This week, Post 2 - 6 steps were initiated to acquire a property, a quality real estate market analysis
Initiated this week's post 2
6 steps to purchase a property,
Quality Real Estate Market Analysis.
And preparing the infrastructure for a sequence of transactions.
1. How to begin?
The basic and important initial phase
He - make a decision!
A decision to purchase a property in a timely manner
Rhythmically, say,
By December you are already following
Acquisition of the property.
(Six months is considered long enough
Both beginner and experienced)
We recommend doing this with a partner
Be an active partner or even a partner in the process
And a person to talk to.
Now, you should write the goal
Diary / Real Estate Notebook
“I ____ pledge to purchase real estate
Up to ____ month.
Even make notes on the fridge
And a wake-up call
Every morning on the cell phone. And you can add:
“What did you do today for that ?? "
It is important to say at this point,
It doesn't matter if you have money now
Or you don't have one.
Whether you are minus or not
Or don't succeed
Save at all!
Or you don't have time,
And if you feel you are far away
Years of it is okay ..
Sure you say things to yourself
Like "now is not a good time"
“Now there are many expenses”
"I'll save then"
“I will get promotion / tenure”
It just doesn't work that way ..
Sure you say I'll save money
Then we will invest ..
You have to start from a discount point
And until you probably save the price
Already going up!
And you actually didn't spare and you really didn't
is nothing! It's just an illusion you've accumulated
Of money.
There is currently no connection between reality and decision
Yours, make sense or don't think about the goal
your!
At the beginning of your journey you should not share others
Except for your partner.
Because at this point you are still insecure
And any external reaction could turn you on
Or undermine you ..
2. Commitment -
You have to set one day a week that you dedicate
Only 3-5 hours only!
You have to commit to a certain, regular day
Every week, instead of free time or work.
(Although this is an apparent financial loss
You will then receive much more. )
This should be treated as work
For everything!
It shouldn't be late when it's dark though
Some times it is also worthwhile at night to
Understand the nature of the area during these hours.
3. Choosing the specific investment location.
A. The location is recommended for driving distance
From your living area,
Because when you do the market research
There will be many temptations. You are a minute from a friend,
Next to the parents, a relative, the store you are
So lovers right here and suddenly need to
Buy something. And you are already tired and you say
Well, we will continue tomorrow ..
And another reason is that you pay for the fuel
And drive far, so tell yourself what
It was all for nothing!
The power and progress I need today.
B. Another consideration when choosing a location
There will also be the economic issue.
A good rule of thumb is investment areas
About NIS million at first.
In the country today you can get funding from
75% to first property
70% can be obtained in most cases for a second property.
For example, 700k property price needs k175 capital
And for the price of property 500 needs k125 capital
For other sources of funding:
You can find 1,2,3 partner
A friend with money who wants to invest,
You can get a loan from family members.
You can mortgage an existing property and get a loan
For housing / for any purpose.
You can get a loan from credit card companies up to
80k (and more) in three days.
Opening a mortgage portfolio has excellent loans
Of 70 k at 1% interest rate to 15 year (for paychecks)
Loans for any purpose, any working person can
Get 50-150 on your way to 6-8 years depends
At the time, at the branch and to whom.
And there are insurance companies, pensions, training funds,
They will chase you for a loan
(Sometimes funny)
And loads of other financing options to jump on!
You don't understand ... sources!
(And I would recommend specifics in particular, whoever stops him ..)
After you set up your budget you have checked
Refund Interest Financing Options
And / or investment partners.
And you understand your purchasing ability
Choose the area and the neighborhood
That suits you!
It's worth traveling and walking in the neighborhoods
And see that you're nice (and not scary or anything)
Because you are
Spend there every week!
The choice of location should be
In the area of up to 300 apartments / houses
Total and no more (at first)
And the assets should be similar
As possible.
As little as a mess in terms of type
The assets I mean-
There will be no 5 apartments with 10 floors
2 storey building, villa, cottage etc.
As much as possible, the area is more monotonous
And that the assets are repetitive,
It is so much easier to know what
The value of assets.
4. Asset and inhibitor inspection.
Excellent! You made a decision, you made a commitment on time
And you've chosen an investment location!
Now, you make a sale every week with sellers
Private and see at least 30 properties!
An average of 5 per week is considered good.
