Buying a property or real estate is a not a big deal anymore, but it has to be done with the same amount of caution and careful trepidation that is required while buying a property or estate in particular. But often we find that investors and buyers lament about making a poor buy and are willing to sell it off at a poorer price. Don’t make this mistake. Be a wise investor and be extra careful while making your investment or property buys.Here are some guidelines as to what you should be keeping in mind before you sign the property as yours:o Why? – Ask yourself the reason for your buying the property or the estate. This will let you decide on the type of property you are looking for.- Rent it Out – If you want to rent it out after the buy, look for properties that can accommodate more tenants and possibly multiple families. This will require the existence of more rooms and bathrooms or a healthy ratio between the same. A house or a property that can be potentially segmented with all required amenities that multiple families can use simultaneously is a good bet.- Office – If you want to use the property as your business base or office, make sure that it is spacious and that the space can be optimized for the accommodation of maximum items or employees. The general external appearance also is important if you want the property to be used as your office.- Home – If you are on the verge of buying a property that you are going to reside in, make sure that it has all the amenities and the requirements that an ideal house or home should possess.o Where? – Root out places you don’t want. These may include properties beside speedways and railroads, estates in neighborhoods that have a bad reputation and other such small but important points that decide your choice of place to buy the estate or property in. Also research the place or estate your agent has recommended to you, and verify for yourself. This is a must to help prevent cases of unsatisfactory property buys or future meshes of trouble.o How Much? – Make sure that the estate you buy or the house you have decided to purchase to rent out doesn’t force expenses that will exceed your returns. The health of the house or the estate and the overall sanctity of the property is a very vital key to you getting the deserved returns from an investment in a property. Any negligence on your part and the agents and the sellers will make merry on your loss.With the mentioned signs and conditions in mind, go forward and locate an ideal property that shall suit your needs and make sure that the property bought is ideal. This is because no prospective client or tenants will be interested in a piece of estate that you yourself had bought reluctantly.
This article is the second in a series of six posts about starting in a career in real estate. This article talks about how to get organized once you’ve successfully passed your exam and have chosen a broker. Getting organized quickly is critical for getting started in any business and real estate is no exception. We’ll cover how to make your list of contacts, make a schedule, and how to minimize distractions and maximize productivity.1. Make a list of everyone you know. Using Microsoft Excel or a similar spreadsheet program(Google Docs offers a free service if you do nothave Microsoft Excel) that can easily be updated, start adding the names, phone numbers, email addresses, and physical addresses of everyone you know. Look in your cell phone, address book, Facebook, LinkedIn account, etc. More is better! This list is going to initially be your lifeblood so take the time necessary to make it as complete as possible. P.S. it’s never too early to start telling people you see and know that you are now in real estate, you never know who’s looking to buy or sell.2. Determine how much time you’ll dedicate to real estate. Some people start in real estate part-time while they work another job. This isfine but does have its disadvantages. Some clients will expect that you’re available to them when most convenient to them and that may not always fit into your schedule if you work another job. Figure out what your availability is and share that up front with your clients. Also, understand that it will be difficult to prospect, show homes, and process the transactions if you are working part-time. Expecting a full-time income from a part-time real estate job may not be realistic.3. Figure out what you’ll use as workspace. It’s very important to get a dedicated workspace for your career. Whether it’s atthe brokerage office or in a home office, you’ll want to secure a place that you can call your own. It’s disconcerting not feeling like you have place where you can work and be focused without having to set everything up each time you start work for the day. It can be expensive to rent space from the brokerage firm, so weigh your options carefully, especially early in your career when you may not be able to warrant spending hundreds of extra dollars for space you only occasionally use.
If you are considering leaping into the world of commercial real estate investment, be prepared to make some difficult decisions and spend time conducting lengthy research. Commercial real estate can be a tough business to get started in; however, it can reap great rewards for those who are savvy (or sometimes just lucky). If you are ready to venture into this new investment world, here are some things to keep in mind.1. Commercial real estate will not make you a quick dollar.Most properties require a long-term investment before you will begin to see any profit at all. Many people are fooled by residential real estate television programs where sellers renovate a home in a few months and sell it for a massive profit. Commercial real estate works in a completely different way. If you’ve seen past success in the residential domain, proceed with caution before plunging into commercial real estate.2. You’re in charge of maintenance and building upkeep.Even if you are renting out offices, you’re the landlord. If it breaks, you have to fix it. That means you’ll have to pay out quite a bit to ensure the building remains in good condition. There will be a few major bills if you do happen to hold onto the property for many years.3. Choose the right type of commercial real estate.Pick a route and stick with it, whether it is apartments, condos, offices, or parking lots. Each kind of property must be managed in a different manner. Investing in two very dissimilar properties, such as retail and apartment buildings, will only cause greater stress to you and more opportunity for failure. Choose one type and work to become an expert in that before you branch out to new venues.4. You need to attract reliable tenants to keep the profit streaming in.You will have tenants that pay late, break contracts, and do many other things that might be upsetting. This is all part of the commercial real estate business. Be prepared to be hands on and involved with your clients and the building. Your investment will collapse if you do not care for it.5. Get help.Find successful commercial real estate owners and follow their lead. Listen to their advice and most importantly, use it. They have the knowledge to help you get your new investment up and running. And why make the same mistakes that others have made time and time again before you? They can warn you about common pitfalls. Remember, if you were an expert on the subject, you wouldn’t be looking for tips on the internet.6. Enlist in the services of a financial planner or accountant.Don’t bury yourself in debt or a bad investment. Be sure that this is something you can afford and are willing to take a certain economic risk in order to achieve. There is no guarantee that you will make a wise investment, but being aware of your finances can help lessen the potential (and shock) of failure.