First let’s establish a few ground rules for this article.
1) Bad markets have happen before…and people still made money.
2) Not every deal will fall into a cookie cutter format keep your eyes open.
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 on with the article.
So the market has taken a big drop this doesn’t mean that you, as a real estate investor/professional, are out of luck. It only means you need to add new tricks and tools to your tool box. (Be warned I use “tool box” a lot.)
Finding Deals and Marketing property
Besides real estate agents and brokers (still the best way to find good investments in my opinion) there is a huge amount or resources at your fingertip with the Internet.
You can join website communities for investors, follow blogs, get in on group discussion etc. You can even start your own website for investors and network. All of these things can lead to new and interesting deals.
Several investments have come to me via the web. I also have gotten many tips from other investors on investments and financing issues. Never 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.
Finance
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. (This was a practice that was used only in limited capacity in the last 10 years by most lenders now it seems like every other distressed listing is a short sale in some cities.)
Do not let the current market conditions scare you in to sitting this investment period out. To 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. Use the time to educate yourself and above all be creative.
Don’t run for the hills when you should be shopping in the valleys.
Doc Schmyz has worked with investors all over the US and Canada. He built a free free website shares Real estate investing information for all over the US. Find real estate information by state
