control or gamble
In my previous article, i mentioned that an investor should not buy based on factors they cannot control since that is considered (in my view) speculation, not investing.
what should be looking for?
look for things you can control. what are these?
1. you can control the price you pay today relative to the market price. that is, how much of a discount you can negotiate off the fair market value of the property.
2. you can create forced appreciation of a particular property. (this is not macro, it's micro) I am not suggesting you can increase the value of the housing market, rather of only one property... yours.
how do you forcefully apprciate the value of a particular property?
buy properties in need of repairs (especially cosmetic), it's amazing how much improving curb appeal, replacing that burnt carpet and a fresh coat of paint can increase the value of a property.
Summary: control what you can when you invest, leave the rest to speculators (aka gamblers).
About the Author: Ravinder Tulsiani is a published author who has written about personal finance, real estate, self-help and online marketing.
Ravinder Tulsiani is a published author who has written about personal finance, real estate, self-help and online marketing.
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