OK a few ground rules for this article first.
1) Bad markets have happen before...and people still made money.
2) Not every deal will fall into a cookie cutter format.
3) Not every tactic or idea works in EVERY state/province. ALWAYS check local laws pertaining to real estate transactions.
The above being said let's move on.
Just because a drop in the market has taken place 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 and Marketing property
Besides the normal channels of real estate agents and brokers (still the best way to find good investments in my opinion) you have a vast amount or resources at your fingertip with the Internet.
You can find and join website communities for investors, follow blogs, get in on group discussion etc. 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 the future of investing will be web related. Not just in finding investment projects but in doing the research for them as well as finding the funding and the marketing/exit strategy as well.
"New" financing
Everyday we are hearing about how the current market and credit crunch is making getting loans harder for everyone. This is currently a fact. No way around it. The loan process has changed. So what options are left?? The answer is several.
Lease options. Assumable loans. Seller financing. Just to name a few.
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 let panic drive you off with everyone else. - 15224
1) Bad markets have happen before...and people still made money.
2) Not every deal will fall into a cookie cutter format.
3) Not every tactic or idea works in EVERY state/province. ALWAYS check local laws pertaining to real estate transactions.
The above being said let's move on.
Just because a drop in the market has taken place 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 and Marketing property
Besides the normal channels of real estate agents and brokers (still the best way to find good investments in my opinion) you have a vast amount or resources at your fingertip with the Internet.
You can find and join website communities for investors, follow blogs, get in on group discussion etc. 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 the future of investing will be web related. Not just in finding investment projects but in doing the research for them as well as finding the funding and the marketing/exit strategy as well.
"New" financing
Everyday we are hearing about how the current market and credit crunch is making getting loans harder for everyone. This is currently a fact. No way around it. The loan process has changed. So what options are left?? The answer is several.
Lease options. Assumable loans. Seller financing. Just to name a few.
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 let panic drive you off with everyone else. - 15224
About the Author:
Doc Schmyz has invested in Real estate all over the nation. His website gives hundreds of investors up to date real estate investing information Get more info from across the nation on Doc's real estate investing resources page.
