What could a $2 bill get you? Big Mac, large fries and Coke. Or, perhaps a pack of Players filter cigarettes. On quick notice, not much. But an article I came across online which cost me $2 on subscription, saved me from real estate investment catastrophe I could have willingly and voluntarily willed upon myself, due to sheer ignorance and reluctance to be coached by those who have gone before me, in what everyone perceived as the only way to financial glory - Real Estate Investments.
The article was concise, it could just pass up as an ordinary high school essay, but I subscribed to it because it had on its title what I urgently needed - a guide to Miami real estate investing.
What I got was a guide, all right, but it was not written by real estate gurus, rather by someone like me who flanked even harder than I imagined to make myself.
What's $2 anyway, so I read on.
The words hit me like an upper cut with a twin jab on the torso. It still sounded like an ordinary high school essay but the tips are workable, sincere and practical. In fact, I never thought real estate investing in Miami could get THAT simple. The scholarly materials I had, suddenly paled in comparison. For one, my $2 article didn't tell me I will succeed, it simply pointed the way for me not to go bankrupt!
Here are the rules - for free:
RULE NO. 1 - Partner with a Pro.
If you have decided to build a lucrative income through Miami Real Estate investments, affiliate only with Miami's most trustworthy Real Estate Brokers. There is more than a dozen to choose from. Take your best pick based on their past experiences and level of market dominance.
Partnering with a trustworthy broker saves you years of learning the basics, and ward off errors that often come with inexperience.
RULE NO. 2 - Back off early when you are not fully ready.
Miami Real Estate investment may be fast-paced, and properties don't sleep too long, but there are occasions they could also slow down. This is the real nature of real estate investment in Miami and anywhere else. The proverbial hotcake selling isn't always easy. Real Estate is not a liquid investment. Your money could sleep a while, longer than your expectations. Without sufficient capital reserve, it is unwise to go into real estate investing.
When you have assessed your financial capacity and found out that you are not ready - step out. Knowing your limitations will save you the shirt on your back, as well as the roof over your head.
RULE NO. 3 - Master the WHAT, WHERE and HOW of Miami Real Estate
Investing.
What to buy will determine largely your failure or success in real estate investing. As a rule of thumb among successful real estate investors, the purchase of a low-cost property, made to wait for the right time to be sold for a profit, promises higher yield.
Where to look is almost as crucial as what to buy. Develop a keener sense of prospecting locations that have a good chance to appreciate in the coming years. Observe fads, as well as trends. These dictate behavioral patterns of individuals that can affect their choices of investment properties.
How to recoup investment in a shorter duration of time will determine the kind of progress you will have in real estate investing, as it will define the level of your maturity to manage investments in the long term.
Research on various trends and approaches. In Miami today, preconstruction investment has sent out a fever-pitch enthusiasm among investors looking for partially-developed or yet to be developed investments in promising locations. They make a small down payment to put a hold on that property even before construction begins. As soon as construction is completed they resell the property right away for a tidy profit.
You can develop expertise on managing preconstruction investments, or flipping real estate properties. This is where this $2 article created millionaires out of ordinary individuals.
RULE NO. 4 -- Decide where you will build expertise and focus on it.
Does lease/rent option appeal to you? Would you sell wholesale or retail?
What are your interests, educational preparation, present assets and personality profile that create a fit to available investment options. Decide on a single investment strategy, and build on it.
Don't fret if you are a newbie in real estate investments. Bigtime achievers also took the first steps you are about to take. Their success could be yours, too if you follow the four (4) simple rules outlined above. These rules were carved from the experiences of those who went ahead and succeeded.
But as experiences are comparable to fashion, don't get stuck with them for a long time. Instead, continue to observe and learn new trends. Investing in Miami Real Estate is fast-paced, the trick to keep up with it is to know where it is heading, get there before your competitors do, and cash in the advantage.
Christiene Socorro C. Villanueva
Miami Real Estate
Christiene Socorro C. Villanueva - http://www.floridarealtyfinder.com
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