Here are tried and tested strategies from the experts to make you successful in real estate business.

Review your finances

Obtain a copy of your credit report from companies like Equifax, TransUnion, or Experian.  Then, determine how much you can borrow.  Experts say, no more than 36% of a buyer’s gross income should go towards debts.

Find a fixer-upper

Prepare to visit at least 50 properties before buying.  Ask your realtor to look for properties that can be upgraded either through renovation or subdivision, process in which land is split up to build more than one home.  It is also wise to buy property 20% below the true market value.

Pretty up

Shop around for good prices on appliances and fixtures – all essential for upgrading.  Do as much of the repairing yourself as you possibly can. There are many books and resources on the internet on these Do-It-Yourself tips.

Rent or sell

A property pays for itself if the rent it generates covers your costs plus 10%. (A profit of less than10% can be made through other investments, like mutual funds.)  But renting it out isn’t your only option:  Other properties like bank foreclosures – listed on the newspaper’s real estate section and posted at banks or courthouses – can be bought at bargain prices and sold for big profits.