My wife and I were on vacation, and stopped in Farmington, New Mexico for a few days. We were about to buy a house for a winter project. The plan was to fix it up and sell it in the spring for a profit.
Just prior to making an offer, we took a last walk-through. As the owner showed me around, my wife started to talk to the woman who was renting the home. She told Ana that half of the outlets in the home didn't work, as well as other useful information.
This got me thinking, and I went down to the basement for a second look at the wiring. Not only did the house likely need all new wiring, but I found a garden hose attached to a natural gas line. The owner shrugged and said, "You can just cut that off."
To this day, I don't know what that was about, but for these and other reasons, we didn't buy the house. It helps to talk to anyone you can when looking at a house or other real estate investment. Neighbors and renters are especially helpful.
Real Estate Research - Choosing a City
Talking to a lot of people isn't just useful for information on individual properties. It is also a great way to research a town. I once called the Chamber of Commerce of Deming, New Mexico. The chairman's casually commented that the city was using up the water faster than the aquifer was being replenished. They had no back-up plan. This was enough for us to cross Deming off our list.
If you want to know about a town, use the phone first. Find any excuse to call anyone from a real estate agent to a random resident. Ask about crime, whether the local government welcomes new businesses, what the climate is like. Have houses been sitting for sale for a long time, or do they go fast? What are the good and bad things about the town?
Before we moved to Tucson, Arizona, part of our real estate research was to call people in potential towns to see if they owned a snow shovel. If so, we crossed the town off the list. Two places can both get 45 inches of snow per year, but in some it stays all winter, and in others it melts before noon. The snow shovel question told us the truth behind the statistics.
The Basic Sense Of Real EstateSometimes, some processes take two to tango! The processes could
not be finished with an absence of one person. In the world of
real estate, there are only two people involved in the process,
the buyer and the seller. Whoever gets the most benefits, nobody
can tell. But whether it s the buyer or the seller s game,
getting involved in real estate business can be a very rewarding
feat.
By definition, real estate refers to anything that is
permanently set on a piece of land such as buildings. The
concept of real estate lies on the fact that because of property
ownership, real estate ..
Once you're in a town, a good local bar can be a great place to do your research. After a beer, patrons will tell you what big employers are about to move in or out of the town, how fast homes are selling, whether there are gangs, and much more. Talking to people is a good way to do real estate research, but verify what you hear. People do sometimes exaggerate.
About The Author
Government Real Estate Auctions A government real estate auction is a great place to find the next home or property of your dreams. If you are not in the market for a new home or property you should still consider checking out a government real estate auction. If you are looking to make money in real estate a government real estate auction can be one of the best ways to do it. These properties can be bought at a very low cost and then fixed up or built upon and sold as a huge profit. The only problem now is how you are going to be able to locate properties that are available via government auctions.
The first place to start ..
Steve Gillman has invested in real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com.
Steve GillmanReal Estate Research - Talk To Everyone
