Tips for Being a Smart Investor

   Anytime you buy real estate you need to always think of it as an investment even if you have no immediate plans on selling it.  Investing in real estate is not completely without some level of risk, bu can be managed with great results if you know what those risks are and how to deal with them.

  Every detail of a real estate transaction can be risky but one of the largest risks that can catch real estate investors off guard is the law.  It is important that you know the rights and boundries of both the buyer and the seller.  Buying real estate is a legal obligation once you have signed a contract.  You don't have to be a lawyer to know the details, and your real estate professional will be the person drafting the offer, but a working understanding of real estate law definitely won't hurt.

   You will need to be aware of the market conditions in your area.  Smaller pockets may be seeing a rise or a fall in housing values but that may not always tell the whole story.  Smaller areas inside the larger metropolis may see higher investment rates then the city as a whole. Check with your local area if you are outside our local Durango area.

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  Still keep in mind the city as a whole though as well.  A city's economic trend will have a big influence on real estate prices in generalover the short and long term.  Typically the smaller the city the larger the impact that small variations in the economy will have on it.  If you know what keeps a city in business then you have a better idea of where that city is heading financially in the future.

Once you decide where you want to buy and your price range you need to look at financing options and interest rates. Even though the purchase price is important, you will be paying the mortgage payments and will need to consider those against the amount of income you will receive.  Rates are low right now and it's a great time to lock in your rate.   We can help put you in touch with a mortgage broker in your area for more information.

When it comes to buying real estate consider it a long term strategy.  For those that like the element of risk there is profit to be made in short term buying and selling. Typically speaking, real estate will bring you the highest rate of return when set side by side to other kinds of investments. As long as you do your homework you should be able to invest wisely.

Contact us today for any information regarding investment help in the Durango area and  converting your investments in a 1031 tax exchange.

~ 1031 Tax Exchange FAQ ~

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