It’s no secret that the real estate market is in a freefall and a lot of investors are playing defense.  That’s one way to play — if you want to get beat up.  Another way is to go on the offensive and decide that you’re going to succeed and that you’re willing to do whatever it takes.  Here are a few things for you to think about that can help make the challenges a little smaller and your success a little easier to come by:

1.  Run your numbers with the tenacity of an IRS auditor.  If they don’t make sense and they don’t add up — walk away from the deal.  Your cash flow analysis will tell you if the property will be in the red or in the black at the end of the month.  Your calculator will give you an answer, but it can’t guarantee your results.  It’s relying on you for accurate numbers — from rent rates to your cost for property taxes and maintenance.  Do your due diligence and get good numbers.

2.  If you’re considering investing in new locations outside your home area, making numbers work to your advantage can be a little more difficult becasue you don’t know the area.  Wouldn’t it be great if you could know all there is to know about an area before you decide to go in?  Now you can.  Here are a few sources for numbers you can rely on for a variety of purposes.  Whether you need national, regional, or local numbers, here are some resources that will help you reach your goals. 

Housing numbers http://www.realtor.org/research/research/ehspage?lid=ronav0010 

Statewide Economic numbers regardless of what state you’re in http://www.bls.gov/eag/home.htm

U.S. Economic Numbers (a goldmine) http://www.bls.gov/eag/eag.us.htm

Finally, I’ve told you before abou the importance of researching new markets before you spend a penny.  Here’s a handy resource I just happened across that has the potential to tell you more about a community than you ever thought possible.  Dozens and dozens of free market segment reports that cover every conceivable aspect of analyzing a community.  I hope you love it as much as I do. http://www.housingintelligence.com/free-reports.html 

Put these numbers to work for you so you can decide on the best areas for you to consider.  Good numbers + good areas = explosive growth potential.  Put the numbers to work and ride the wave of success as your numbers grow:  The number of properties in your portfolio and the number of zeros in your bank account!

Blessings!

Charrissa Cawley  

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