3 rules of real estate investing

Do you know the 3 rules of real estate investing?

Great thing about real estate

An American dream of owning a place to call home is at the top of most everyone's list. Unfortunately the last few years a lot of you have lost your home or are so in debt with it you can't see above the water, scared, frustrated and stressed out, believe me I get it. I am here to say don't lose faith in that American dream, that after all is what make us so great. I feel privileged to be able to share with you just how you can do that as well as create wealth that has no limits.
Building wealth can mean opportunities….

What building wealth can mean are more opportunities to enjoy what this great world has to offer and the luxury of time to fascinate in it. Investing in real estate is a wonderful way to make a living or if you prefer can easily be added into your life to supplement the income you already have, allowing for those extra luxuries in life that we all love. Maybe though you would just like to get out from under a mortgage or have extra money that pays your mortgage each month adding security to your hectic and possibly stressed life and allowing you to breath more freely and sleep better at night. After all that is what life should be about, enjoying it and being able to enjoy your own home, don't you agree?
Remembering Good times…
We had experienced some amazing times, when the dream of owning a home had been easier to achieve than any other time before. It seemed the whole country had been swept up in the urgency to take advantage of the fantastic opportunities that had been out there. Including some of the lowest interest rates ever, financing with nothing down, low doc loans, no doc, no-income verification loans and so on. Amazing what was being offered out there and because of that a growing urgency felt by many to purchase something while it lasted. That urgency contributed to pushing housing prices higher and higher in most metropolitan areas as demand grew. Remember the saying what goes up must come down? Well that is some kind of universal law isn't it? Yet everyone was so surprised when it happened. Myself I was not surprised I expected it, yet I did not expect it to happen overnight and did not expect all the banks to yank programs just when everyone's loans were set to reset. Most people I knew had planned when they bought to refinance at that point and the big banks or some other force was bound and determined to not let that happen, so as if overnight all the loan programs that was causing this frenzy stopped and everything came to a crashing halt. I myself would love to find out who was behind this great plan to cause so many such pain yet there is no use in getting caught up in that and adding fuel to what had happened. Rise above, learn from what happened and go back out there and build something even greater, that is what we all should be doing.
3 basic rules to investing in real estate
There are 3 basic rules to investing in real estate. Do you know what those 3 rules are?
Rule #1: Buy low and sale high.
Oh yes you say I know that. Well then have you applied it? When things were booming prices were going up so drastically in some areas that people were outbidding each other on properties in a frenzy. Multiple offers were being submitted on houses that just came on the market and being bid up over and above list price. Now does that sound like a good thing to you? As a real estate broker/investor I could not believe what was going on, I would attend auctions were deals were suppose to be found just to watch a frenzy of people overbidding on properties that should of been deals. We all shook our heads in amazement. Now I know all of you are shaking your heads for the situation this made for all of us following that high and for most even a fear to ever buy real estate again. That is just as crazy. Again Learn from mistakes made and follow the basic rules and again #1 is buy low and sale high.
Rule #2: Set a price prior to making an offer and stick to it.
When I say stick to it I mean just that. Do not pay a dollar more or even a penny more for that matter. Do your due diligence on a property and make an informed decision and stick to your decision. If it ends up being that you don't get that property than it was not meant to be. Do not go over your price, the one that you determined based off all the facts and then following this next step which is kind of tied together with #2

Rule #3: Emotion has no place in real estate especially investing.
Once you make your decision on price, leave your emotions out of it. Don't start second guessing yourself if it doesn't look like it is going to work out. Don't let another person especially make you start second guessing yourself. Another may pay more for that same property, but you do not know if they did there due diligence and you have no idea if they even know what they are doing, so don't let what others might or are doing influence your decision. Keep emotions out of it, after all there is always another property around the corner and it may even be a better one.
For more real estate information visit my blog at: http://fulton-realestate.blogspot.com/
Or my real estate website: http://www.fultonrealtynow.com