The Apprentice, Tips In Buying Properties

Photo: Janet Mcafee

In my quest to be the next Donald Trump – again, minus the hairpiece, the tabloid news and divorce settlement – I’d like to explore more on buying property, and these are what I have learned so far (Yes, I’m doing my homework now, as any self-respecting billionaire-would be ).

• Long term. Before you even buy a property for lease, think long-term and project how long you will be keeping it. