Wall Cling

It seems like the only thing we hear about these days is how bad the financial situation is in America.  If it's not that, we hear about how much worse it's going to continue to get.

Four of the big five investment banks have gone bankrupt, governments are raising taxes and ripping through cash reserves, and even your old Aunt Millie is squirreling her spare change away behind her false teeth and up under her knickers.

But in the midst of all of this ecomonic decay, someone mentioned to me that they were amazed that I still had cash-flowing real estate.  Then I realized that I was just as surprised that they did not.  All of my real estate cahse flows, and it's a great business to be involved in, especially during times like these.  This article is intended to give even the seasoned real estate investor some serious food for thought on how to appropriately approach real estate, the best investment South of Wall Street.

1) Buy Low.  That sounds silly.  Of course you want to buy low, but so many people don't that I really have bring it up first.  So many investors feel like they have to get in while the action is hot.  YOU DON'T.  Wait for a good price.  It is better to buy nothing than the wrong thing.  You can look for distressed properties, bankruptcies, divorces.   My blog, www.wallstreetsouth.blogspot.com has strategies for finding great deals at low prices.  Just free information, no sales pitches.  However you do it -- bird dogs, tips, property records, buy low.

2) Control your costs.  Again, it should be common sense, right?  Well, it isn't.  Buy construction materials direct from the manufacturer whenever possible.  Control your labor costs.  Do what you can yourself.  Have your tenants do what they can for a discount in rent.  Bill all utilities directly to the tenants whenever possible.  Make sure to get three or four bids for any work that needs to be done, and create a blanket cservice contract across all of your properties for emergency services like furnace repairs, electrical repairs, and plumbers.  Put the volume of your holdings to work for you.

3) Find ways to make quick money.  Buy and hold is a great strategy, but don't cling to it at all costs.  If the opportunity presents itself to sell, always consider doing so.  For example, if you make $200 per month on an investment single family home, and you can make a quick $10,000 by selling now, I would sell now and reinvest the earnings into another property.  You make money by turning it over as quickly as possible.  Why wait for five years to make the same amount of money that you can make right now?  Especially in today's depreciating environment.

4) Treat investments as investments.  Never put your personal money into an investment property once you have bought it.  It is an investment and it should pay for itself.  Credit scores are very important, and most investors are careful about them, but when it comes down to making a late payment or tapping the family's nest egg, choose the former.  If you start using your savings to pay for your investments, it becomes a black hole that you will never escape from.

5) Choose good tenants and charge a lower rent.  Bad tenants can destroy your property and cost far, far more in damages than they pay in rent.  Perform credit checks, but more importantly, criminal background checks, get a deposit and references.  It will be easier to avoid vacancies if you are just a little more reasonably-priced than the competition.

6) Offer other services.  Be sure to check if it is legal in the state and city in which you operate, but I like to offer finance services for my tenants.  Many of my tenants need washers, dryes, TV sets, and other items that they can't afford upfront.  Buy the item for them and charge them a reasonable amopunt every week until it is paid off.  For example, I had a tenant who needed a washing machine.  It cost me $300.00.  I charged her $50 per month for nine months, so I was paid $450 in total.  That's a 50% simple return on my money.  If the tenant doesn't want to buy, you could buy a TV, for example, for $200 and charge $15 extra rent each month.  If they stay two years, that's $360, or a simple return of 90%, or 45% per year.

Just be smart, creative, fair and always have an eye towards common-sense savings.

I will never sell you anything.  I do that on my own time and earn a decent living, but I love everything about finance, investing and credit.  Visit my blog at www.wallstreetsouth.blogspot.com for more real estate, credit, and investing tips.  I welcome all comments and questions.

About the Author:

Mr. Finance, of wall street south, is a renowned expert on financial matters. He has helped people to invest in real estate, stocks, businesses, and other investments.
What he lacks in good looks, he makes up for in good heart. He never charges a fee for his services.

Visit his blog at www.wallstreetsouth.blogspot.com

Article Source: ArticlesBase.com - Protect yourself from Bad Real Estate Investments

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