Remember the Tortoise and the Hare?
Posted by: Carleton Sheets in Real Estate Market, Investing in real estate, Creative Financing Techniques on Jul 13, 2008.
In the self-gratifying "now" society in which we live, I have noticed that patience has gone by the wayside.
No longer does anyone save their money to buy what they want. They just purchase it on a credit card and immediately their "need" is met---no matter how big or how small.
Real estate investing does not work like that. It is not a get-rich-quick scheme. Yes, there are exceptions to this statement. Yes, people have made a lot of money quickly in real estate. However, much of that depends on the market. And right now, most markets are dictating "patience." It is not a time to overextend. It is a time to make knowledgeable decisions and take calculated risks.
So what strategy succeeds with patience? From an investor's point of view, the buy and hold. Purchase a home (maybe a foreclosure or preforeclosure), rehab if necessary, and rent it out until the market recovers. From a tenant's point of view, use this time to clean up your credit (if you need to) and, if possible, purchase an affordable property that has a good chance of appreciation as the market recovers.
I recommend that those who want to buy a home or get involved in real estate investing take the time to go through my Real Profit$TM in Real Estate program. You'll discover how to build wealth in real estate. All you will need to do is to put in your time and effort. And as you diligently work towards your goal, you will find that slow and steady---doing it when the time is right---really does win the race.
I want to hear from the investors out there who have been investing for more than 10 years. What have your experiences been in this market?
