Want a “good deal”
Want a “good deal”?
Are you considering investing in real estate? Investing can be something you intend to occupy or something you intend to rent. Anyone who has ever talked to me about investing either for renting, flipping or living has uttered the words “Let me know if you see anything that’s a good deal”.
Well, what constitutes a good deal for one person may be a terrible deal for someone else. You need to first know:
– Are you more concerned with resale or rentability?
– Do you prefer single family or multi-family?
– How much repair work are you willing to do?
– What location or area of town are the best for you?
– How much are you willing/able to spend? (on the home and on the repairs)
You must first define your criteria before you’re able to determine if something is not just a “good deal” but also a good deal for you. Investing in real estate is essentially buying a business and the best business owners have a business plan and achievement goals. Each house you buy will either get you closer or further – but first you have to figure out what those goals are.
Because I come out of public accounting and am an investor myself I am in an unique position to help sort out the pros and cons of different approaches. I’d love to hear from you!