8 Investor Tips
8 Investment Tips from the Real Estate Pros 1. Pay for good talent to do your renovations. Your property is no place for someone to learn how to hold a hammer.--Marianne McDonough, Investor since 1976. 2. Buy in the best location you can afford. If the area turns around, you may be able to make more money in a cheaper location, but itís a lot more work and you run the risk that the area may deteriorate.--Dick Royer, Investor since 1962. 3. Buy small and stay small. Stick with the small units, and donít go overboard on the upgrades or your prospective tenants wonít be able to afford your properties.--A. Grant Noble III, Investor since 1992. 4. Look at a building not for what it is, but for what it can be. If you take a contrarian view of possible uses, you can sometimes find a bargain that no one else recognizes.--Glenn M. Gardner, Investor since 1972. 5. Donít get hung up by the cap rate. The money coming in and the money going out, along with the depreciation, are the items to focus on.--Dave Osborn, Investor since 1982. 6. Consider buying a building to house your brokerage office. You can generate income by renting out extra space until you need it for expansion and benefit from the propertyís long-term appreciation.--Hal Kahn, Investor since 1970. 7. Enlist a cadre of repair people you can count on so you can get the property market-ready as soon as a tenant moves out. Every day the property is vacant costs you money.--June Feltman, Investor since 1974. 8. Donít buy the unique property. Choose houses that will appeal to the average family so you will always be able to sell easily if you need an escape hatch. --Bob Ward, Investor since 1995. Hope this article comes in handy! Call or email if you have any questions.