Now What? You're A Real Estate Investor
For many reasons, you have decided to become a Real Estate Investor. Weather it is for the boats and estates, exotic travel, a little extra income, or your personal version of a 401(k) plan, real estate is your vehicle to creating wealth. Congratulations! It is a bold and courageous decision. Now you have to determine, within real estate, how you are going to forge your future.
Until the late 1980s, Whitefield was a small village. But now, it has become one of the major IT hubs in Bangalore. Whitefield has been included into BBMP (Bruhat Bangalore Mahanagara Palike). And so, now Whitefield is officially a part of Bangalore.
Wholesalers are good at talking to people of all kinds. They use a variety of methods to find people motivated to sell their property for drastically less than market value. As in traditional sales professions, they must keep their marketing pipe full by constantly advertising. Once they have a property under contract, they will have a buyer?s list of flippers and landlords looking to buy property. Each buyer will have different criteria for what they look for. They sell the contract to they buyer for a fee.
Time invested: Short, usually 60-90 days depending on deal structure.
Money invested: Little ? Usually between $10 to $1,000 earnest money + marketing expenses.
Payday: $1-10,000 per transaction.
Flippers buy properties that need fixing, fixes them, and sells the house near market value. They need to be familiar with local building codes, ordinances, and construction methods. Work is either done themselves or hired to a contractor. Some parts require a licensed contractor to comply with the law.
Landlords buy properties to lease to tenants. They look for properties with good rental comps. They structure their financing so that their PITI (principle, interest, taxes, and insurance) is less than what they can rent the house for. They need to be good at property codes to know the rights of landlords and the rights of tenants. They show properties to prospective tenants, collect applications (and fees), run background checks, deposit rent checks, and perform (or hire) maintenance.
With reo foreclosures or foreclosure investing, they can make investments with their money in a home and let you carry out all the leg work and you?ll be able to split the profits. Folks like investments where they just have to write a check and wait for the return on their investment.
Time invested: Medium. Between 6 months to 1 year.
Money invested: Medium. Depending if repairs are financed. $10-30,000.
Payday: Net of $15,000 after all expenses.
Some of the attractions in Whitefield area are Forum Value Mall and the Hyper City Mall. Whitefield has a very well planned infrastructure and so, it is the hottest spot for real estate for investments in the year 2010.
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