Now although I do not expect any you to become a maverick real estate investor after reading these, these all make sense yet seldom put together:
1. Buy low and sell high. At all cost avoid buying real-estate at market value. With new developments that means buying as early as possible, if you can, get on the insider investor list, or attend broker’s opening night. It’ll save you thousands of dollars.
2. Look for master-planned sites. These are large areas that are designed by a team of architects and engineers and have extended longevity which adds to value when reselling.
3. Look for projects with 200 or more units. Smaller buildings can have high maintenance fees, since they carry large fixed amenities costs, divided by a small number of resident. Reserve funds with large buildings will have larger pools, safeguarding the tenants from extreme expenses.
4. Look for buildings with great amenities such as rooftop patio, garden, waterfall, movie rooms, party rooms, gym, pool, billiards, etc. Proper amenities make for great living, easy to rent and easy to re-sell.
5. Look for an assignment clause. An assignment clause in the purchase agreement states that legally you could transfer future ownership to a condo you have purchased but yet to close (i.e. take posession), taking profits faster and not going through the expenses and hassles of closing.
6. Find the best floorplan available and grab it. If you believe it’s really good, then get a couple. Each building has better and worse plans. Learn how to read plans and pick the best ones in each project.
7. If you find that you cannot make up your mind, talk to someone. If you are losing too many deals, retracting offers, not focused, seems to be juggling several options, then find someone to talk to and resolve the issues that are stopping you from investing with a clear mind.
8. Find a real-estate investment specialist. They will have the know-how and the who-how to find the most qualifying investments and get you in front of the line, and the best value.
And the winner is…