Rules For Your Success in Income Real Estate

From Buyincomeproperties.com

Income Properties
Rules For Your Success in Income Real Estate
By
Feb 12, 2008, 16:46

Rules For Your Success in Income Real Estate

YOU CAN BE SUCCESSFUL IN INCOME REAL ESTATE, if you follow proven rules. Here a number of these rules you can use:

1. NEVER PAY "Front Money" or advance fees for loans. A fee is fair AFTER you receive your loan money, NOT BEFORE!

2. DON'T BASE YOUR FINANCIAL OPINION of an income property on whether or not you would live in it. The only valid measure is if the property earns a Positive Cash Flow for you and rises in value as time passes.

3. HAVE STRICT RULES FOR YOUR TENANTS—and enforce the rules. Demand that rent be paid on time. Get a three-month security deposit. Do not waste time with dead beats. Get them out of your property quickly.

4. TRY TO BUY EVERY PROPERTY with zero cash out of your pocket. Using this approach will make you more much successful—faster—in income real estate today.

5. NEVER PAY ASKING PRICE for a property unless the seller is helping you finance it. Then consider paying the asking price to make the seller more generous in the terms you are offered.

6. KEEP ACCURATE RECORDS for all your income properties. Your records will help you support your tax deductions and give you exact profit numbers.

7. START WITH SMALL LOCAL INCOME PROPERTY. Keep it neat and clean and your vacancies will be low. Make repairs as soon as they are needed—don't let them hang on.

8. USE A COMPETENT ATTORNEY and accountant for every real estate purchase. Never buy without legal advice.

9. LEARN ALL YOU CAN ABOUT FINANCING your real estate. Since you're in a "borrowed-money business" the more you know, the easier it is to get the money you need.

10. KEEP YOUR CREDIT SCORE as high as possible. This makes it easier for you to get any loan you need for real estate.

11. TRY TO MORTGAGE OUT—it can put cash into your pocket while you take over an income-producing property.

12. START WITH LOCAL SINGLE-FAMILY HOMES. They are easy to buy and can get you started in income real estate quickly at low or zero cost.

13. LOOK FOR SELLERS WITH BUILT-IN FINANCING and you'll get started on zero cash sooner and easier.

14. TURN YOUR REAL ESTATE HOLDINGS into your private bank, borrowing against them to buy more properties.

15. REMEMBER: REAL ESTATE IS THE WORLD'S BEST BUSINESS! Follow these rules and success in real estate can be yours.