| Investing in Real estate can be a satisfying | | | | power when it comes time to make an offer on |
| and profitable endeavor even for those who | | | | the real estate. These are often the |
| are just starting out if they know what to | | | | properties that can turn into a great profit |
| look for. The key is finding property that | | | | margin. By pointing out potential problems |
| has real potential that others have | | | | ("I'll need to upgrade all the wiring, and |
| overlooked without laying out too much cash | | | | those pipes have had it."), you may get the |
| in the beginning. Although there are lots of | | | | price reduced even further, or you can |
| books, websites and seminars to guide you, | | | | negotiate to have that work done at the |
| sticking to some basics is still essential. | | | | owner's expense before you'll close on the |
| | | | house. |
| Maximize your information sources by using | | | | |
| all available options. The Internet has | | | | A complete home inspection is always a must - |
| hundreds of sites advertising real estate for | | | | the report the inspector provides can point |
| sale, many of them by-passing realtors in | | | | out other problems you, as a lay person, may |
| order to save cash for both the buyer and | | | | have missed. This can mean the difference |
| seller. Google Base, Ebay, CraigsList and | | | | between purchasing a basically solid house |
| numerous others have houses listed For Sale | | | | that you can turn into a real gem and buying |
| by Owner (FSBO, a term you'll quickly become | | | | a house that looks sound but will end up |
| familiar with). Don't neglect property | | | | being a money pit of repairs and major |
| listed with realtors, though. Get to know | | | | reconstruction! The report will cover |
| realtors and let them know you're seeking | | | | details from leaks, carpet and floor damage |
| those hard to sell properties that need some | | | | to problems with the foundation or heating |
| work - they will often lower their commission | | | | system. Be sure to determine what things are |
| to sell a house that's been hanging around | | | | deal-breakers - talk to an expert about |
| for a while. | | | | whether flaws are worth repairing, or are too |
| | | | major to be dealt with. |
| Always, always visit the property yourself to | | | | |
| evaluate it. No amount of pictures can | | | | Some repairs should always be done by an |
| substitute for walking the property yourself | | | | expert, such as heating and air conditioning |
| and seeing the rooms, fixtures and | | | | problems, repairing chimneys and flues and |
| neighborhood up close. If you can, visit on | | | | anything to do with the foundation of the |
| two days - once during bad weather so you can | | | | house. Others, however, you can do yourself |
| check the basement, eaves and roof for signs | | | | if you are handy yourself or are willing to |
| of potential problems. Introduce yourself to | | | | learn. Fixing leaky faucets, repairing minor |
| the neighbors and get a feel for what the | | | | leaks, patching drywall, even refinishing |
| area is like - is it mostly retirees, or | | | | floors can be done yourself at a greatly |
| families with young children? This | | | | reduced cost - and can give you real |
| information will be invaluable down the line | | | | bargaining power on the price when |
| when you begin remodeling if you decide to | | | | negotiating with the seller (after all, he |
| purchase the house. | | | | she doesn't need to know you're going to do |
| | | | it yourself!). Keeping these tips in mind |
| If you find problems like older pipes and | | | | will help you keep things realistic and |
| wiring while checking out the property, | | | | maintain focus as you look for that hidden |
| you've given yourself some real bargaining | | | | gem that you can turn into a showplace. |