Mark Tencaten - Four Ways to Make the Most Of Investing In Real Estate
Investment in property or real estate can be a life-changing decision, provided you give due diligence to different factors associated with inflation and deflation in the sector, such as locating a property below market value as well as analyzing and assessing its financial sensibility.
Many people across the world are fascinated by the idea of investment in property or real estate but are unsure about where and how to begin. That is why real estate investment expert Mark Tencaten recommends effective tips to increase your chances of making money in real estate, especially if you are a beginner.
Here are four considerations, as suggested by Mark Tencaten that can help you make a happy beginning in real estate.
Passion and Knowledge
If you don’t like it you can’t understand it. People who are planning to make investment in property or real estate needs to feel good about it. They need to have an eye for beautiful and architecturally pleasing properties and the skill to acquire them at lowest possible prices.
In addition to passion, you can’t survive in real estate sector without possessing ample knowledge. You should know basic but important things like what drives markets and which things to watch out for. With this, they are always in a better situation to recognize shifting markets before other players do and can capitalize on the opportunities of making money.
Mark Tencaten advises prospective investors in property or real estate to develop the following skills before thinking of investment in property or real estate.
· How to identify an under-valued property
· How to analyze a property for cash flow
· Having precise estimate of rehab costs
· Understanding different pieces at play related to owning rental property including property management duties, etc)
Patience Pays
Patience may sound like a simple word but it is the most difficult think to have, especially when dealing in property and real estate. Investment in property or real estate is associated with immense as you have to act and act fast. Investors are constantly under pressure to deal more, deal faster, and deal cheaper.
Wisdom and patience are two powerful tools to absorb pressure and make wise moves. You should have a clear idea when to run fast, and when to wait and watch to let things develop, advises real estate expert Mark Tencaten.
Looking Far and Beyond
Investment in property or real estate may look like a game of the numbers from the outside but it is way more different, complicated and risky than this. While focusing on buying cash flowing property and holding onto it for a long term has been a common practice to ensure profits, Mark Tencaten also emphasizes on buying and improving the assets in their portfolio in order to add value in more than one way.
The vision to identify a potentially profiting property and then keeping confidence in you vision is the main differentiating factor between an average investor and the master of the trade. Termed as the “highest and best use” in real estate market, it refers to the concept of finding the most fruitful use for a property and then work to achieve desired or even greater ROI from the same.
According to Mark Tencaten, knowledge and patience in combination with efficiency are powerful means to get most out of investment in property or real estate. But, still new investors need to be careful and cautious before putting their money in this market. He also offers assistance and support to those who are looking for guidance to excel in this sector.
