The IRS will allow you to use the land if it is not in your IRA portfolio. Though you cannot reside on the property, you can rent it and place the collected rent into your IRA retirement account. When the time is right, you can take those earnings as a distribution. To make things even more complicated, you cannot rent the real estate to your spouse, ascendants or descendants, but you can rent to a brother or sister.
A bit of spackle and a fresh coat of paint is probably the most important, easiest (and cheapest) interior improvement you can make. A carefully painted room will open and brighten your chances of a sale.
Book a flight – Make a trip to your new market to meet your team, go out into the streets, look at available property, and see everyone’s office. This will often be the true test. It is easy to create a false online front, or a front over the phone, but very difficult to cover up after you show up at their doorstep. Spend 2-3 days in your market. Look at all the neighborhoods the wholesalers or agents work in. Make sure they aren’t going to sell you war zones. Ask them about the rent ranges, rehab estimates, time to rent, etc. Verify these numbers with the management companies and contractors. If all checks out, proceed. The right team of people will come to light.
Equity. real estate investment equity may take several forms. These forms include foreclosure, re-zoning opportunity, discount, potential fixer upper and defectively managed property.
Let’s recap what a traditional realtor sale encompasses so we can then compare it to private property sales. First, you would ideally interview 3-5 realtor agents to make sure you are comfortable with one that understands both your individual needs (fast cash, minimum net, short sale, etc.) as well as your neighborhood. Then you sign your exclusive listing agreement and your realtor starts marketing your property through, ideally, all potential outlets to find a buyer. This includes listing the property on the local MLS (multiple listing service), posting a sign out front, advertising in the local paper and, of course, everywhere possible online: business page, social media sites (Facebook and Twitter), perhaps a YouTube video walkthrough and more.
You’re strategic. Smart real estate investors always have a strategy in place long before they begin big projects. A smart strategy is the key to any investment and will keep you one step ahead of the competition.
Worry about whether your page is getting enough traffic to justify all this expense – which can be upwards of ,000 if you buy each part individually!