Unfortunately most people believe the profit is made when they sell their property – this is not true. Whether you decide to buy-to-sell or buy-to-let, the bulk of the profit in property is made when you buy therefore you must ensure that the property is purchased Below Market Value.
Avoid the temptation to purchase the property at the asking price from estate agents or after viewing the first property. You will find there is no profit to be made.
Aim for at least 20% return on your investment.
Once you have completed your research on the local areas, gathered the information on similar properties and established the market value of your intended purchase, confidence should enable you to offer 20% below the market value. Taking a confident approach will replace any emotional feelings in reaching your purchasing decision. Remember, you are in property investment to make a profit.
Purchasing at below market value will eliminate up to 95% of properties on the market. Being prepared to complete the leg work and source the profitable 5% of the market will reap rewards.
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