By: John Christoper Lara | Groundbreak
If you are among the thousands who dream of being a millionaire, you might be able to think of a lot of ways to succeed like winning jackpot from the lottery. But how can you be so sure? Because we all agree that fortune doesn’t always give you a million while you just wait at home. Being rich nowadays takes more than luck. It requires determination, passion, planning and the guts to work your way through success. This is the reason why it might be the perfect time to invest on the Real Estate especially now that it booms along with the country’s economy. Here are some of the best ways how you are going to get that first million peso earning through real estate which you have been longing for.
Buy Low, Hold, then Sell High
Buy and Sell is a traditional rule but still an effective strategy here in the Philippines. But according to experts, it is better to buy properties while the market is down and the prices are low. Then holding the property for a while or maybe improve it a little bit before selling it afterwards for a higher price when the market booms again. Basically, this step by step is enough for you to have a stable source of revenue and huge return.
Invest and Secure Funding
The truth is, though money is the root of all this, you really never needed to use your own as capital. In fact, a lot of people in the real estate industry admitted that it is possible to start with this business even if you don’t have enough finances. The only question you have to ask is to whom will you get the finances? But of course, you have to make sure it’s legal and right. Anyway, there are a lot of investors out there who would be welcoming to lend money that you can roll by being a broker or an agent.
Of course it is outmost important that you know people, you connect with them and you gain their trust. This is where you will find the people who are best to have business with especially when you’re the kind of person who’s not well enough with your finances, you just have to talk well and of course, treat these people well and make sure not to break their trust for you to have a longing and business relationship. You can start going to seminars, workshops and other business gatherings. You can just blend in and chit-chat with all different kinds of people. Through that, you can surely find people who you can easily get along with.
Find Properties with Good location but is mismanaged or aesthetically messed up
The thing is, there are a lot of properties which do not attract buyers who’s willing to pay for a good price. But, surprisingly, when you look closer, the only problem is that it is mishandled or probably the design or the color is really just not right. This is good for you because this can easily be corrected with the right paint job or lawn work. And off it goes with a great price!
Keep watch of the economy
Monitoring the economy is essential for us to know the pulse of the market as well. This also include the rise and fall of demands, supply, as well as the population growth, employment, income and taxing which will be helpful for you to find better opportunities.
Look from the Perspective of the buyer
When you are selling a home, always take consideration what the people might think or want. Keep in mind that the bathroom and the kitchen are two major parts which are very important to buyers. Now, if you see the property which is not appealing to you or if you don’t see it as something that you wouldn’t want to buy yourself, then how do you think would other people see it?
In the end, it is undeniable that investing on real estate is indeed profitable as long as it was done properly. All you have to do is to educate yourself through books, articles, seminars, and online sources which are available all over the net. It is also better to interact with and learn from the pros. What comes after merely depends on you. With all the knowledge, the connection and the resources, it is up to you now how you will use it to become the country’s next millionaire.