Going to see every apartment 2,3,4,5 rooms
Any apartment at any cost as long as it is in the area
An investment you have made.
And make a diary or excel inhibitor
With date, famous price, apartment status,
Is the owner living, rented or vacant.
Details about the owner and anything you think is important.
Important Information-
If the property owner has presented it, it is advisable to show
interest. And to even say quietly is what I'm looking for ...
Give it a feeling that you are interested and leave after a maximum of 2 minutes, and see if you come back.
After you leave the property you will enter it
For inhibitor list.
If a tenant has introduced you to the property
It is useful to get details and understand if
He shows her a lot or not,
Most tenants do not want to present
The apartment in general.
And the owner drops it on them.
It is worth noting if the tenant has difficulty
You should probably see her
Which also makes it difficult for others,
Which means you're not exposed to buyers
Enough, or at all.
Or, on the other hand, notice if
The tenant is already exhausted from introducing her.
In my opinion this is a mistake. The owner does not
Know who comes in, sometimes comes in
Photographers and advertisers
Themselves, and at a different price.
And actually burn the apartment
In the market.
It's worth seeing this way
About 30 properties in your market area.
In any market naturally 10-20%
From the properties for sale at any moment!
In addition, neighbors and a committee can be helped
Home, ask them if they know an apartment
For sale or for sale in the building
Make friends with them
And leave them a phone / business card.
You can also give them an incentive
Financial so they can call you in the moment
To hear about an apartment for sale,
And sometimes it happens.
You can also insert notes
For doors or putting up signs
“Looking to buy an apartment in this building”
You can also call the apartments for rent
And ask if you want to sell…
It can also work but on the way
Just say very high prices.
5. Rental Market Research.
It is necessary to coordinate approximately 30 apartments for rent
In the area you have decided
And write down the details and price of them all
Is furnished, renovated, what is the price
Who are asking, and how much is actually leased.
Who is the potential tenant in the area
And what size apartment 2/3/4 etc.
Is there a difference in winter summer seasons
And whether it will affect the rental or not.
It is important to understand which apartments are in demand
In the same market and what less.
It's worth talking to renters
And understand from him what the place is for him
And why he lives there
Note that the causes of some are similar and repetitive
About themselves, and there may be key places
(High-tech compound, college, airport)
That differentiates and so does the potential tenant
And know what their needs are.
It is recommended to put each apartment in Excel / Diary
(About 30 assets)
Over time, pay attention
To create a very clear overall picture
And detailed, and you will know exactly what is worth and how much your tenant will be.
Understanding who the tenant / buyer is is important
And tell you about earning ability
And the ability to pay
Which affects the value of the property
For rent or purchase.
6. Collaboration with Realtors.
Because the episode is long, and I have a shortage of time
Today (need to come to the market to see assets?)
I will finish and send to anyone interested in the details ..
And you got a little spoiler ..
Wednesday through the weekend
I will be in Cyprus to investigate
Market in a very specific area in Paphos!
And I'll update some interesting things I'll learn there ???
Have a great day everyone! ?
The original responses to the post can be read at the bottom of the current post page on the site or in the link to a post on Facebook and of course you are invited to join the discussion
- Thanks for the informative post
- ?
- Awesome post thank you!
- Excellent post, do you think there is still room to invest in Israel by high leverage?
- In which bank can I get an 70 mortgage for a second asset (without a commitment to sell the first one)?
- Thank you very, very interesting
- Fascinating Thanks.
- The whole Torah is in a hurry! A short course here costs a few thousand shekels and takes several months. Good job and ambition!
- Thank you very much, I would be happy to receive information about cooperation with Realtors.
- You are here
You are here
Thank you very much, I would be happy to receive information about cooperation with Realtors.
The whole Torah is in a hurry! A short course here costs a few thousand shekels and takes several months. Good job and ambition!
Fascinating Thanks.
Thank you very, very interesting
In which bank can I get an 70 mortgage for a second asset (without a commitment to sell the first one)?
In which bank can I get an 70 mortgage for a second asset (without a commitment to sell the first one)?
Excellent post, do you think there is still room to invest in Israel by high leverage?
Excellent post, do you think there is still room to invest in Israel by high leverage?
Awesome post thank you!
Awesome post thank you!
?
?
Thanks for the informative post
Thanks for the informative post