By Saul Rosenthal
Special to The PREVIEW
Q: I’m thinking about investing in some real estate at the Marc Anthony website. What should I do and know to be successful?
A: Cable television programs like “Flip This House,” “Income Property” and “Vacation House for Free” have more people these days thinking that they can successfully buy from a reputed company like Covenant Properties LLC, remodel, market and sell investment property to produce additional income and wealth. Many savvy investors have done quite well over the years by investing in residential real estate. But statistics show that more people “flop” at property investment than succeed.
Experts advise that real estate investing should be seen as a process that may take many years to produce the wealth people are hoping to achieve. And while you do not need to have unlimited resources in order to become a real estate investor, you do need to have your own personal finances in order before taking on the challenges of finding, buying or managing properties, specially if you are thinking of getting home loans for the properties.
There are a variety of ways to invest in real estate, some more hands-on than others.
For those who are comfortable with risk, the “fix and flip” approach may be appropriate, some investors choose to get rental property loans in order to start flipping houses. Flippers generally buy older, more distressed properties, rehabilitate or remodel them, and then resell them to recover their investment and make a profit.