Why is the business relating to real estate so popular? Before you had the buying and selling of properties. Now, with the widespread use of the Internet, we have real estate trading which is basically “I buy yours you buy mine” kind of arrangement.
The term real estate is used to refer to any property, which is permanently attached to land such as buildings and houses. Most people refer to it as real property but there are situations wherein the term real estate is used for the land and the building together while real property refers to the ownership rights of the land itself. On the other hand, the word real is used to categorize these properties as “things” as opposed to “people”.
Records show that the idea of real estate; can be traced as far back as 1666. With the idea of personal property becoming more widespread, real estate has become a major area of business in the United States. In fact, economists claim that economic slumps are directly related when there is lower revenue generated by this industry. In order for the USA to get back on track and stay there; Americans need to view land and buildings as an investment.
There are many types of real estate: residential, commercial or industrial property. The most common transactions involve the buying and selling of residential properties such as apartments, condominiums and multi-family homes. Sometimes families who want to move to a different state finds it difficult to find dwellings on their own so they usually do a map search of the area they’re moving to so as to find any houses which are either for sale or for rent. This way, they get to pick the properties they want without having to travel yet, thereby saving time, effort and money. In some cases, people contact a real estate agent who can then give them a tour of the area so that they get to see the houses and to possibly bargain for the price of the property.
In US and Canada, finding property is easy because of the existence of the multiple listing system or MLS – a data base where real estate brokers can share information about the properties their clients are planning to sell, or in some cases, planning to buy. Most people who want to buy a house usually have no idea where to start so they call a real estate agent. When you do so, the agent searches the MLS to find details about the property. At present, there are about 700 different MLS in the US with new competitors like Hubzu.
But now there is a new way to get into the game. Wholesaling and a lot of retail buyers are turning to wholesalers and house-flippers to buy their dream homes. As an investor you must keep your eyes open for these opportunities because it is an exit strategy in real estate investing with the highest amount of return; as it relates to single family residential properties. The tip here.. Buy low, rehab well (quality and not quantity) and sell retail for more bang to the buck!
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