When should you invest in real estate? The best time is now!!

When should you invest in real estate? The best time is now.

How to Invest in any Market

                Today’s market demonstrates that, no matter what the market is doing, you need to follow the basic rules of real estate investing.  Those who ignored common wisdom and failed to do their homework are paying the price.

                What is the common wisdom? It starts with the basics. Here are guidelines to help you get on the right track to sound investment decisions in any market.

GET SMART – There is no substitute for knowledge, even if you work with a real estate investment advisor.  Read, attend seminars and join reputable investment groups.  Make sure the information you get is worthwhile.  Read business journals and newspapers every day.  Go on the internet to find out what’s going on in business and real estate.  There are always changes.

MEAN BUSINESS – Start with the right frame of mind.  That’s true whether you are adding an investment property to your portfolio or evicting a tenant who has failed to pay rent.  You’re here to make money, not to be entertained or extend charity to dead-beats.

MAKE YOUR SUCCESS A TEAM EFFORT -  You may choose a turnkey real estate investment strategy.  It’s is difficult to someone just getting into real estate investing to know the right questions to ask or where to get answers.  Have a team of advisors and professionals to support your questions and answers.  Your Team can help you identify properties, negotiate sales, find lenders, and contractors, lease, stage, sell and manage your properties.

HAVE A GAME PLAN – Know what you are trying to accomplish up front.  Do you want cash flow? Are you investing for retirement? Do you have some other goal in mind? Your goals determine how you evaluate a property.  If it is long-term, hold such as a property for retirement, a property with less built in equity and a small steady increase in value every year for 20 years will work.  If you are looking for cash flow, buy an undervalued property with a larger deposit.   It is important to have an exit strategy.  How long can you afford your fix-and-flip property? If you are using hard money, do you have a plan to refinance?

RUN THE NUMBERS – It doesn’t matter whether your goal is to buy and hold or fix-and-flip – evaluate the numbers before you buy.  Use a serious property analysis software. Load details like the purchase price, rental income, vacancy rate, property taxes, management fees, maintenance cost, hoa fees,  and generate reports that provide an indication of how the property is likely to perform.

CONSIDER THE MARKET – Once you have decided on your goals and have a game plan, frame it all within the context of the market.  If your goal is to fix-and-flip, remember this is hard in a stale market while buy and hold may be the best strategy. 

LOOK AT THE NEIGHBORS -  Before you buy, look at a lot of properties.  Compare it to others in the neighborhood. That’s the only way you can effectively evaluate a property.  It always helps to have “comps”. The MLS is another good indicator of comparable properties offered for sale.  What are asking prices for active and pending homes? How long have comparables home been in the market? Then, drive the neighborhood

BE REALITIC – As you evaluate a property, don’t estimate costs.  Don’t take information at face value and don’t expect everything to work as planned.  In real estate, the best case scenario isn’t the one that usually comes up.  Be realistic about cost and potential problems and be prepare for foreseeable worst-case scenario.

JUST DO IT -  Whatever mistakes you might make investing in real estate, the biggest mistake and most costly mistakes you can make is doing nothing at all.  Figure out your budget, know what you want to do ahead of time and then go do it.  Just buy something!!

To get the most current Neighborhood Market Activity report for your are just call 303-731-5537 for a 24hr Free recorded message

By Lorena Tankersley SFR, CHRE.  Lorena is Listing and short sale specialist with Keller Williams and president of the Women Investment Group (WIG).  You can find her at www.WomenInvestmentGroup.com

Reasons why you Should HIRE a Lead-Safe certified renovation contractor

1. To help prevent learning disabilities
2. To help prevent behavior issues
3. To help prevent diminished motor skills
4. To help prevent lower intelligence
5. To help prevent hearing loss
6. To help prevent brain damage
7. To help prevent memory loss
8. To help prevent headaches

Today, there are over one million kids who have been poisoned by lead from old paint.  Home repairs that create even a small amount of lead dust are enough to poison your child and put your family at risk.  If you live in a home or apartment that was built before 1978, make sure you renovate right with a contractor tha is Lead-Safe Certified in accordance with the new EPA guidelines for any renovation or repair project.  They'll know how to protect your family.

To find a Lead-Safe certified contractor in your area, visit epa.gov/getleadsafe

Special message from The Women Investment Group

5 to Watch: Real Estate Business Trends: REALTOR® Magazine

5 to Watch: Real Estate Business Trends: REALTOR® Magazine

It's 2010. Do you know where your children are?

Our kids are growing up in a very different world from the one you used to know.  Different expectations. Stronger pressures and temptations.  More choice.  Bigger choices.  Great dangers.

And when the pace of change is so fast even the kids have trouble keeping up, what hope is there for the parents?

No mater how much you try to stay up to speed with what your kids are doing, there will always be plenty you don't know.

To help parents prevent, intervene in, and find treatment for drug and alcohol use by their children, there is the Partnership at Drugfree.org.  So even if you don't always know exactly where your children are, at least you'll always know where they're at.  Visit  drugfree.org

Special message from The Women Investment Group -