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What you should know about real estate investing

One of the most controversial and yet hottest areas of investing remains in real estate. More and more investors are looking to see if real estate investing will be a good fit for them in terms of their financial and investing goals. However, there is a lot more to real estate investing then just writing a check. Prospective real state investors need to understand that investing in real estate means that they will need to be able to buy, manage, and sell property and still end up making a profit. This is harder then it sounds. The savvy real estate investor will take the time to do the necessary amount of research in order to make the best investing decisions. Here is what you should know about real estate investing-

- Have a clear idea of how real estate investing fits with your financial and investing goals-Long before you start looking for the right real estate investment you need to have a clear idea of what both your short and long term goals are in terms of your investing. You should also be looking at how your overall financial goals fit into the picture as well. Keep in mind that a short term real estate investment can be highly profitable if you are careful about what you buy. However, a long term real estate investment will increase in equity as well as value over a period of time. This is why you need to have a clear idea of exactly what type of real estate investing you want to do.
- Location, location, location-When it comes to any type of real estate it really is all about location. Even if you are just looking for a place to invest in you still need to be highly cognizant about location. Keep in mind that where you buy will be the biggest factor in how much your investment grows. You will need to take the time to look at several different factors that affect the real estate that you are considering investing in. Not only should you consider the location of the real estate itself but what it is surrounded by as well.The bottom line is that if you can't find a renter or buyer for your investment then it won't matter what a great deal it was. You need to make sure that you have chosen a real estate investment that is somewhere that someone would want to live in.
- Find out the market prices for rent and sales-Before you make any final decisions about purchasing a real estate investment you should take the time to find out what rent and sales prices are for that area. You will need to have a clear idea of exactly what kind of money you will be able to make from your real estate investment. In addition, this information will let you know if the real estate would be profitable as a rental property or if you should invest, improve, and then put the initial real estate investment back on the market.
- Be aware of other costs involved in real estate investing-Savvy real estate investors understand that there are many other costs when it comes to investing in real estate. Knowing what these costs are will let you know the true costs of investing in any particular piece of real estate. You should find out any additional costs such as: insurance, taxes, utilities, and homeowner/condo fees that could impact the cost of investing in any type of real estate. Utilities and homeowner/condo fees are especially important since they could severely impact the rental price for real estate that you are investing in.

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