OK a few ground rules for this article first.
1) The market has had slumps before...and money was still made.
2) Not every deal will fall into a cookie cutter format.
3) Not every tactic or idea works in the same in every part of the country. ALWAYS check local laws pertaining to real estate transactions.
Ok..now that we understand the rules...lets move forward.
So home values have fallen in your market, this doesn't mean that you, as a real estate investor/professional, are out of luck. It only means you need to add new d tools to your real estate investing tool box. (Be warned I use "tool box" a lot.)
Finding Deals and Marketing property
Besides the normal channels of real estate agents and brokers (still the best way to find good investments in my opinion) you have a vast amount or resources at your fingertip with the Internet.
You can find and join website communities for investors, follow blogs, get in on group discussion etc. All of these things can lead to new and interesting deals.
Some of my best investments have come to me via a web community contact. I also have gotten countless tips from other investors on investments and financing issues. Do not over look the value of belonging to an "investor community website."
I truly feel that in the future the majority of investing will shift to being web related. Not just in finding investment projects but in doing the research for them as well as the funding process and the marketing/exit strategy as well.
"New" financing
Currently we are hearing about how the current market and credit crisis is making getting loans harder This is true. No way around it. The loan process has changed. So what options are left?? The answer is several.
Lease options. Assumable loans. Seller financing.
The above mentioned may well become the big trends in the next couple of years. I am waiting to see how the lenders change the loan guidelines in the next few months to "re introduce" the assumable loan. We are already seeing a HUGE trend in short sales. ( 10 years ago short sales were a lot harder to find, now it seems like every other distressed listing is a short sale in some cities.)
Please do not let the current market conditions scare you in to sitting this investment period out. On the contrary use it to inspire you. Take the time to do the research on finance options, look into building a LLC perhaps. Find out about buying real estate with your IRA. Etc, etc.
Read investment the strategies of the big names in investing. Buy books build your investment library. Use the time to educate yourself and above all be creative.
Don't let panic drive you off with everyone else.
1) The market has had slumps before...and money was still made.
2) Not every deal will fall into a cookie cutter format.
3) Not every tactic or idea works in the same in every part of the country. ALWAYS check local laws pertaining to real estate transactions.
Ok..now that we understand the rules...lets move forward.
So home values have fallen in your market, this doesn't mean that you, as a real estate investor/professional, are out of luck. It only means you need to add new d tools to your real estate investing tool box. (Be warned I use "tool box" a lot.)
Finding Deals and Marketing property
Besides the normal channels of real estate agents and brokers (still the best way to find good investments in my opinion) you have a vast amount or resources at your fingertip with the Internet.
You can find and join website communities for investors, follow blogs, get in on group discussion etc. All of these things can lead to new and interesting deals.
Some of my best investments have come to me via a web community contact. I also have gotten countless tips from other investors on investments and financing issues. Do not over look the value of belonging to an "investor community website."
I truly feel that in the future the majority of investing will shift to being web related. Not just in finding investment projects but in doing the research for them as well as the funding process and the marketing/exit strategy as well.
"New" financing
Currently we are hearing about how the current market and credit crisis is making getting loans harder This is true. No way around it. The loan process has changed. So what options are left?? The answer is several.
Lease options. Assumable loans. Seller financing.
The above mentioned may well become the big trends in the next couple of years. I am waiting to see how the lenders change the loan guidelines in the next few months to "re introduce" the assumable loan. We are already seeing a HUGE trend in short sales. ( 10 years ago short sales were a lot harder to find, now it seems like every other distressed listing is a short sale in some cities.)
Please do not let the current market conditions scare you in to sitting this investment period out. On the contrary use it to inspire you. Take the time to do the research on finance options, look into building a LLC perhaps. Find out about buying real estate with your IRA. Etc, etc.
Read investment the strategies of the big names in investing. Buy books build your investment library. Use the time to educate yourself and above all be creative.
Don't let panic drive you off with everyone else.
About the Author:
Doc Schmyz has invested all over the US and Canada. His website shares Real estate investing information for all over the US. Find real estate information by state
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