Where do you begin? So you have read all the books, watched tons of infomercials, and have attended lectures, workshops, bootcamps, and events claiming that they are going to give you the secrets to becoming successful in the real estate industry. You may have even bought into a variety of programs that offer you the inside track of how to get into the real estate business.
Then there is the media that is perpetually documenting the facts on a daily basis that the economy is in severe chaos, unemployment is at an all time high, and that the real estate market is greatly suffering. Where do go from here? As an investor or a homebuyer interested in purchasing your first residence, the first question that you have to ask is how do you go about buying a home in this economy.
The truth is that the rules have changed. Investing in real estate homes and properties is really quite different than it has been in past years. There are new programs available. There are new methods of financing. There are different laws that are in play. There are new techniques that can be applied. It is a pretty much a whole different animal. Many of the techniques that were feasible in past years simply do not work anymore.
In any case, because of the state of the current real estate market, there is a multitude of bank owned properties and foreclosures out there waiting to be snatched up. It is definitely a buyer’s market right now, despite the negative feedback being given about how the real estate market has crashed and how the rates of unemployment have soared lien ke dai kim dinh cong mo rong .
Buying real estate right now is probably the best thing an investor could do to attain a positive cash flow. It is the golden age of investing. Whether you chose to invest in short sales because you have the luxury of having all of the money upfront and readily available, a foreclosure where you can buy the home for far below its market value, or in REOs that banks are anxiously looking to get rid of as they are not profit producing inventories, there is definitely money to be made.
There has been a surge of new first time homebuyers in recent months. This is partly due to the new economic stimulus plan for first time homebuyers and the duration for which was to last. Luckily this plan offer has been extended until April 2010 and includes not only first time home buyers but also buyers who have owned a home for at least three years. This will greatly affect the real estate market in the future months. Interest rates are also very low which means that this is definitely a time to take out a loan or re-finance. It is definitely a time to buy.
Do not fall prey to the media hype about the current real estate market. Instead of focusing on the negative aspects of the current economy, make the recession your friend. Using the current financial situation that the state is in to your advantage can lead to much success even during this down market.