1. Do not overanalyze. You may lose a lot of great opportunities to make great deal of money. Start making offers.2. Get the property under a contract first with a safety clause.3. Ask fellow investors, real estate broker about the property value. If it makes sense go ahead with the purchase.4. If you are buying for a quick flip neighborhoods do not matter. What matters is the $$$ you are going to make.5. Your perfect buy should be a house/condo/building in excellent condition and good neighborhood.6. Your Second choice should be a cosmetic fixer in a good neighborhood.7. Inspect the property. Try to get as many things fixed by the seller as possible. Check the neighborhood. Drive around the block. Look at the houses in the neighborhood, what is their condition. Look at the cars parked in the street. Old cars normally can tell you a lot about the neighborhood. Trash on the sidewalks can spell less then great neighborhood. Which in turns means you should buy and sell quickly (most of the time). Renting in those neighborhood could be challenging, especially for the new investor.8. Use a real estate agent or broker. My first great deal was found by a broker. Try to get access to the MLS so you can look for deals yourself.9. Shop around for Financing. My experiences with the loan officers tells me one thing. Email them your questions and ask them to email you back their answers or put them on paper. They tend to always change terms and rates (though illegal), and put junk charges.10. Try to reduce your Title/Escrow charges review them with an experienced investor or real estate agent.11. Use a real estate attorney for your foreclosure/pre-foreclosure purchases.12. You can check these free Real Estate Investing Educational sites:http://www.buying-investment-property.info/ and http://www.realestate-investinginfo.com/ . Read as much as you can from them.13. Make connections with other fellow real estate investors. You can learn great deal first hand experience from them. One peace of advice alone could be worth thousands for you. So if you like challenges and lifetime learning Real Estate Investing is a great field to work and have fun.14. Advertise yourself. Get business cards hand them to interested people. Place ads in the newspaper and use whatever other means of advertising you can think of.15. Use the right Real Estate Forms when you buy and sell. If you don’t have any forms here is a website you can print for free: http://www.realestate-agentsinfo.com/16. Do not be afraid to buy real estate. Fear and lack of knowledge are the number one factor for failure.This article can be published by anyone as long as the reference box remains intact and all links are kept live.
Buying real estate within an IRA account is relatively simple and can be highly profitable, as long as you follow the IRS rules and choose the right custodian. You will need to open a self-directed account, if you don’t already have one.You should always compare the fees and services offered by the companies that manage self-directed accounts. This is the type of account that a standard bank can handle. Of course, you want to choose a company that is trustworthy and experienced, but it’s still necessary to compare their charges.Otherwise, buying real estate within an IRA account can become expensive. Some custodians charge fees for writing checks, transferring titles and even a percentage for managing an un-invested cash balance.If you buy several houses, for example, you may always have a cash balance in the account. In fact, you need one. All of the expenses related to purchasing and maintaining a property must come out of the account. If there’s no cash, you’d have to sell something ever time you needed to buy some paint.You need to get a little education before you jump into the market. Houses and real property have always been a pretty safe investment, but there are a number of considerations.First, there are some prohibited transactions that are related to buying real estate within an IRA account. For example, you can’t live in a house owned by the account and neither can your close family members. You can’t loan personal funds to the account. That’s why you need to maintain a cash balance.The account can borrow from a bank or other individuals, as long as they are not closely related to you. But, if financing is needed, your rental income or profits may be subject to UBIT or unrelated business income tax.To get a complete education about prohibited transactions, you should consult the IRS website. There are a number of applicable publications.To get a complete education about buying real estate within an IRA account, you may want to talk to some experts. Account custodians cannot suggest which properties to buy or how to find a potentially profitable deal.They provide the necessary paperwork and will work with your attorney to complete a transaction. They can provide some of your education, but you’ll need other advisors, as well.Experienced investors are sometimes willing to share their knowledge. We know that there are plenty of good deals out there, so the more, the merrier. Some investors seem to want to keep everything to themselves, but there’s really enough for everybody.You may want to get into rehabbing. You might want to think about buying houses and bringing in rental income. You may want to consider partnering with other investors, so that you have unlimited funds to work with. There are too many options to mention here.The success stories that are generated by buying real estate within an IRA account would fill several books. It’s definitely worth your time to look into it.