"The very first thing a beginner would need to do before investing in real estate would be to set his priorities right. He needs to decide upon the reasons for which he is entering the business. His priorities would determine what sort of property he should go for. An objective self-assessment of the financial conditions of the investor is also in order to enable a correct decision to be taken. In all cases, price of acquisition is most important, as this would govern the mortgage payments as well as the overall profitability of the venture.If investment were being made for cash at short notice, the best bargain would be to locate property, which is under priced and get a contract for purchase. A real estate investor to whom the contract can be sold and a profit be made from the sale of the contract should then be located.
This strategy would cut down both on the investment amount and the time to get ones part of the profit. Joining an investment club would allow access to real estate investors for selling the contract.If the reason for getting into the real estate business were for a stream of income at regular intervals, it would be best to go for a house that is available relatively cheap and renovate it to generate a rental income, which is more than the periodical mortgage payments. Personal efforts put in for renovation would save on the costs. Location of such property may involve a bit of scouting around. Gathering information in advance about localities, which may have such properties, would come in handy. Over the years, the rental income would also increase.
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