What Are the Risks of Real Estate Investing?
Just like any kind of business dealing, where there is rewards there will be also be risks. This applies for the real estate market as well, probably even more so now with the way the economy is and how up and down?and down?and down the real estate market has been.
So what are some of the major risks of real estate investing? Real estate investment consultant Jordan Wirsz is here to tell us about the big ones to avoid at all cost.
Investing in Real Estate = Hard Work
Want to invest in real estate? Great. But make sure you realize it?s no afternoon Sunday picnic. As Jordan Wirsz can tell you, investing in real estate is hard work regardless if it?s your livelihood or you?re just doing it on the side to make a few extra bucks. It takes determination, networking, and tons of research to find the right properties that are going to bring the best bang for your investment bucks. It also takes lots of learning and educating yourself to ensure you are doing this properly. There are hundreds of books, webinars, courses and seminars available on the topic of real estate investing. So before taking the plunge, make sure you have time to devote to this properly.
Jordan Wirsz on How Little Problems Add Up
There are quite a few risks of real estate investing that on their own may not seem like a lot, but all together can equal quite a problem. For instance, say you decide to purchase a home or smaller building with units that you can acquire for a great price and then rent out for even more money. Sounds great, right? That is until you realize how many repairs your new purchase requires before tenants can move in. And then how much work it can be to find tenants. And then suddenly the market you are in bottoms out, people start losing their jobs and can no longer pay you rent, you lose your tenants and your property value crumbles. Before you invest, you need to know these potential risks and have a strategy for handling them or exiting when needed, says Jordan Wirsz.
Jordan Wirsz Not Being Realistic
Another one of the risks of real estate investing is first-time investors not being realistic about what they are trying to do. They hear about their friends or neighbors snatching up real estate property and talking about how they?re going to make millions. While there is potential for success when investing in real estate, when not done properly there is also the potential for great failure. So no matter what you decide, always remember to keep things in perspective and do it smart says Jordan Wirsz.
Source: http://www.briefingwire.com/pr/jordan-wirsz-market-tips-for-todays-real-estate-investor
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