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Real Estate Advice: Jan. 3 , 2010

If you're turned down by one financial institution, find out why, correct the problem and try again.

The seller's market is a myth. The buyer always sets the price. The only thing the seller can determine is if there's going to be a transaction or not.

You have to be careful to put a dollar in only if you're confident that you're going to be able to get more than a dollar out. And the extra amount you get out has to be worth the time, effort, enery and risk that you assume.

Whoever gets the relevant information first and interprets it corrently is going to have the advantage.

Anytime there's a real estate transaction, somebody is probably making a mistake.

CASH IS KING!

You make the best deals when you can buy for cash and sell for paper.

You get the lowest prices and best terms and will move to the head of the line when you're buying for cash.

If there is something better you can do with the money, get rid of the property. If there isn't anything better you can do with the money, stay where you are.

A long closing is like a free option. ALWAYS go for a long closing.

Seeing more and more REITs (Real Estate Invesment Trust) - a bit like a mutual fund that invests solely in real estate.
REITs are traded on the stock exchange which equals liquidity for the owner.

In co-ops if one person defaults on his mortgage, the other members are all responsible for it. Still want to buy in a co-op????

People will seldom admit that they don't really know what they are doing.

Information has always meant power.

Single-family homes and building lots are the best possible investment for price appreciation because use is unrestricted.

Ground floor townhomes usually outperform high rise condos.

The sooner you take a loss, the smaller that loss will be.






This entry was posted on January 3rd, 2011 | Posted in General

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