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Many people dream of making money in real estate and then some end up floundering like a stranded car in slush. But, there is not always a dark side, it is you who decides and executes, good decisions make you rich, tempting promises followed by improper decisions take you back way behind than when you started to dream.
Dilemmas as regard to offers, schemes, price correction, market stability, local infra development, etc. delay the investment you would have made at the right time. And then, you feel sorry for yourself, that’s when you need to listen to the market experts.
Eager to get the inside scoop on what it takes to make it in real estate! We have modern day real estate secrets spilled by market experts which will help rookies avoid the mistakes before taking a decision.
Q: What types of people and projects one should invest in?
A: If you are one of those who understands the market and if there is a project you are passionate about. You will make the best use of your property, be it home, shop or a condominium like HSSC.
Q: Where are the best places to invest?
A: Between the edge and the hot area. The hot area may be too expensive to invest in, and beyond the city, it’s not such a great place to be. Right in between is where you could to invest.
But, there are places in India like Noida, Greater Noida, Pune, Bangalore, Hyderabad, and Gurgaon etc. which have been expanded and developed very much beyond their limits. Here, local infrastructure plays the key role and help city dwellers make a shift while maintaining their financial well-being.
Q: What does it take to successfully invest in real estate (for promoters)?
A: You have to be consistent, you have to be persistent, and you have to follow through. Real estate is a business that can be seriously stressful. You’re dealing with contractors, lawyers, tenants-there’s a lot that can go wrong and it gets frustrating.
Q: What’re the biggest mistakes investors make?
A: They rely too much on emotions. “You can fall in love with a property, but it’s not going to love you back.”
True instance: One person had been working on a property for three years. He had bought an old building with six apartments, and he was going to redo it and live in one. He was living in this place without any power or water, and a few months later, he was about to lose it to the mortgage company because he hadn’t made payments. People’s emotions can get them in a lot of trouble.
Q: What are the suggestions for newbie investors to start out?
A: A lot of people who buy too big too soon, like apartment buildings in the beginning, and then getting in over their heads. I encourage those people to focus on the average sized house when they start.
Q: What is the advice on not getting in over your head?
A: You need six months of income in reserve for a rainy day fund. A lot of new developers barely have half a month’s worth of cash to cover their expenses, and that’s risky. The other thing to tell people is to make sure they have a good set of books. It’s worth to get regular, once-a-year audits from a CA. You’ve got to know your numbers so you can have a solid financial foundation.
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