Anyone who says investing in real estate is a sure thing is wrong. While you certainly have more control over your investment than you do with the stock, people (including me) can and lose money in real estate. However, this is achieved by buying bad properties, not by buying at a bad time. There is no such thing as a bad time to buy real estate.
People ask “Should I buy a property in this market sky high or I have to wait for a turn or hit rock bottom?” When the market is impossible. No one really knows what to do. However, you can find a good deal in any market and a good deal is always worth buying.
I learned about the real estate early because I come from a family of real estate investors. Every time there is a big family event, we always play Monopoly quite competitive. It’s not just a game for us, we do it to prove how good we are investing in real estate.
The secret to winning in Monopoly is like the secret to winning in life with real estate, even though you can not time the market it was about time.
Wait! Before you say “huh?”, Let me explain If you buy real estate at the beginning of the game (and your life), you will most likely come out ahead .. So you do not have to wait to buy real estate.
You will not play Monopoly without knowing the correct rules? You’re going to disappear altogether. Everyone knows that in the Monopoly guy with the most money wins, and that you make the most money by buying selling and renting property. But if all you do is roll the dice and move your piece without a clear strategy, there is very little chance to win, just like in life.
Similar to Monopoly where you do not have to start the game without reading the rules, investments in real life you do not have to start buying the house without first finding out a few things. In particular, you should sit down and think about your real estate investment goals. Then, do some research to find a market with good underlying economic conditions, and ultimately find and evaluate a property to find one that meets your goals.
When you find a property that meets your goals and who have stable cash flow to conduct their own through good times and bad, buy it. Keep going to the property, including costs and other investment funds with the money you make from rent.
A player who moves around the board in Monopoly do not buy any property, so looking forward to the opportunity to purchase land in the unlikely Boardwalk Boardwalk. Players who will end up losing to other players who settled for a lower purchase property early in the game. Sitting on the sidelines waiting for the perfect property or the perfect market does not get you in the game.
That’s why you need to focus on buying investment property that meets your needs, not your ideal. You do not have to be born under a lucky star, you just have to have a clear vision of what you can live with. There is money to be made and lost in any kind of market.
Basically, there are two parts to being successful in buying real estate: 1. realize that now is always the right time to buy, and 2. find a property that will pay for itself through good times and bad.
I have not even mentioned the fact that current market conditions are great for real estate investors to find deals go low interest rates, prices have come down, there is a ton of inventory on the market AND the house were very slow to sell. This is truly a great time to buy but I’m not really trying to convince you it is. I’m just trying to convince you that, even if you bought the current property goes down in value tomorrow, you would still be successful as long as you buy one that carries enough rent to cover the cost of it. If you can find deals like this, NOW ALWAYS the best time to buy.