Sunday, 1 September 2019

A listing is property for sale that’s been made public



A listing is property for sale that’s been made public. Listing agent The agent represents the seller in the home-buying process. Offer This is the initial offer a prospective buyer makes to the seller. The offer may be accepted, rejected, or countered. Another term is purchase offer. Pre-approval letter A pre-approval letter that gives an estimate as to how much a bank is willing to lend. Principal Principal is the amount of money borrowed to purchase property and does not include the interest. Private mortgage insurance As described above, private mortgage insurance (PMI) protects the lender in case of buyer default. Real estate agent A real estate agent is a licensed professional who works under a broker. Real estate broker A broker is a licensed real estate agent who has met specific criteria to own and operate a real estate business. Realtor A Realtor is a real estate agent who is a member of the National Association of Realtors. Refinancing To refinance is to re-mortgage property, often to get a lower interest rate or to borrow against the equity. Title insurance Title insurance protects the buyer if after the sale it’s learned there are liens on the home that the original title search missed. Provides access to historical references The best advice you will receive from a successful real estate investor is that historical market statistics are important. The real estate market trends high and low, and it’s also based on demographics. What was a hot investment area ten years ago, might be tapped out. The cost of living also weighs heavily on the market. It is important to note that you shouldn’t solely base any real estate investment on historical data; however, it is relevant for smart investing. Empowers you to see into the future There are amazing real estate investor stories that entail an investor making a nice profit from a property that was overlooked by other investors. A particular area might have been a bad investment opportunity years ago, and is booming today, but now it is much harder to purchase a property at that location. It was those investors who took the risk years ago who will enjoy the benefits. By learning more about your investments and making moves today, you can get a glimpse into the direction to take for the future. A regular investor who is not aware of this knowledge and the significance of investment education will make present-hour decisions that are good for today and will likely make him feel good about his decisions. However, such decisions will be irrelevant in the future. Helps you make disruptive decisions The ability to make sound investment decisions comes from an upgraded mindset. How else will you know that a particular deal is worth it and another isn't? When you are always aware of happenings in the market due to your commitment to learning, you will find that you take more calculated risks rather than make impulsive investment decisions. Disrupting a system means two things: 1. Creating a new pattern of investment that’s termed as too “risky” in the market. 2. Modifying an investment system by switching things up with your decisions. Whichever type of disruption you are willing to take on will be determined by the depth of education you have received. Some investors take the regular real estate investment pathway which entails: Buying a property—hoping for a good sale—selling it. If you learn before getting started and continue even after making several investments, you will be known as a disruptive investor. When you are committed to excellent real estate education, when other investors see a two-year profitability window, you look beyond those two years and seek a ten-year opportunity. You must get to the level where you strive to be better at investing using new patterns and models instead of what is deemed “acceptable” in the market. Education is the only pathway for disruptive ideas.

Keeps you hungry for more success

 An educated mind is an open one, and it is a mind that will not be mediocre because education is empowering. When investors rush to buy properties in a particular area, you might not be interested because your education has empowered you to know that the profit is not determined by the “rush” but by value. It is an educated investor who understands the concept of timing with real estate. As you learn, you will become hungry to earn more and achieve more with your investments because you are aware that you can do it. If you want to remain at the top of your investment game with a hunger for more achievements, you will need to learn more. Learning with this investment platform never ends; older investors are still gaining knowledge, so what’s your excuse? Knowing the reason why you should do something keeps you motivated and inspired. Now that you know the “Why,” it’s time to discover the “How.” How to achieve real estate investment education Books You are currently taking the first and most recommended step toward real estate education by reading this book. Books are great for several reasons— they offer you varying insight into what you can expect as an investor in a detailed manner. More importantly, there are countless books on real estate investment, so when you decide to start reading voraciously, there will always be a book for you. In this technologically driven age, eBooks are gaining a lot of traction, which means you can read wherever you are and increase your knowledge base with unlimited access to books. When you finish with this book, you will be hungry for more because the depth of information you get from its pages will help you realize how far you can go by reading more of such content. Buy books, create a real estate investment library, and if you don’t have enough money to buy as many books as you desire, use the library or download a free eBook reader such as the Kindle. By reading this first chapter, you already have the answers to some questions; the other sections contain profitable ideas you can use as you invest. Imagine all you will achieve as an investor in one year if you can apply all you learn in this book. You will surely experience phenomenal success. Mentors In every industry, there are those ahead of you, succeeding and doing well. These are people with experience, and they abound in the real estate investment sector as well. They could be family members, colleagues, friends, former bosses, former teachers, your neighbor, or someone you met at a party. The goal is to reach out to these people and express to them your desire to learn about investing in real estate. Let them know how enthusiastic you are to learn and seek their advice on the steps to get started. The suggestions, ideas, or sessions you have with such people will always be priceless because you will be getting experiential and not theoretical knowledge. Depending on your relationship or rapport with this individual(s), you may be given access to them at any time or have scheduled times to be mentored. There are numerous reasons why a mentor is an excellent medium for learning, but we can only highlight a few of the ideas here. First, having a mentor enables you to minimize mistakes. You will be learning from their mistakes, thus avoiding the same kind of problematic situations they experienced (although you will still have your challenges). Second, a mentor keeps you accountable! The mentor will want to be sure that their time with you is producing the right results. You might have follow-up calls and sessions showing the extent of your progress; this will help you to avoid the pitfalls of mediocrity or giving up easily. Third, a mentor will grant you access to their educational materials or suggestions that were helpful at the start of their investment journey. With a mentor, you can ask questions, express your concerns, and be sure of getting answers. You will also get constructive criticism that will reposition you when you are making unimpressive decisions.