You know the proverb: "There is a time for everything under the sun..." Well, technically, it's not a Proverb; it's out of Ecclesiastes... but that's not the point. The point is: It's time to buy! Yes, Real Estate! Seriously... what are you waiting for?
I'll admit, some of the headlines are distrubing... last week Japan was hit with a major earthquake, and they have nuclear reactors very close to meltdown. That is a bit unnerving. Gas prices had been going up, employment hasn't improved much over the last year, and home prices are still in the tank in many places in the country. But, that said, I don't know anything about nuclear containment, I certainly can't do much about gas prices, but what I do know is that low home prices mean I am buying. I think I am going to buy two homes in the next three months. And as I was thinking that, I was thinking, "Other folks need to be doing this, too!" I only have so much money, so there will be a few really good deals out there.. go get 'em!
Let's focus... and if you have ADD like me, that's quite a task. But let's try anyway: 1. Home prices are low. Okay, got it. 2. Rental rates are going up! That is good. 3. If I buy today, I will have cash flow. That's very good. 4. Even if home prices drop more, I will still cash flow. Huh? Oh, yeah, baby... I cannot lose, even if I do lose a little, I still won't be losing. So, I f I buy for a long enough term, I will profit short term (monthly cash flow); I will grow equity (tenant pays down mortgage) and as long as I do not sell while the market is down, I will more than likely make some money on appreciation! So, why haven't I bought already??? Look, squirrel...!!
So, now your thinking, "Why does Danny T get to have all the fun?!?! I wanna buy a house too!" Shortly after that, a little bit of fear starts creeping up, provided you don't get distracted, and you start wondering, "But how is it really done? How do I find the right property? What loan is right for me? How much do I put down?" Here is the salesman part of me kicking in: Gary Keller's book, The Millionaire Real Estate Investor has the key models any investor will use when buying real estate to gain net worth. (Just to clear this up, an "investor" is anyone who invests... you don't have to buy a hundred properties... the models are the same if you buy one or a thousand.) If you decide to buy a property to gain net worth, you are an investor. (Or, will be...)
First things first: Get educated. Read MREI, and talk to your local lender and a real estate professional familiar with investing... preferrably a KW agent. Email me if you need a referral... I know a lot of Realtors... like, almost 80,000 realtors. Oh, and you can get th e book at www.MillinoaireSystems.com
I gotta go write up an offer. I just found this cool duplex in South Austin... see ya! Let me know what you buy!
Danny T
KW Publishing
