Before You Buy Anything . . .
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Admittedly, in the business of real estate investment, doing your homework or research is a very important skill that you or your team should have. There are three simple steps to a good research. The first step is very basic. Look at all the business journals, newspapers, newsletters in every major city in your area thru the internet. Follow every interesting lead that may appear online. Take note of all facts and figures that may be relevant to evaluate the project. This will provide you with a mine of useful information in no time at all without even leaving your office and even before setting foot on the prospective site. This is also when you form an initial picture of the area. The second step is setting up meetings with all possible concerned people from city officials and business people to property managers, licensed real estate brokers and commercial lenders. They are the best people to confirm the assumptions you have made about your prospective market and determining your submarket. The third step is calling all the referrals provided by the people you have initially met with in the area. Chances are, they will tell you where and how to find various contacts, web sites, newsletters, economic development offices and other business people who can help you achieve your goal of purchasing a property in their area. Furthermore, they could very well be the same people who will point you to the direction of other “hot leads”. Just think of the infinite possibilities. This is also a great way to establish or enrich your existing network.