You've no doubt heard people say, “I wish I had invested in real estate thirty years ago.” Well, thirty years from now, people will still be making that comment. There's no time like the present to get started. The longer you wait, the higher real-estate prices will be—that's one reason real estate is such a wonderful place to invest your money. It's one of the most stable investments you'll ever find. The worst mistake you can make is not buying the “wrong” property—it's not buying anything at all.
Many real-estate investors find that residential properties are the perfect place to start—they're a safe investment and, when you choose wisely, not too difficult to turn around in a hurry. Whether you stick to that path or branch off to another is up to you. There's plenty to choose from, including commercial real estate, land development, or owning and managing a large apartment complex or strip mall—perhaps one of those specialties is more appealing to you.
You'll become a good detective as you learn to research properties and locate their owners. The real-estate negotiation process will help you improve your people skills because it forces you to interact with home-buyers, home-sellers, tenants, agents, and other members of the real-estate community. The knowledge you'll acquire will help you buy and sell personal residences, too. You'll even get to practice your home repair and maintenance talents as you remodel and care for your investment properties — and who among us can't use those skills every day?
Get ready to discover how much fun it is to buy a piece of real estate that everyone else thinks is a disaster and to use your creativity and knowledge of the market to turn it into a property that's in high demand. Success takes a good bit of imagination — including the ability to see beyond chipped paint and outdated decorating — and it requires dedication and a willingness to get your hands dirty once in a while. It's definitely worth the effort — a successful real-estate investment career can put money in your pocket today and help secure your future wealth.
This book offers a step-by-step analysis of the process of buying, selling, and renting real estate. It's essential for you to understand the details that must be considered before you initiate any type of real-estate transaction, and this book offers a solid background to help you do just that.
Some deals are risky — others are a sure thing. More risk usually equals more potential gains (and losses), but many of us can still do without the stress involved in those transactions. Not to worry, because there's a spot for everyone, and finding it can be an exciting adventure when you have the background you need to feel confident about your decisions. Use the resources on the following pages to help you find your niche — that special segment of real estate where each of us has a home.