Real Estate Investment Developments and Projects
So by now you have learned about how much money is in investment real estate and you want a piece of the pie. You picked your city that you want to invest in (Orlando, Miami, Las Vegas, Ft. Lauderdale, Tampa, or St. Petersburg) and then it hits you. What investment project or development should you buy? With so many out there how do you choose which project to invest your hard earned cash on?
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It can be tricky to find the right investment property because chances are after you heard about a project it’s already to late to invest in it. Sure your buddy may have made a killing on a preconstruction project or development but the ship has already sailed. You need to find a similar project or development that is going to skyrocket in the same way. In this article I will teach you how to find these elusive pre construction investment developments and projects. Although remember that this is a fast paced market and investments are first come, first serve.
First, contact a reputable investment brokerage and see what they have available.
Many brokers, like me, focus on preconstruction real estate. With previous contact with these contractors different brokerages will be well informed from the developers on new projects they are planning. This is by far the easiest way to learn about preconstruction developments. Usually, by the time you hear of preconstruction developments or projects via the grapevine it’s too late.
Also remember to ask other investors online.
Many real estate investment forums exist online. This is where you can go in and ask other investors what they think about a certain project or developments. You may learn that some developers are constantly changing the developments or projects. You may even learn that a management company is great at renting out your condo. Information, power, and the more people you can meet and talk about investing the better. In other words a key aspect of investment real estate is networking.
***Beware***
Some developers will sign into these forums and act like a fellow investor only to promote their own projects or developments. Don’t just take the word of one person and remember to do your due diligence.
Next, drive around the area you want to invest.
I know many investors don’t live by the area they are going to invest. It is a good idea if you can take a weekend and fly down to the area you plan to invest in. Let this be Orlando, Miami, Las Vegas, Ft. Lauderdale, Tampa, St. Petersburg and look for signs of new developments. For example if you fly down to Orlando and drive down Rt. 27 you will see dozens of new projects opening up. In this situation all you have to do is call the developer for more information on investing in this development. Often, I will just stop in a gas station and ask if they know of any new real estate developments opening up. You would be surprised how many times I hear, “there is one opening up right down the road.”
Narrow your search by sticking to key investment cities such as Orlando, Miami, Las Vegas, Ft. Lauderdale, Tampa, or Petersburg. Don’t waste your time by searching areas that are not going through a “boom”. In contrast to this statement, anomalies still exist and any investment can be a boom. The question is, do you want to take this risk?
One of the most important aspects in investment real estate is you want to find a trustworthy real estate brokerage that focuses on preconstruction projects and developments. The fact of the matter is these firms make their money is from making their investors happy. The flip side of this is the only way to do this is through making them money. However if you take the road less traveled, who knows what kind of diamonds in the rough you will find. Also, you may learn more about the developments or projects by actually going out and researching them yourself.
If you ever have a question about a specific preconstruction project or development in this market, particularly the Florida and Las Vegas markets, feel free to contact YAERD at 312-546-4911. I am here to give you my honest advice on any project in this market.
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