Why I am Into Real Estate
A lot ofmy coworkers are wondering why I am suddenly into real estate-- and I always say the same answer, which is-- it's fun. It's not all serious stuff. I mean you hunt for properties and do your best to sell it, or look for a house to flip-- meaning you have all the opportunity(provided you've money) to do whatever the hell you want with it and create something from scratch and turn it into something really attractive and beautiful, or spotting a bargain that may eventually let you earn profits.
Spotting a bargain in the real estate market that actually fits your personal preferences will definitely take time. Since better buys might pop up within a few weeks, it would be vital for investors to be patient enough not to just jump into the market and buy something right away. Spotting a good bargain will also take some research and will require quick action and open eyes. Either way, though, you should never rush into things when it comes to this. If it takes a couple of months to find the perfect property for you, then so be it. The rewards will definitely be worth the wait anyway.
If you need help spotting a bargain in the real estate market, then here are several tips that you should remember. Of course, not all of these tips will be suitable for you, but it would help to know them anyway:
- Have a target area in mind and walk around it, drive through it, and just visit it a few times every week to ensure that you know what goes on there at all times.
- Know what the prices and rents are like in your area of choice. For example, if you like to get a unit at Binjai 8 , KLCC make sure that you compare its prices with the nearest condominiums in the KLCC area.
- Look out for real estate that has been in the market for more than a few months or real estate that has real renovation potential.
- Ask the people in your area of choice if they know anybody there who is in a hurry to sell their property. If you find a private purchase that you can look into, you could easily save a ton of money on commission. Think about it.
Having said that, private sales can be hard to negotiate sometimes because the seller's feelings are at an all-time high. There are some cases where the homeowner has to sell his home because he needs the money that would otherwise to go this mortgage to pay off his medical bills, for example. This might be a difficult situation to deal with overall. However, if you end up finding a mortgagee sale, then you might be lucky enough to deal with a bank or an agent instead.
Before making an offer, you might want to check whether the seller needs a quick or long settlement, is emotionally attached to their house or wants to stay there as a tenant, as well. By finding out the answers to those questions, you will know exactly how to write out your contract in the end.
Aside from that, you should know your target location very well, so that you can make an informed and fast decision overall. While it may take time to find a good property, it would always be best to wait than to jump into something that you aren't actually sure about. In fact, the most important thing in this department is to make sure that you take your time in finding a good bargain. This way, you will end up with a great property in your hands and without any regrets under your belt.
I do not intend to become the next Donald Trump and be the kingpin when it comes to real estate but surely I would love to learn more because it's really interesting. It's not all about the money(though yes, the green's really big when it comes to RE) but of course-- it's all about hardwork, passion, and dedication to make things happen.