Real Estate Tip No. 4: Take Action
May 1, 2007 by Maricel Ferrer-Custodio
Filed under Finance
A lot of people start their path to real investment by reading books, articles and attending real estate seminars. Some can jump too quickly into real estate investing that they end up in financial ruin, others can’t seem to finalize when they will actually start to invest and finally there are those who applied whatever they learned and took action.
As a review, here are my previous tips in real estate investment:
Real Estate Tip No. 1 : Familiarize Yourself with the Market
Real Estate Tip No. 2 : Be Financially Prepared
Real Estate Tip No. 3 : Have a Plan
Real estate is not for spectators, you need to have a plan and take action. If you follow my previous tips, you should have the confidence to take action. True there are risks that the property you wanted to buy could not deliver you the profit that you wanted, but how will you know unless you try. What matters is you take a calculated risk; minimizing your losses and be always on the lookout for opportunities.
Incidentally, here are some interesting data regarding the current trend of home sales:
Pending Home Sales Indicate Near-Term Softness by Walter Molony; National Association of Realtors
Latest Hot Sheet: Searching for the Bottom by Barry Mahfood; Central Florida Real Estate News
The statistics presented indicates that now is a good time to buy for the investors, but the outlook is not so pleasant for property sellers.
Stewart Hzu’s article How to Analyze Real Estate: Single Family Homes is also a good read for those who are planning to invest in single family homes.
Stewart also emphasized in his concluding thought; the need to take action:
"One concluding thought: don’t become a victim of “analysis paralysis”. Meaning all you end up doing is analysis and by the time you’re done analyzing the deal, the opportunity has already come and gone. One common trait that ALL successful people have in common is that they take action. I agree it’s important to do your homework and consider the available facts, but if you never take action, you’ll never see any results. I know you want more results in your life otherwise you wouldn’t be reading this now. I want you to be successful, and in order to do so, you need to take action."
In closing, your real estate success is not dictated by the market alone…most of it will depend on how you take action at your plan.
