Are you chasing the real estate market? Do you know when is the RIGHT time to invest?
I want to take a moment and address those that have an interest in investing in the real estate market. I believe a lot of people chase the market at the wrong times. What I mean by that is when the market goes up, it gets more expensive. More people have made money on this climb, therefore, more people want to get into the market.
The time to buy real estate is when the market has bottomed. In 2010, 2011, and 2012 was the ideal times to buy real estate. Now that does not mean you stop buying real estate.
I am going to tell you what I would recommend that you do. A lot of my friends have expressed interest in buying real estate. Let me tell you how it should be done in order to make the most money.
You should always be saving money to invest that money. That is what I have been doing over the past few years. I have had to walk away from smaller opportunities, smaller houses because a partner and I are doing a $6 million project. I would not have been able to do that if I didn’t save up money and pay down debt.
A lot of times, people buy a house and you have to put 20% down, then it ties up all your money and ties up a lot of your bargaining power. This makes it tough for people to stay patient. It is very hard for people who have money and want to go and invest now when they see other people making money everyday around them.
What I would advise you to do is SAVE, SAVE, SAVE but the plan would be to take bigger lump sums of money and then invest that money. It may take you 4 or 5 years to do that. What if you want to buy something that is a few million dollars? You might have to go out and talk to another friend who has done the same thing and partner up to do this.
I would think much bigger than just buying one house. I would think about buying multi-family, commercial apartment buildings. You can do this. You just need to start with paying debt down. You need to save cash. You need to understand the finance game.
If you want to learn more about real estate investing, send me a message @ Tommy@GTTHomes.com
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Hi. I am Tommy Davidson, aka GoodTimeTommy #GTT, and I am a real estate and self improvement entrepreneur in Murfreesboro, TN. I have over 14 years of experience in real estate sales and the past 5 years I have started playing up to my level.
I hired a coach and surrounded myself with those who were better than me. I have read over 1,000 hours of sales training and constantly improving myself daily.