I myself am an amateur, which means that I don't want to be investing money myself because, when it comes to the more complicated investments, I am an amateur. I know that about myself. When it comes to the things that I don't understand, I turn to a professional. And if you don't understand a great deal about investing, you need to get yourself in touch with a qualified financial adviser.
Bearing in mind what has happened to the real estate market in America, would today be a good time to consider becoming a landlord to help grow one's bottom line?
Not only yes, but, and you can quote me, heck yes. I think that if you have the money to invest in real estate, this is a great time to buy. If you find a good piece of property that you can afford, and you can get a good a rate on it, it's an excellent time to buy a home or an investment property.
People across this country are losing their homes, yet they still need a place to live. They don't have enough money to be homeowners, but they have enough money and income to be renters. And this is a situation that you can definitely take advantage of.
How should an investor go about this? Does it make sense to look mostly at distressed real estate such as foreclosures, for example?
First, find a piece of property that's valued right, work with a true real estate professional, and don't get into that old "flip-this-house" mentality that got a lot of people in trouble. You gotta keep looking at this as an investment and something you are going to own and rent over the long haul.
The problem with a lot of this stuff that's now in foreclosure, well, it's just getting hard to get. They make it seem that you can just go out there and pick up all of this stuff on short sales, etc., but this stuff is just getting harder and harder to pick up.
In my opinion, it's a lot easier to go out and look for places with the old "for sale by owner" signs. You know, the stuff that's being put on the market by some couple who are getting older or who have some money and are going to upgrade. And if you can get that, it's just a smoother, quicker deal all around.