The answer is simple; use, use and use. Use is possibly the most important factor in terms of the property's value. For your investment to be a success, you need to think of the building's use for you as well as for your tenants. Hence, you need to also put yourself in the shoes of your customers, i.e. your tenants. To kick start things, first attain information on the demographics of the area in which you want to invest in. This should give you a basic idea of who your target audience is and will also allow you to build a general profile of your typical tenant.
With that profile in mind, think then of what the average tenant would need if he/she lives in your building. For starters, regardless of who you rent out to, people will always need basic amenities near by. Thus, you have to ensure that the apartment building you buy is located near a grocery store, entertainment facilities, medical facilities and the like. You should note that although people might have cars, they won't like driving for more than 10 minutes to get the basic necessities. For example, in an emergency situation, no person would like to drive more than 10 minutes to get to a hospital.
Following the universal needs, you need to look a little more closely into the profile you have outlined. The more you breakdown this profile, the greater will be chances for success. For instance, if currently you feel that your building will primarily be occupied by families, then you should study the demographic data carefully to figure out what kind of families are we talking about. Will the families be newly married couples or families with school-going children? If it's the former of the two cases, then your building should ideally be located near a good quality daycare center. Meanwhile, if it's the latter of the two cases, then you will be best positioned if the building is a near a good quality school.
Use is possibly the most important factor when one is to make a purchase. Combine that with customer profiling, and you have the recipe for success. However, always remember that you shouldn't venture outside your comfort zone unless you absolutely have to. Comfort zone here refers to areas with which you are familiar and have possibly had experience in previously. This point is important always but even more when you are initially starting out as a real estate investor. When starting out, stick to what you know and try out new things only when you feel you have a handle on the situation. And always, always, keep your eyes and ears open to absorb whatever information you can about your location so that you are never left in the dark.
Winning The Cash Flow Business Scam
If you spend any reasonable amount of time on the internet, no doubt you've seen many an ad for different home based internet business opportunities. And you'll see them seemingly everywhere. Sometimes even where you weren't necessarily expecting. Surely with so many out there, they can't all be bad. The good news is they're not! The bad news is many are. Sometimes it can be difficult to separate the real, legitimate opportunities from the ones that only want your money. Knowing what to look for within these offers can mean the difference between starting a real business to operate and losing your money to a scam.
Most fraudulent offers for internet business opportunities have similar red flags that should be your warning sign(s) to move on and keep looking for a legitimate business. There are four red flags specifically, that would be e-entrepreneurs should investigate thoroughly before signing up to work with or for a website. It's important to note that there are many great companies that ARE NOT out to take your money. However, if you spot one or more of the four following signs then look closely. Most "less than honest" companies have these in common:
1. A SIZABLE upfront investment
2. The promise of making big money with little or NO work
3. They are vague and ambiguous about what you will be selling
4. A curious lack of available contact information
Now just because there IS an upfront fee to become a representative for a business, this should not automatically raise a red flag as to whether a business opportunity is legit or not. It is not uncommon when you are considering being in business that there is some sort of investment outlay. However, you have to consider the amount in question before you should decide to sell a product or service. Does it seem unreasonably high? This could be a red flag. You should also know EXACTLY what you are getting in return for your investment. Also, it is common for opportunities to say they offer "training". Many times, however, the training is simply a series of links to other sites where you are expected to learn a company's business model on your own.
Additionally, training may also seem to have a sole focus of recruiting others while offering to pay a bonus for bringing in new people. A company that focuses on the recruiting of new people as your primary source of income instead of actually moving a product could be on the border of being illegal.
Beware of the promise of a huge payday with only an hour or two a day or even per WEEK of work! There's no question that some businesses require more work than others. A person running their own fast food restaurant most certainly works more than someone with an online business, but the both REQUIRE WORK. There is no such thing as a free lunch and those who tell you otherwise are not being totally honest. Another thought for you on this... He who puts the work in makes the most money. It may not be forever constant work if you build a residual income, but there is certainly the work factor in the beginning of any business.
If while reading an online based business opportunity, you find yourself struggling to figure out what you would actually being doing or selling, this could be your red flag for a scam. Many such "opportunities" keep it secret until your spend your money with them. Then you discover what they built up is either unrealistic to sell to others or you just can't with a clear conscience. You should know what the product or service is and how much it will cost before giving an offer any consideration.
Finally... Look closely and see what kind of contact information a company offers.
Are you only able to contact them through an email address and is it a yahoo address or hotmail or the like? If so, this red flag could mean they don't plan on being around long enough to answer any questions or complaints. Money back guarantees may look good, but if you can't contact them to get your money back what good does that do you? For the most part, email addresses and P.O. Boxes are NOT good contact.
A good resource I've discovered to help protect the consumer from online scams is the Work At Home Watchdog. They receive votes on a regular basis on numerous opportunities as to whether they are good or not from actual participants. These statistics are posted and updated regularly. They also have helped many people get their money back from companies they have been dissatisfied with. Check it out at: http://www.WAHWatchdog.org/go/12978
Both John Krol Ce Boomers Bank & Todd Thomas are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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