The 3 Keys To Buying Property That Will Make You The Most Money
Q: Which properties will make me the most money? (The 3 Keys To Buying Property That Will Make You The Most Money) June, Freeport, NY
A: Good question, June. There are many factors that play into whether you’ll make money on a property you buy, but here are 3 key ones: 1. Picking the right area/neighborhood/street. This is critical because the right area will make your property more attractive to tenants if it’s a rental property and more attractive to buyers whenever you choose to sell your property 2. Picking the right kind of property-based on your budget (what you can afford to buy and maintain while you own it) and your exit strategy—exit strategy just means what you ultimately plan to do with the property (i.e. hold onto it or try to sell it immediately) 3. The 3rd most important factor in choosing the property that will make you the most money is buying that property at the right price. A wise man name Warren Buffet once said that, “nobody ever got rich paying too much for something”-you want to try to get property as cheap as you can because in real estate you make your money when you buy. Thanks for your question, June—good luck. For more real estate tips and information, visit performanceproperty.com or geraldlucas.com. I’m Gerald Lucas and I’ll see you again soon.