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.
This entry was posted on June 22nd, 2012 by Owen Bigland | Posted in Video Blog