As a Master of Success, you have a focused goal to buy six properties and love your tenants. In twenty years or less, you can be in a strong financial position. You will see your life options multiply.
Realize that you can control large investments with small percentage down payments. The object of buying and selling property, flipping, is to make enough money so that you can invest in solid income properties. You will want the rental income at least to cover your expenses with some surplus.
The most important factor to consider in real estate investing is not location. It is price. Just like any other investment you must buy low and sell high. It is better to buy a $60,000 starter condo for $40,000 than it is to buy a million dollar waterfront estate for a million dollars.
In real estate, knowledge is power. Through research it is possible to gain a competitive edge in the marketplace. Real estate is a local business. To become an expert in real estate values, limit your real estate activities to an area containing approximately 25,000 people. Research the asking and sales prices in your small, specific investment area. Make lots of offers. Stick to that area. Find and work with a top real estate agent. Go for six or more properties but even if you end up with only your own home and one additional piece of investment property.
