Property Crossroads - Real Estate Info

10 Do’s and Don’ts for Making Money in Real Estate

by Maricel Ferrer-Custodio on June 29th, 2007

Here are some good and practical tips from HGTV.com to maximize the profit potential of your residential real estate investment:

1. Do know your market
2. Do look for cosmetic-only repairs
3. Do be prepared to do the work yourself
4. Do know the features that will sell a home quickly
5. Don’t ignore curb appeal
6. Don’t procrastinate-if quick revenue is your real aim
7. Do have budget, timeline and strategy in place before making the purchase
8. Do get a professional inspection
9. Do know your financing options
10. Don’t start-out with a high-risk property

Extra Tip: Do consider the services of a realtor

Don’t get stung by the "housing bubble" bug and totally stay away from real estate investment.  Remember, there are opportunities to be made in any type of market.  You just have to be knowledgeable in picking a good property to buy, maximize its profit potential and eventually sell for a profit. Take the advise of real estate mogul Donald Trump, "Be Thorough…There’s really no such thing as knowing too much about what you’re doing."

Sure the real estate market is not at its best, but if you have the resources to buy now…there are a lot of bargains waiting to be snapped.  One of the best ways to profit in any business is "to buy low and sell high".  Be on the look out for cheap properties that are ripe for renovation.  There are a lot of homes out there that are being sold for less than their maximum value.  One reason is because not all sellers are willing to exert effort to maximize the profit potential of their properties. Some could not even be bothered to stage it for selling.  Equipped with the right knowledge, you can seize these opportunities; tapped on the hidden potential of their properties and cash in your profits.  It’s not an easy thing to do, thus not everyone is doing it…but it does give generous returns. 

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