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Everybody Talks Property

To dream or to buy.

It seems like everyone you talk has some interest in an investment property even though they might not realize it. Meaning, it’s not a straight forward desire to make money via an investment property but it’s more a curiosity, although why not take the leap. Now is the ideal time, with home prices down and interest rates still relatively low, it’s a buyers market to say the least.

My dentist for instance, she was talking about how her grandparents were thinking of moving from a retirement community in the Phoenix area to Las Vegas to shorten the drive to Berkley, California, where she and their grand children live. But she was also talking about the amount of space that you can get in Las Vegas compared to the Bay Area, a house with a large yard, an alcove off each of the rooms for reading, and the high ceilings. On one hand though, this is what an investment property is, a home that once was owned by relatives or buying a property for relatives as they grow older with the notion that this will also be a good investment down the road. There’s nothing wrong with planning.

Further, she mentioned how she was concerned with the wind that whips through this particular area. A good point, when buying property, one thing many people don’t consider is the climate and the different seasons. As a property owner you’ll have to be prepared for long winters say in the North East or hot summers in the Deep South.

My sister, seeing the drop in prices in the Boise area, wants to scoop up all these homes she comes across time and time again, it’s more a dream for her though. One week it’s a house with a white picketed fence. The next week it’s a smaller home, as she thinks her house is too big and too hard to take care of. Later, it’s a home up in the hills with a view. To a point this is the grass is always greener on the neighbors lawn concept, but it’s also the beginnings of a real estate investor. After all, investing in property is about exploring and researching markets. 

But instead of talking and dreaming, you start to put together a plan and write things down, what type of property you want, your risk level, how long do you want to own it, how much can you put down, and so on.

Think big and sort of move those dreams into reality. Start keeping track of properties you like and if they sell, at what price. You might not purchase the first or second property you like but maybe the third or fourth property is the one that you get. People flip through coupon books looking for deals on soap, why not up the ante and flip through real estate brochures to see what’s out there.

The key is to set aside money and being to save. You will need capital in order to buy property and the more you have the better mortgage rate you can get. However, more important than the down payment, is making sure that your credit is in order as this will enable you to get a low interest loan without putting that much money down.

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