How To Make Successful Real Estate Investments
The last slump in the stock market saw millions of investors
lose millions of dollars. Overnight life savings were wiped out, retirement
funds declined and the economic forecast was dismal.
As a result, thousands of investors turned away from the stock market and sought
alternative markets to invest their money. This produced a global boom in the
real estate industry and property prices, and has triggered a generation of
budding real estate investors.
For those of you wondering whether it's too late to venture into real estate
investing or considering how best to make the most significant returns from
property investment, here is some advice for successful real estate investments:
Consider Investment Property Abroad
There are many untapped property markets in countries around the world that
offer a greater return on investment in the form of rental yields or short to
medium term capital growth. While major markets in the USA, UK, Australia and
Europe are slowing down, there are emerging property markets globally that are
hungry for investment and are proving to be highly profitable.
For example, in 2007 a number of countries are already aligned for accession
into the European Union and as a result property markets in these countries are
likely to benefit from greater numbers of visitors, more trade, increased
investment into infrastructure and more stable economies. The likes of Hungary,
Slovakia, Bulgaria, Croatia, Turkey and even Northern Cyprus are just a few
examples of overseas destinations with emerging real estate markets that may be
worthy of your consideration.
Make Sure Your Plans Are Profitable
Examine the real estate market that you're about to enter by comparing property
values across the city, state or region and making sure you know what your money
will buy you. Make sure that the rental yield you intend to obtain from your
property is actually realistic or that the asking price you intend to set once
you've renovated the property will be realistic.
Never Assume Anything
Do your due diligence on every single aspect of the process from ensuring the
asking price for a property is fair to checking your tax returns before your
accountant submits them for you. This is your investment, your future, your
potential profit and therefore it is ultimately your responsibility.
Employ An Expert When In Doubt
Be prepared to acknowledge areas where you are far from being an expert and
consider obtaining a second opinion. This goes from checking out the structural
soundness of a property to understanding the legal ramifications of renting out
your property. If in doubt, call on an expert!
Set A Realistic Budget and Stick To It
Whether you're purchasing property as a rental or buying real estate to renovate
you need to add up all area of projected expenditures to enable you to set a
realistic budget.
Make sure you add searches and surveys conducted, legal fees, accountant fees,
insurance costs, likely interest payments on any financing required, taxes,
connection of utilities, marketing for tenants or buyers, real estate agency
fees, and the cost of the property and the price of any renovation, refurnishing
and decorating work required.
The author, Roy White, and his wife Shirley, have over 28 years experience
helping people buy and sell Las Vegas real estate. They are also
investors. For questions or
comments call Roy and Shirley toll free at 1-866-374-3444 or e-mail them at
CENTURY21WHITE@aol.com
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The Roy and Shirley White Team
CENTURY 21 Aadvantage Gold
5041 N Rainbow Blvd
Las Vegas, NV 89130
Direct Line 702-610-4270
Toll Free 1-866-374-3444
Fax Line 702-309-4483
Each office is independently owned and operated
