Money Mastery: Smart Financial Strategies Tailored for Women in 2024
The unfortunate reality is that many women find themselves at a financial disadvantage as compared to men. We typically make less money, take time off work to care for children, …
Foreclosures are rising. Real estate prices are falling. Interest rates are dropping. Is now the time to buy? Are you afraid of missing the “deal of a lifetime?” Are you afraid you may miss the bottom of the market? Please pay careful attention to the word “afraid.” Fear and money do not usually mix very well. Often the fear stays long after the money is gone. Emotional investing is what salespeople thrive on. I am seriously looking at more deals today than I ever have. That isn’t a blanket statement telling all of you to go out and grab any piece of real estate you can find. However, it is the right time to be looking for that “deal of a lifetime”. The foreclosure rate and the falling real estate values alone would excite serious real estate investors, but add the low interest rates and you create a market of opportunities. It’s a good time to get into smart and fundamentally sound real estate investments. The real estate market may be getting ready, but are you? If you can recognize and understand the role your emotions will play, it may be a great time for you to start looking for real estate investments. But start with the basics, the fundamentals of real estate investing. Experience is truly the best teacher. The more properties you look at, the more questions you ask and the more financial analyses you run, the more you will learn. Your real estate broker should be able to help you with starting your due diligence, but remember, they “want” you to buy so they can get a commission. Do your own due diligence.
Does this still sound scary? Find a real estate investor and ask them to be your mentor. How do you find a real estate investor? Ask your friends. Join a real estate investment group. Attend free real estate seminars. Networking and referrals are the best way to find your team of advisors and mentors. Don’t be afraid to ask questions. Sophisticated investors have been selling more than buying real estate over the last few years. But that tide is turning because the market values are correcting. The “deals” are starting to appear. Experts predict that prices will continue to fall (“correct”) throughout the rest of 2008. For the rest of 2008 and 2009, these same “selling” real estate investors and I will be looking to start buying investment real estate, if it has positive cash flow and makes fundamental good sense. It is through education and action, that you can turn your fear into action. Only by taking action, will you find the opportunities that are waiting for you. This article appeared in Arizona Woman Magazine.
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