Article by Michael Tan
How do you look for great bargain buys in the market?
Most people go around trying to invest into properties as though they are walking on the beach, staring at the sand while they walk, hoping to find a shiny stone that might turn out to be a GEM. Can you find one? If you look hard and long enough, probably. How about 2? or 15? or 40? It gets harder when the numbers get bigger, doesn’t it?
If you are seriously into the business of looking for gems, do you waste your time combing the beach, staring at the sand? What would be a more efficient way of finding large number of gems consistently?
Yes, you’ve got it.
You MINE.
To know more on looking for your MINE and to achieve Financial Freedom in Property Investment, please click here http://www.nmd.aboutpropertyinvestment.com
Before you start to look for that one bargain property, ask yourself, how are you looking for your properties?
Are you just combing the surface or mining deep?
If you are serious about investing, then its time for you to put on a hard hat, turn on the lamp, get down and dirty, and start digging. If you want to be a property tycoon, then you must become a miner and focus on looking for your mines first. Most new investors I know bounce all over town looking for the next deal. That can be a very dangerous way of investing. You could end up buying something you don’t know and stand a risk of losing money.
So, how do you know where to look? Can you just focus on anywhere and start looking? Nope, you need to establish were the mines are first. Not all areas give you gems and not all gems are the same. Different mines, gives different types of gems.
There are some fundamentals when establishing your mining areas. Here’s a couple of pointers on how I determine my mines
Step 1: What do I want?
Determine what type of gems you’re looking for. Is it going to be apartments, Condominiums, houses, offices or Shop lots? Also determine what is your budget is? It’s always a good idea to invest within your means. Consult a banker should you need to know how much loan you can take.
Step 2: Location! Location! Location!
Next, it’s about the location. Look into great accessibility and good amenities. Check out your local market. My piece of advice, don’t go beyond 5km radius from where you stay. It’s about what you know, the network and the people in the area. The more you well inform you are, the better your chances of getting onto a good deal first.
Step 3: Determine your target market
Who are your customers? If you are planning to buy and profit from selling it (FLIP), determine who will buy your property. If you are planning to invest with the intentions of renting your property (KEEP), determine who will potentially rent your unit(s). Next, look around your area, is there a possibility of finding such a target? Is the target market part of the local community and are there a lot of them around? The bigger your reach, the higher possibility of getting better returns.
Once you’ve done these 3 steps, chances are, you’ve found your potential mines. Grab your shovel and start digging! It’s now time to look for the gems.
Next question, do you know what a gem looks like?
Imagine if you are looking for diamonds, when you are mining for them, what will you be looking for? Will it be gleaming, glittering, shinny with a perfect cut? No! Of course not. It probably looks like any other rock. You’ll have to be a professional miner to differentiate between the rocks and the diamonds. It’s the same for the properties. Once you have determine good mines, you’ll have to start looking for signs of good properties.
How do you determine a good property? Let me give you a couple of examples of properties that are gems. Undervalued properties, well renovated, tenanted with high rental returns and owners who are motivated to sell.
Look for the signs. There’s no short cut to becoming a professional investor. Just like a good miner, the more you get on your hands and knees, thick into the dirt, the better you become and the more gems you will find.
In these day and age where almost the whole town is busy combing the beach hoping to find great gems of deals, I suggest you learn how to be a great miner instead. It’s crucial you learn how to find the gems these day, especially when everything looks shiny, glittering and priceless. The worst thing you want to end up with is a dud.
Get yourself educated, use the right tools and network and take your time. With diligence and perseverance, you will find your mines and eventually your gems, over and over again.
Wishing all happy investing!
Michael
Freemen is an organization which has been training investors since 2008 to benefit from any market. We’ve made 200 individuals more than RM3Million in profit, investing in over RM30Million worth of properties, ALL with no money down! Property coach, Michael Tan, a.k.a the Millionaire Maker will be giving a talk this coming Saturday, 14th of May in Vistana Hotel, Penang entitled “How to achieve your financial freedom in 5 years of less” from 12:30pm till 5pm. Book early as we will be expecting a full house.
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1 comment
is he talking about gold mine or properties here? can gold mine & properties co-related? also, what he mentioned is nothing to most of us. it is easier for him to talk and really done.