In today’s day and age, successful real estate investing requires knowledge about new technology, in particular, how the internet can be used for the purpose. With the growth in presence of the internet, the number of real estate resources available also grows. These resources are useful in gaining information, saving time and making deals.
There are numerous real estate websites of different kinds. From buying and selling tools & listings, there are also renting resources and reviews. However, you cannot base your investing decision on any one website.
Tips For Using Real Estate Investor Websites
1) Use Multiple Sources
Just as you would consult multiple people before investing in a property, you should consider multiple websites before making a decision. This does not mean that you rely on all the sources that there are. Simply select 3-4 leading websites and use them for investment information.
2) Build Correct Comparison
Use websites to compare homes of a similar type as far as size, location, style, date sold, lot size, baths, bedrooms, etc. are concerned. Making unrelated comparisons will only cause distortion in the results.
3) Minimum Sales
At least 4 sales of the similar kind should be used during calculation of property values. This sets a range of results and ensures accuracy. If a value comes out to be unreasonably high or low, you will know that there has been an error.
4) ARV
In cases of homes which require refurbishing, the ARV (After Repaired Value) is of high importance. It is this value which will be imperative in calculating results from website to website.
5) Lookout For Resources
The internet is flooded with new real estate investment articles and real estate investment resources daily. Even after you have decided your preferred source, you must constantly look for resources which will help you gain more and better information.
Using tones of resources or referring to multiple websites does not guarantee success. Ultimately, it is one’s own skill in making her/him a successful real estate investor. Once you achieve some success, there are numerous benefits which will follow. These, in turn, will improve your future investment options.
What Are The Benefits Of Being A Successful Real Estate Investor?
A successful real estate investor:
1) Does Not Need Credit
Since you do not own Title to the properties, you have the freedom of doing numerous deals without running out of credit.
2) Needs Little To No Money
As a successful investor, you are efficiently using OPM (Other People’s Money) to increase your wealth. Quickly buying and reselling properties will maintain regular cash flow.
3) Controls Real Estate
A successful investor knows the benefits of controlling real estate over owning real estate. They spend less and earn more by engaging in sale and resale rather than carrying costs, liabilities, property taxes, etc.
4) Big Buyers Pool
Having a shorter sales cycle allows a successful investor to start making money in days, rather than months. She/he uses the increasing availability of homes to their benefit by holding properties for a shorter time period.