It is very difficult to get real estate financing in Virginia Beach, VA. The requirements of investors as well as property developers are very high here. Above all it takes a lot of time to
3 Pitfalls To Avoid When Playing In The Real Estate Game
Pitfall Number 1: Don’t Overpay!
The whole point in investing is to find properties that are undervalued. How does one find out what is undervalued versus overvalued? Without getting into technical details, the bottom line is you need experience. Yes much like shopping for anything else, real estate is essentially one of the highest ticket items in the shopping center of life. It’s advisable to stick with one market, perhaps the one closest to you in proximity as a starting off point. Through your experience and asking the right questions, you will eventually have a feel for the pulse of the market you are looking after, and of course identify what is considered a good buy.
Pitfall Number 2: Know the Market
Yes, you are actually going to have to do more work! This part is really common sense though, but executing it where the beauty and the payoff comes in. How do you make money in real estate? The most basic way is to buy low and sell high. So from the first step, you have identified general trends in the value of homes, and are pretty good at spotting undervalued homes. Assuming you acquire that home, you may want to profit from it by selling it off to someone else for a higher price. How can you do this? Well there are many ways. For one, most markets appreciate in value over time so if you want a longer term approach that will work. Making upgrades to the property will automatically raise the price of the home as well. Think in terms of what the market wants, not what you personally want. You aren’t the one buying it; you are trying to sell it to someone else for a higher price than you bought it.
Pitfall Number 3: Know Your Budget
It may be a fine philosophy to go through life on a whim, but real estate is serious business, and thus diligent financial planning and budgeting is critical to your success. Don’t worry you don’t need to be a finance geek, however you need to be disciplined and know your budget from the onset, or you may be finding you are learning that you need to make certain renovations or upgrades, and didn’t anticipate it going over to a certain cost. Think ahead as to what is needed before actually going forth with investing in real estate.
Whether it is your first home or the home you plan to retire in, I will be there to ease the process every step of the way! I find great pleasure in helping people achieve their goals in real estate a....
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Blu Skyy Realty, provides reliable and highly efficient real estate services as well as property management service in Virginia Beach, VA and neighborhoods for years. As a professional
Marion Long is an experienced real estate agent of Virginia Beach, VA and Blu Skyy Realty, the professional real estate agency owned by Marion Long offers a wide range of real estate services to
Blu Skyy Realty is one of the reputed real estate agencies in Virginia Beach, VA offering a wide range of real estate services to the clients. This real estate firm is owned by Marion Long,