Hello everyone, and welcome to #InvestingTipTuesday! Each week, we’ll be posting a tip regarding real estate investing both here on our blog, and on our social media channels (if you haven’t yet, make sure to check us out on Facebook and Instagram!)
This week, I wanted to bring up a topic that was actually the focus of a roundtable discussion that I was recently a part of about two weeks ago. I had the opportunity to jump on a virtual networking meeting with a bunch of other real estate investors that was sponsored by the New Hampshire Real Estate Investors Association, and one of the hot button issues that we discussed was, “should I buy or should I sell real estate right now? Does it make sense to do something?”
By having a discussion, we were able to get lots of different viewpoints on the subject, but in reality… nobody should be making that kind of recommendation as a general, “yes you should buy,” “yes you should sell,” or “no you shouldn’t buy,” or “no you shouldn’t sell.” Every real estate situation is different, and if you’re going with the advice that is being given generally, whether it’s across a news outlet, a real estate forum, or even taking the advice of professionals in the industry, make sure that the advice that you’re taking is applicable to your situation, and isn’t just a general thing people are saying.
One of the things that I’m looking at with a lot of my clients in advising them is looking at the different properties that they are looking to sell or looking to buy, and giving different recommendations based on those specific properties and what they should be doing with them. A lot of different factors need to be taken into account depending on the property. For example, a property of X number of doors might be perfectly fine to sell because it’s a really hot commodity today--but if you’re looking to buy a property of the same size, the lending environment might not be right.
So my recommendation to you is to be aware of the advice that you are being given when it is coming from a general standpoint (even guys who are sitting at their computer giving you advice on a Tuesday morning like me), because it is general advice. Take that into consideration and really look at a lot of different factors when you are making a decision about either acquiring or selling a piece of real estate. Think hard before you make that decision, and don’t just take general advice from one source.
If you ever have any questions about your specific situation, our team is always happy to help you and offer tailored advice to help you find the most success in your real estate investing journey--but remember, take that for what you will.