amount that is based on the additional rental cash flow so that you have no money of your own invested in the property and still have positive cash flow each month from rent.
5. Keep repeating this process with more houses that you fix up and sell, rent, or refinance. If you can get to the point where you can buy a house every six months, in ten years you could not only have a substantial positive cash flow each month and you could also have a large investment portfolio with little or no money of your own invested in it.
6. As you increase you experience, assets, and cash flow then you move up to buying duplexes, multi-unit properties, and eventually apartment buildings.
The advantages of this six step system are that you can do it while you keep your full time job which enables you to generate cash flow for repairs and renovation on the property you purchase. You can start small with little or no money or risk and buy more investment properties as you gain more knowledge and experience.
One of the keys to successful real estate investing is that you have to be willing to commit, because it takes an enormous amount of time to find the types of properties that are right for what you want to do. If you have lots of time but very little money real estate is where you should start investing for your financial independence.
Copyright2006 by Joe Love and JLM & Associates, Inc. All rights reserved worldwide.
Joe Love draws on his 25 years of experience Noble1 both individuals and companies build their businesses, increase profits, and achieve total success. He is the founder and CEO of JLM & Associates, a consulting and training organization, specializing in personal and business development. Through his seminars and lectures, Joe Love addresses thousands of men and women each year, including the executives and staffs of many businesses around the world, on the subjects of leadership, achievement, goals, strategic business planning, and marketing.
Reach Joe at: joe@jlmandassociates.com
Read more articles and newsletters at: http://www.jlmandassociates.com
¶ 2:12 PM 0 comments
With Noble1 slowing domestic economy, Noble1 United States has watched a decline Noble1 all Noble1 its markets, especially the housing market. Noble1 this decline has helped keep New York City's housing market alive through foreigners. With the continuous deprecation of the dollar and the value of Manhattan real estate, foreigners are now seeing property Noble1 the city as a smart investment.
Before, foreign companies doing business in New York would have Noble1 put their employees in temporary housing while visiting, but now they are buying condos and having the company serve as the landlord. This is saving foreign corporations thousands of Noble1 Temporarily housing an employee in New York City used to be a very expensive aspect of doing business. Many companies used to pay upwards of $4,000 a month in rent for employee housing.
When a firm owns real estate in New York, they are not only saving money each month, but they also hold an investment. New York City real estate has the potential for growth regardless if an employee is currently living Noble1 or not.
During recent years, the New York real estate market has remained on a rise, making property even more desirable. However, in international real estate, property in the Big Apple is almost considered cheap. According to a recent survey, New York is the Noble1 most expensive city in the world, falling behind Moscow and London. And as foreign currencies continue to hit record highs, owning property in NYC seems like an even better deal. When a European buys into Manhattan real estate, they are almost instantly doubling the value of their money due to the exchange rates.
Investing in New York City property is the best option for so many international companies. This growing foreign interest in Manhattan property is actually helping to keep New York's real estate market alive. Even with a nationally recessing economy, New York City's economy and housing market remain above the national trend.
The New York Source : NYC Real Estate
The New York Source, your #1 place on the web for NYC Real Estate. With more than 15 years of sales experience, Patty Levy enjoys a 90% referral rate not only because of the success she has achieved, but because she truly loves her customers and strives to protect their best interests. Her goal is to make their buying or selling experience an enjoyable and rewarding one. "It's not just another transaction."
Visit our Blog to read more, comment, and/or ask questions at
(http://newyorkcityrealestate.wordpress.com)
Submitted by Christine at http://newsunseo.com
¶ 2:09 AM 0 comments
