Is this the right time to buy real estate?
People always ask me…
Is this the right time to buy real estate?
If this is how you think… you are making a big mistake!
If you are trying to make money by timing the market, then you are speculating….not investing.
The real question is not WHEN to buy… it’s HOW and WHAT you buy that really matters.
Don’t get me wrong, timing can really boost your profits and be a great BONUS.
However, if you focus purely on timing then you are still speculating.
My recommendation is to invest in a way where you make money regardless of market timing. That way you are protected from downturns and downturns become irrelevant.
HOW and WHAT you buy is more important than WHEN you buy.
Let me give you an example:
I made $18K on a townhouse in a down market by reselling it before I closed on it. I had the buyer lined up before I removed conditions. Therefore, I had removed my risk.
If I found someone to buy it before I removed conditions, I made money. If I didn’t find someone, then I didn’t remove my conditions nor did I take on any risk.
Risk enters the picture when you buy a property and do not know what your actual profit will be BEFORE you remove conditions. Most people buy a property and HOPE they will make money on it. This is risky and highly speculative.
This video shows how to flip without risk by lining up a buyer BEFORE you remove conditions, therefore minimizing your risk.
There’s way more where this came from in my Home Training »
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From Bankrupt to Millionaire, Best Selling Author Paul M Hecht shows everyday Canadians how to become Real Estate Millionaires regardless of their current situation.
Hi Paul, I was at your talk in Vernon last night (Tuesday Oct. 13th), it was interesting. I would have liked to attend your workshop on the 23rd – 25th in Kelowna but have a previous commitment that I can’t break. I checked your website to see if you had any others scheduled but didn’t see any; are there any coming up? I’m actually looking for an investment property now and am in the process of looking to buy a commercial building downtown with tenants who want a long term lease. Any comments on commercial property? You didn’t touch on that last night.
Thanks … Dave