It might sound like a strange or down right crazy recommendation, but NOW is the time to buy a house for your family’s personal use and dwelling or possibly look into buying an investment property.
When you look back at the causes of the recession, it wasn’t buying a home that got people in trouble, it was buying a home THEY COULDN’T AFFORD that caused so much pain for so many homeowners. You don’t have to make the same unsound financial decision they made as you embark on your journey to owning the “Starter Home” of your Dreams!
Start your homebuying experience by just driving neighborhoods in different areas of your town that you would like to live in and get a feel for the community, your prospective neighbors, and how your family might fit in. Once you have determined 2 or 3 neighborhoods that would work for your family, you want to start looking for the homes in disrepair, with high grass and poor curb appeal, and even fading paint or broken windows.
This property will be your DIAMOND IN THE ROUGH, your future masterpiece, your new home. Smart advice has always taught us to look for the Worst House in the Best Neighborhood. Once you find your property, negotiate the purchase price, close and receive your keys, then it’s time to ADD VALUE to the property with a modest renovation and some well thought out updates.
This is how the game of real estate is played. Buy Low and Sell High. Here’s a great resource to help you get the how to knowledge needed to find your DIAMOND IN THE ROUGH.
http://realestatemoneymaker.com/cb/index.html?hop=cbdph75
I have always advocated real estate as the IDEAL investment, because of the INCOME, DEPRECIATION, EQUITY BUILD UP, APPRECIATION, and LEVERAGE.
2011 is a GREAT YEAR to buy your first home or investment property. You’ll thank me for this article in a few years.
Much Love and Continued Success,
Dennis
Dennis Howell is the President and CEO of Caleb Brown Venture Capital and Founder of the Urban Millionaire’s Club. He is a graduate of Northwestern University in Chicago and has been married to his lovely wife for 10 years. He is also the father of 2 sons.
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