Here is a list of the top three common mistakes Lakeland & Arlington TN 38002 Beginner Investors Make when buying Foreclosures in Lakeland & Arlington TN, as Discussed by Real Estate Professional Chris Griffith with First National Realty
Real estate investors have found that foreclosures can sometimes be extremely profitable. Although that's a fact, they are not safe investments as you can make lose much money. We'll go over 3 of the most common pitfalls,in this article. When investing in Lakeland & Arlington TN foreclosed properties you can keep from making these mistakes.
The first mistake is to believe that all foreclosures make good investments - that just isn't true. Remember, homes that have gone through foreclosure often have serious condition problems. Because of this, the government and banks will often give large discounts on a property's price. The property may not be a great investment,even then, however.
The only investors believing that all foreclosures are good deals are the beginners. Locating a good foreclosure property involves not only time, but expertise and dedicated research.
Pitfall #2 - Jumping into Fixer Uppers
We've all heard of people who've made millions buying shambled houses, fixing them and then "flipping" them. While this can be a very profitable model, it also has its pitfalls.
The biggest pitfall is beginning investors who jump in to the fixer market without the expertise to back it up. How much you can sell the property for and then work your way backwards to what the selling price must be in order to be profitable, then you're not ready for a fixer upper,unless you can predict how much your repairs will cost.
There are many profitable deals that don't require the level of expertise that a fixer does. It's usually better to start with those deals,for a beginning investor.
Pitfall #3 - Not Performing Good Research
Good research is a key component to being profitable in the foreclosure market. It's important to know what the fair market value of the property you own. Do your research regarding construction going on in the vicinity as well as the crime rate.
Do not neglect to have the house inspected. If you are going to place a lot of bids , make sure you check each one out in person before you actually place the bid.
You will find 3 or more common pitfalls that Lakeland & Arlington TN Investors tend to have trouble with. BY steering clear of these problems, you stay away from problem that most foreclosure investor find themselves in Lakeland & Arlington TN.
There is a lot of free information available to you about buying, selling or investing in Lakeland & Arlington TN property sales. For further information regarding the Lakeland & Arlington TN Please visit our website to view current listings and property values as well as Lakeland & Arlington TN property sales. Feel free to contact me if you have any questions regarding real estate or mortgage and I will be more happy to answer your question. Dial this number: 901-461-5590or send me an email at Chris@FirstNationalRealty.com
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