Flipping is dangerous!
Flipping
is not dead! There are an elite group of pros that can make a good
living by flipping properties. I see fantastic deals on condos and homes
that if bought by the right investor can be fixed up and flipped for a
decent profit (sorry no doubling your money in 60 days type deals. Those
are for HGTV in some sleepy city in the Southern US) or fixed up and
rented as a long-term rental property (I love these kind).
Unfortunately I also see uneducated real estate investors make some
pretty basic mistakes and end up loosing their shirts. My advice is if
you're going to invest in Real Estate take the time to learn how to do
it right. Don't just jump in and try and hit it out of the park with
your first deal. Talk to the pros; get expert advice from people who
know what they're talking about. You wouldn't ask your dentist about
what kind of tires to buy for your car. So why would you get real estate
investing advice from anyone other than an experienced pro? I laugh
when I see listings that say attention investors or great investment
property. 9 times out of 10 these types of properties are NOT good
investment properties or they might be OK but far better opportunities
can be had with more due diligence and legwork. Make sure the Realtor
you have selected in helping you find an investment property knows what
he's talking about. The first questions you should ask is how many
investment properties do you own and how many years have you been
investing. If he/she doesn't own any then you need to find another
agent. They still might be a very good agent at marketing homes or
finding you a principal residence but Real estate investing is very
specialized. In my opinion an agent needs to walk the walk in order to
have an intimate knowledge of everything involved from which
neighborhoods and locations are best, to how to find and screen tenants
to what comparable properties are currently renting for as well as
current rental supply and demand in that area. If you're looking for an
investment property in Downtown Vancouver or Richmond I'd be happy to
help.
Contact Owen Bigland
- Macdonald Westmar
- Phone:604 279-9822
- Address:203-5188 Westminster hyw
- Richmond
- V7C 5S7
This entry was posted on July 9th, 2012 by Owen Bigland | Posted in General