Be Prepared To Start Buying Rental Property in a Down Market
Contrary to popular belief, buying rental property in a down market is actually the best time to make that investment. What do you do when the mortgage industry stops lending money? Would this be a good time to start your real estate business? In this market, real estate investing is much different. It’s not as simple as just finding and buying a property. There are other factors that make it much harder than in other down market times. When banks stop lending what are your options? With these questions looming over your head you’re probably thinking this is not the time to start my business. These questions, if not answered, are enough to scare the average person away. Hopefully this article will put your mind at ease and let you know there’s no better time than the present to get started making money in real estate.
In times like these, when most banks really aren’t lending much to anyone, preparing is your best course of action. The key point to understand is that the banking industry cannot and will not be able to continue denying the lending opportunities that both individuals and businesses need to be successful. They are going to have to open up their doors to folks soon enough. They make their profits by lending to you. At some point they’ll resume their typical lending practices. Your job is to learn as much as you can about the business while properties are sitting idle. Remember, if they aren’t lending, for the most part, no one is buying.
Now, for the new investor, you’ll always be able to buy properties. The banks are still giving money to individuals who own fewer than five properties. For the larger investor it’s much harder to obtain financing. These are the investors who will most likely want the property you are interested in. So with some of that competition out of the running, this is a great opportunity for the new investor. Most new investors need to do their research; now is the time to study the market and the business. Learn how to be a smart, successful investor. Study the banks and lending institutions to determine which is best for your situation. Find a realtor that you can trust. Go and look at some properties. Be thorough and really get a feel for what you should be paying attention to. Work up a “mock” estimate to see how much a property is going to cost you to complete all the repairs. Call other landlords in the area who are renting their properties to see what they are looking for in a tenant. This will give you good ideas on what you should be looking for in rental properties. There is no better time to act on these suggestions since you have the time to do your research. If the market was really moving you wouldn’t have this time. Everyday would mean another property lost and the potential profit lost along with it.
Make sure you take advantage of this unique time. While others may think this is a bad time to get in this business, you now know better. There is no time better for the new investor. You have time to really do your research, and have trial run without worrying about losing an opportunity for success. So what’s the best thing to do right now? Sign up for my FREE mini e-course, subscribe to the RSS feed to get any and all updates that are posted on this site, and READ, READ, READ. Prepare yourself now so you’ll be ready when your time is right. This way you won’t miss your opportunity to have real estate success when it’s your turn to start buying rental property.
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