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2bindenver's correct. If you're looking at real estate as an investment, the number one thing to remember is you make your money/profit when you buy, not when you sell.
2bindenver's correct. If you're looking at real estate as an investment, the number one thing to remember is you make your money/profit when you buy, not when you sell.
Agreed. Also lowest priced home in best neighborhood - not necessarily worst house. And, location. Architecturally significant - a big plus. Thing to always remember: there's always another house....
Edited to add: Deal with listing agent when it comes to competitive properties. They have incentive to have your bid accepted because they will make double the commission. In the foreclosures we have bought we have known the right number to offer by asking the right questions that didnt compromise the agents' integrity.
I have to say I disagree with miu. While a single family home is better than a condo - it's all local. I've made good money off buying condos. The important thing to do is to evauate the gov. & financial docs. before you buy.
Were you turning around and renting out those condos? If your rent collected was more than the mortgage, taxes and fees, then fine. But to just live in a condo as a residence, I still say that it's not worth the hassle of having bad neighbors breathing down your neck. And in this market, the values of condos have sunk just like the rest of the real estate market. So I'd rather be owning a devalued house than a devalued condo, factoring in the added monthly condo fees on top of the mortgage and property tax payments.
I used to feel that one should never buy a condo. No longer agree. Have bought some for investment and will probably live in a condo next time. Lots of things I like about them......
Deal is in the buy, not the sell.....big belief of mine.
My other truism: Don't try to be greedy on the sell side.
I haven't learned too much from RE Agents. But have had a lot of otj education.
If you are the buyer, never talk directly to the seller before the deal is done.
If you are the seller, never talk directly to the buyer before the deal is done.
If you are going to use realtors, let them do their jobs and act as intermediators. It keeps emotion out of the picture, and stops you from agreeing to things you never meant to agree to.
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Always buy less than the bank says you can afford.
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When buying, make a list of your MUST HAVEs and a list of your MUST NOT HAVEs. Everything else is negotiable.
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When selling, never let someone move in before the deal is done. You've lost all your leverage to encourage them to hurry the process at that point.
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