Lake Forest, CA (PRWEB) January 24, 2007
Are we in a real estate boom or bubble? Lake Forest resident and real estate investor Stephen Gregg shares the following five secrets to prosper in 2007 regardless of the market conditions.
1. Get good quality real estate investing education.
Is this a good market to be a real estate investor? Yes. Regardless of market conditions, an educated investor can make money in an up or down market. Having the knowledge is the key. But buyer beware: There are various types of so-called real estate investing seminars available. Find a program that allows you flexibility to choose the kind of investment strategies that's right for you, because one size does not fit all.
2. Know your market.
You need to learn how to evaluate your market because there are several types of markets. For example, you need to know if you are in a market with high or low appreciation; what the renter status is in the area; whether there are a lot or not very many foreclosures; whether you are in a high, medium or low income area. Is it a growing population area, or decreasing? Then, you need to know what strategy to apply to each market. People lose money every day in real estate by investing money and applying the wrong strategy to the wrong market they are in. You must learn your market.
3. Decide your investment strategy.
There are numerous types of real estate investing strategies. For example, there are the "Buy and Hold," "Fix and Flip," "Creative Financing," "Foreclosures," "IRA and Retirement Plan Investing," "Lease Options," "Multi-family dwelling," "Commercial real estate," "Land Development," "Rehabbing," "Short-sales," "Subject-to purchases," "Wholesaling" and many others. An educated investor will know which strategy to apply to each market.
4. Don't listen to the news.
If you base your investment strategies on news reports, you may not get out of bed. But in fact, an educated investor smiles whether the market is going up or down--because they know how to use the right strategy at the right time. Once you determine your strategy and your market, use the media to know when to pull the trigger on investment decision.
5. Build your TEAM.
The meaning of team is: Together Everyone Achieves More. To find true success, you need a team of successful people surrounding you that have your best interests at heart. Players on your team may include other successful investors, a mortgage company dedicated to serve you, an accounting firm and tax attorneys to protect your assets, a mentor who is willing to walk with you every step of the way, and a group of professionals who will identify potential investment properties. Your income will be the average of your five best friends. Be sure to choose your team wisely.
Stephen Gregg, real estate investor and owner of New Wealth Investors, may be reached online at http://www.newwealthinvestors.com, or by email or toll-free by calling (888) 363-3010 or (949) 340-6825.