By William Bronchick
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Additional resources for Defensive Real Estate Investing: 10 Principles for Succeeding Whether Your Market is Up or Down
This factor is the average number of days it takes to sell a house in the relevant price range. For example, a market in which a house sells for $250,000 in three weeks is quite different from a market in which the same house sells in six months (the latter is known as a soft market). In a soft market, sellers can drop prices, give concessions, or wait longer for their houses to sell. qxp 3/15/07 3:42 PM Page 19 2 / Yo u C a n P r o f i t i n A n y M a r k e t , b u t Yo u M u s t K n o w Yo u r M a r k e t 19 there’s generally not a negative impact to sellers who can’t sell their houses because they can continue to live in them unless sellers are in dire need to move because of a foreclosure, job transfer, or other firm deadline they’re likely to hold out for more time to get their prices.
Qxp 50 3/15/07 3:45 PM Page 50 D E F E N S I V E R E A L E S T A T E I N V E S T I N G ing, and the interest rate you’ll be paying. Be sure to compare the cash flow potential of a particular property against that of other properties you’re considering. It’s important to do “real math” on income properties. What do we mean by this? Let’s look at “fool’s math” for income properties. Novice investors generally do the following math for rental properties: Monthly rent $1,000 Monthly mortgage payment $ 800 Monthly profit $ 200 However, when you apply for a loan, most lenders will discount the rental income on your existing properties by 25 percent because there are other costs (see below) involved in operating a rental property.
At the risk of beating a dead horse: Be a defensive investor. That means have a solid plan as well as a good backup plan with an exit strategy if the first plan doesn’t work. ) The Great Debate: Flipping versus Holding Some investors focus on flipping—that is, turning properties over quickly, rather than keeping them long term. In some cases, holding property generates more long-term wealth for you than flipping. Therefore, you may consider flipping some properties and holding others. On the other hand, you may consider using the flipping strategy awhile, and then begin holding properties later.
Defensive Real Estate Investing: 10 Principles for Succeeding Whether Your Market is Up or Down by William Bronchick