In considering a purchase of land or buildings there are several things to keep in mind. The classic real estate agent’s motto is “Location, Location, Location.” Where you buy your land is extremely important. The actual price should be ignored, and the value should be considered first. Where is the property located? If it is near the center of the city, it is likely to be close to utilities and road systems that will make it more valuable in the future. If the property is far from the center of the city, the value is reduced because it is harder to access it from the city.
Southern California is known as a very pricey, but very prestigious place to live. In order to locate good property there, it is necessary to understand your objectives. Identify what is it that you need from the property, and what is it that you want. Prioritize what you need. Then compare the land with your criterion. An example might be, “I want land that is located on the edge of the city.” Then go to a website like Land Watch.
Type in your criteria. Make sure that you do not make them too specific. Try to maximize what you get for the lowest price based on what your criteria are. Do not let preferences confuse you in the initial search. This is because if you have too many competing priorities, you will soon be bogged down. It is easy to get stressed in your investment decisions. That is a sign that you should take a break, and think about it more. There is usually a good option available. Make sure that you research thoroughly.
Here are some further tips from some masters of investing in Real Estate, like Warren Buffett, Barbara Corcoran, and Than Merrill.
1. Be fearful when others are greedy and greedy when others are fearful
2. “A funny thing happens in real estate. When it comes back, it comes back up like gangbusters.”
3. “The most successful real estate investors and wholesalers have one key thing in common: they are also expert marketers.”
Once you’ve adopted these tips, you’ve made a start towards real estate investment.