5 Tips for Real Estate Investing

Welcome to 2010. Experts expect this to be the year of the real estate investor, especially in Commercial real estate where big hits are due to get even bigger. So what is your investment strategy this year?

Here are my top 5 basic real estate tips if you are planning are dipping your toes in the market.

1. Have a plan. Know what type of real estate you want to buy, why, and know your investment objective. Income, cash flow, appreciation, or tax benefits.

2. Make sure you have an emergency cash reserve. Do not plan on letting just your investments pay for your life. Let your investments grow so you have a life in the future.

3. Do due diligence. I personally go and see any property I would consider buying. Do not depend just on the Internet. The Internet is a great research tool, but you still have work to do.

4. Become a great listener. Ask open ended questions and let the seller talk. Finding motivation directly correlates with how much you end up paying for a piece of real estate.

5. Know who is on your team of advisors. You need an atto
ey, an accountant, perhaps a property manager (unless you plan on managing yourself) a handy man if you are not able or willing to fix up the property on your own. There are other people you may want on your team but the key is not to go it alone.

Have any other real estate investing tips that you’d like to share? Send me an email at wisewomeninvestor@yahoo.com.