Time for real estate to go down again…
Almost a year ago, I was writing about the Real Estate in Miami, and I was already aware that the time for good deals was gone. There were no longer any spaces available at a bargain price. As I had forecasted: things are now quite bad, markets are slow, realtors that were making millions a few years ago are now looking for different jobs, and cranes are still standing high but some new buildings are starting to look deserted.
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Being in the Real Estate Industry, I downloaded Zillow’s app.
Zillow is the biggest real estate portal in America. Through the Zillow app, there many options to find useful real estate information from decorating your home to renting an apartment or finding professional help.
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The concept of vacancy, which I touched on in the last post, is one of the most important factors when investing in real estate for cash flow / income purposes.
People lose money or make bad investments primarily because they do not understand how to calculate it correctly.
Obviously, calculating vacancy is terribly difficult. What most investors seem to do is simply discount 10%, sometimes even only 5% from the gross value of the rent that they are supposed to get…and then they just hope that it works.
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Time and time again I have seen realtors pushing buyers around, mainly the property buyers who purchase multi-family investments. For some reason many realtors seem to think that those investments are much greater in terms of a Single Family Home. Obviously it depends on the price, but in general the prices of multi-family properties have been increasing so much that the numbers just don’t make sense anymore.
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I find it quite amusing that the Real Estate Market is one of the only areas of investment that you can find information on how to become rich quick, or on how to buy a course that will teach you all of the tricks and “unrevealed secrets” that will make such a different in people’s lives.
I have been in the industry for 15 years and I have been tremendously successful, making millions of dollars, and I guess most of it was a combination of luck and knowledge. I fully agree that the leverage you can get from specific knowledge will give you an edge over the others, but I think most of the courses in Real Estate are focusing on the wrong subjects and they try to make the job sound much easier than it really is, which will bring a lot of discouragement, money lost and time wasted.
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