RULES TO TRUMP THE LAND
1. ALWAYS buy low and sell high. This is one of the oldest and surest ways to make profits from your real estate investments. If you have truly done your research before making your offer to buy, then you already know if the Seller is asking a low or high price and why.
2. Never buy on EMOTION! If you actually want to make a profit, as opposed to just hoping for a profit. When buying for your personal residence there is extensive leeway with this rule. I always advise clients to make profits on their residence, if possible. It is very important to live where your family is most comfortable. Buy the cheapest or ugliest house in the most expensive community you can afford. Fix it up over a few years and you will profit every time. If you buy the nicest home with the highest value in the community, you will have a difficult time gaining a profit when you resell. If you remember years back, there was a book titled "The Millionaire Next Door". The above concept was taught to me by this book and it works, every time. Years later, the same author, Dr. Stanley, wrote another book titled "The Millionaire Mind". After surveying hundreds of millionaires, one of the common traits among financial successful families was that they always followed this rule.
3. USING AN ESCROW COMPANY OR ATTORNEY IS VERY IMPORTANT. Either works about the same. In fact, an attorney will usually set up an escrow account anyways (required by law in some states). This is the best way to track your money. Deposits, payments and closing funds. You will also receive an accurate written record for your files and taxes. Also, if new forms need to be produced during the transaction process before closing, either may be willing to handle this for you. Escrow companies and attorneys are also highly respected by the courts, if there is a problem or disagreement during the purchase or sale of your property. Even most real estate agents and brokerages use one or the other.
4. GETTING HELP. Most real estate agents sell homes and some sell commercial property. But, very few sell land only. I have been involved in over fifty million dollars($50,000,000.00) worth of land transactions. We have already been through the "school of hard knocks" in Land Sales. As we have all learned, it is best to get the help of an expert when possible.
For more help, please visit our website at http://sellorbuyland.googlepages.com/sellorbuylandhome and we encourage you to tell your story on our blog. We are always open to learning new ideas and concepts. I can be emailed directly at firstname.lastname@example.org.
Yours truly, Larry Tutino