A Real Estate Investor Needs To Understand His Target Market

By Doherty • May 12th, 2011
The Ashbridge Estate in Toronto

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When first starting out you need to get to know your desired investing area , knowing and understanding what is happening in your target market is vital to your success as a real estate investor.  One thing you should do is get in the habit of reading the local and major newspapers real estate sections in your area.   Seriously think about joining a real estate investment club that provides information on strategies and investment properties in your particular area.  Make sure you put the time and effort to familiarize yourself with real estate terms and language that investors use in everyday conversation.

When you’re just starting out don’t be afraid to call a vendor who is marketing their holdings to ask for information, The property doesn’t even have to be one that you are interested in If you call vendors just for practice you can work out the kinks in what you want to know and how you want to say it. When you make your calls, have your questions written down in front of you.  This is another good habit to get into.   If your completely new to real estate investing learn how to set your goals properly and then write them down.  More goals will be reached if they are written down. All real estate investors should learn how to write goals properly.   Now is the time to step out side of your comfort zone, go visit a few investment properties just to get use to talking to sellers in person; there is no easy way or short cuts here. Build relationships with realtors in your area, learn what the average price is for the different types of properties that you may purchase.

Find out what rents are through the local classified section or knock on some doors in your perspective area and ask. Just explain that you are an investor and that you are looking to buy in this area. The worst that can happen is they tell you to get lost, and then ask someone else. You are going to half to get out of your comfort zone, failure comes before success.

Once you become familiar with your area you will be more confident and able to notice the good deals when they come up.

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