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GUIDELINES FOR GETTING STARTED

Here are some guidelines for choosing which method you might begin
with:
1. Study your local market. The technique you use will be determined
by the opportunities available. You have to work with
what people want in your area. In Chapters 2–6 on fixer-uppers
you will see more on measuring your local market.
2. Note what’s going on in your regional economy. Will fixerupper
opportunities be better in a few years when the local
manufacturing plant relocates? Or will apartment buildings
rise in value, as more people are coming into your area than
are leaving?
3. Try to find the technique that appeals to you, something that
not only fits your market but fits you.
4. Note that some techniques require more money, at least to
put down initially, than others. Specifically, the lease/option
allows you to put little down to get the deal started, but the
apartment building purchase may require 10% to 20% down
unless you can finance it creatively.
5. Gauge the amount of time you have available to get started.
And be aware of when that time is free. Generally, real estate
allows you control over your time. You can probably manage
and maintain a small apartment building in the evenings or
on the weekends, but working on a fixer-upper may require
some weekday time when tradespeople are available.