Many of the folks we come in contact with feel there’s no better time to start building equity in real estate … to own a little piece of this earth. Only one problem, many of them live in urban sprawls, like Atlanta, where the pace is quick, the traffic unbearable, and the prices outta sight! So, what are more and more of these folks, unhappy with the stock market, starting to do? Contact WealthCreation in an effort to buy a place outside the city… near the coast. Not vacation homes or rental properties alone – but – vacant land as well. Historically, vacant land has proven to be a valuable part of balanced portfolio. And, in today's market - vacant land is VERY affordable!
Over the past year, the number of homes and land bought for investment purposes has risen and the number is still growing. While some of WealthCreation’s sales have been due to increased speculation, market analysts believe that both first time home buyers AND aging baby-boomers are buying away from the urban sprawls. Their options? Buy a summer home, vacation rental or plot of land where they plan to retire.
What should you look for?
(1) Know your market. Talk to your Personal Real Estate Consultant (that’s us!). Is the area growing? What are the comps? What type of appreciation can “reasonably” be forecasted in today’s market?
(2) Know what extra costs you may face. In addition to property management fees, don’t forget you’ll also pay property taxes and, in some cases, community association fees as well. Adjust your financial calculations accordingly.
(3) Ask questions about what you can expect should you decide to rent the property. Not everyone will have family or friends close by to watch over and help with their rentals. Property management companies charge as little as 5% or as much as 50% depending on the service provided and property location. B-I-G difference!
Successful investors, with full lives, face the same frustrations and hurdles as everyone else. The difference is the way they handle their “indecisions.” Rather than feeling immobilized by their worries, successful people conquer them. They know “You Can Make Money or You Can Make Excuses – But – You Can’t Do Both!” After all – according to Dr. Richard Carlson, courage is best described as being afraid and “doing it anyway.”
Make this New Year Prosperous. Resolve to Step Up…Ask Questions…Get Involved…Make Reservations … Decide … & as Nike says … “Just Do It! “
Labels: Business, Condos, Credit Partners, Deals, Dining, Finance, Florida, Florida Panhandle, Foreclosure, Investment, Military, Panama City, Real Estate, Short Sale, Vacation
