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