Sunday, October 29, 2006

To Become Wealthy: How to Begin a Search for Properties

Once I created the list of cities that I thought would be good to invest in, I took each and searched further. But to really begin to get an idea of what is available, I spent a lot of time on realtor.com. However the most effective thing I did was to randomly contact realtors. I performed a simple Google search for realtors in an area, and emailed them stating my intentions to buy investment properties within the next 6 months. Some replied with interest, others did not reply at all. I simply concentrated on the area where I got the best responses.
Once again time has become a factor. I simply do not have the time to chase properties in each location. Realtors can set up automatic list services thru MLS that automatically send you daily listings that meat your specific search criteria. Ultimately, I should be set up in all of these areas, but so far I am only set up in two areas. I need to add more areas once we purchase our first property.

There are two different schools of thought on investing. Those that tell you to diversify and those that put all their money into one area. The most common advice that you hear is that diversification is the beat and safest way to go. However, if you look at some of the most successful people in the world in any industry, they made it big by not diversifying and by risking it all in one area and having the payoff be all that much larger because they did not diversify.

I am not a very big risk taker, so I am trying to diversify my real estate holding across the US.

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