In This Chapter
Selecting the best real estate investment financing
Locating a good real estate agent
Negotiating and inspecting your deals
Making smart selling decisions
In this chapter, I discuss issues such as understanding and selecting mortgages, working with real estate agents, negotiating, and other important details that help you put a real estate deal together. I also provide some words of wisdom about taxes and selling your property that may come in handy down the road. (In Chapter 10, I cover what you need to know to purchase a home, and in Chapter 11, I review the fundamentals of investing in real estate.)
Unless you're affluent or buying a low-cost property, you likely need to borrow some money, via a mortgage, to finance your property acquisition. Without financing, your dream to invest in real estate will remain just that — a dream. So first, you've got to maximize your chances of getting approved for a loan, which, unfortunately, has gotten tougher in the late 2000s because of the soft real estate market in many parts of the country. Shopping wisely for a good mortgage can save you thousands, perhaps even tens of thousands, of dollars in extra interest and fees. Don't get saddled with a loan that you may not be able to afford someday and that could push you into foreclosure or bankruptcy.
Even if you have perfect or near-perfect credit, you may encounter financing ...