What I do know is that in our Albuquerque Real Estate market, there are great deals right now. Inventory is high and interest rates are low. History has shown us time and time again that the maximum profits made in Albuquerque Real Estate are best when the buying occurs on the down slop or at the bottom.
By doing this the main mistake made by people in the "2005 era" (which was buy high and, with a little luck sell higher), can be avoided. Buy low, sell high. sound familiar? Luck should not have a place in this equation that several people (including myself) found themselves using.
A couple of great rules were brought to my attention by an amazing colleague of mine in a different part of the country. These rules should be followed when considering an investment property and I felt were worth mentioning.
- Focus on quality properties and areas
- Don't have tunnel vision on foreclosures and certainly not short sales. Some of the best deals are found the traditional way. Basically, Don't "pigeon hole" yourself. Look at all properties that fit the criteria.
- Do your homework. Be sure to factor all things financial whether its taxes, utilities or HOA dues. Have you Realtor help!
- Study the rental history and be conservative when evaluating the cash-flow potential.
- Be sure to work with a Realtor that has your goals and vision in mind. Make sure they are in it just for the sale. Its all about making good financial decisions!
LET'S HAVE A GREAT 2011!!!
by Tim Fish