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How to invest in real estate: Rehabs & rentals
When done right, real estate is generally an excellent investment, especially if you're planning your investment strategy over the long term. I've been working with investors for a long time, and the formula for success is pretty simple:
1. Buy at the right price.
2. Renovate at the right price.
3. Sell/lease at the right price.
Obvious, right? Maybe so, but you might be surprised at how difficult it can be to pull off. Here are two of the most common investments I work with, and the ins and outs of each.
Rehabbing properties for sale
You've seen it on TV: Someone buys a fixer-upper, renovates it and sells it for a tidy profit — at least, that's the goal. This is the kind of investor I work with most often. This investor is looking for well-priced properties that need some TLC. Sometimes these are foreclosures, but ofte...