Patrick Rice, or IRA Resource Associates, says, “The most common question I hear is, I’ve found a really neat time share and i want to buy it with my IRA, can I do that?’ Yes, you can.” The important thing to know is that you cannot buy real estate for your own personal use.
You’re strategic. Smart real estate investors always have a strategy in place long before they begin big projects. A smart strategy is the key to any investment and will keep you one step ahead of the competition.
Flipping houses is work. It takes hard work to find an exceptionally good deal. It takes knowledge of your market. It takes knowledge of rehabbing. It takes knowledge of the house selling process. It requires holding money and it usually takes longer than you thought it would. That 3 month time frame you had in mind will probably be more like 6 months unless you’ve done a lot of fix and flips before.
Market is variable. The price of two real estate properties can vary a great deal, provided you keep other factors such as time and location, constant. No two real estate properties can have exact. There always exists kind of variation and this need to be taken into account. Though, you do have the existing rule of thumbs and set strategies, but all these are workable, if tried in combination. Individually, they become worthless math.
However, in order to have a financially rewarding experience, you must be knowledgeable with the ins and outs of the real estate invesment. Ask your self: Is the business deal you are about to enter into a good deal? How do you know if it is?
It is always a plus when you attend meetings of groups. This will help you determine the group’s status and what you can get out of them. You have to realize if that group provides more advantage than disadvantage. A lot of investment groups allow those vying for membership to attend their functions without charge or for a minimum fee which won’t hurt the budget, and will not require commitment. Investors know that there is nothing appropriate which would fit the majority. It is up to the person to decide if the opportunity is the right thing for them.
It was a time when REO’s [REO stands for real Estate Owned] were everywhere. It was the first time I understood short sale. When times are like they are now, it’s a good time to get out and make money. The real estate is there and the prices are good.
REI is something that gives you delayed returns. You have to be patient enough to wait in order your property gets appreciated enough, and that can give you amazing yields. It is one investment that can even take a decade or more to give you high returns. In fact if you want to go for some fast returns, try thinking of investing in something else, such as information technology business, BPO etc.