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Property Millionaires Use These Tactics To Win At The Real Estate Game
People have been investing in property for years and years.
But even though it is one of the oldest investment plays in the book, people are still learning what works and what doesn’t.
Let’s face it; we would all like to become property millionaires.
How many of you have had to grit your teeth while listening to somebody at a party talk about the millions that they made renting out holiday homes abroad?
Just knowing that they made all that money while sitting on their behinds while you were out working fifty hours a week is enough to make you want to pull your hair out!
But don’t go bald over the property market. It’s not worth it. It is relatively easy to turn a profit, once you know-how.
Here are some of the tactics that property millionaires use to make money on the real estate market – and how YOU can join them.
Take Your Time Before You Buy
When it comes to picking up cheap investments, it pays to bide your time. And the same is true in the property market.
You can go for years without finding a bargain, only to find that a dozen turn up at once.
Property millionaires aren’t afraid to take their time before they buy. For them, it’s not about owning a particular property.
It is about finding something that is undervalued and then bagging a big, fat, juicy return.
Invest In Areas You Know
While some property moguls will look all over the world for great buys, most do best focusing on their local area – at least to start.
Think about it: you know your neighborhood and community better than people coming in from outside. Thus, you have an inherent advantage over your competitors.
While they’re trying to assess the lay of the land, you know it inside out. You can usually tell whether a property is a bargain or not fairly quickly.
Look For Expensive Stores In The Local Area
Failing that, you might want to have a scout around to see whether any expensive stores are popping up in your neighborhood – especially national chains.
If they are, it is a sign that the area will soon flourish economically.
Retailers use sophisticated models to calculate expected demand and then make decisions about where to set up based on their output.
The good news is that you don’t have to come up with any sophisticated analysis yourself.
All you have to do is piggyback on their decisions.
If an expensive grocery store announces that it will set up a new location near you, that’s a signal to buy.
Always Use Property Managers
Some landlords want to be in control of their investments all the time. But experienced property millionaires know that that isn’t the best strategy.
They are better off spending their time looking for new investment opportunities instead of doing all the legwork catering to tenants.
Many, therefore, use rental property management services.
Here, a third-party agency takes over the day-to-day running of the property, freeing up time for the investor to do whatever they want.
Like lounging around on their Meditteranean yacht drinking cocktails or whatever they do.
Choose Young Professionals As Tenants
Young professional millennials are waiting longer than previous generations to marry and settle down.
For that reason, they are perhaps the most lucrative rental market in history.
They earn a lot of money, don’t have many commitments, have stable incomes, and are willing to live with others if they can get the cost of rent down.
Property millionaires, therefore, are getting rich off the back of premium-quality, low-cost, shared accommodation.
Young professionals are more than willing to rent a room in a flat or house alongside other people.
Plus, because multiple people are sharing the property, your stream of income is safer.
If one tenant loses their job, the others continue to pay.
Look To Invest In Areas With Top Rail Links
Property market analysts note that house prices tend to rise fastest in areas with high-quality rail links.
There’s a good reason for this: people want to shorten their work commute, and they’re willing to pay top dollar to do so.
Check planning applications in your target area to see whether there are any upcoming improvements to the line or railway carriages.
If there are, your best bet is to buy now and then enjoy the inevitable appreciation that follows.
Where possible, try to think five years ahead. Imagine what areas will be like once builders complete the new rail links.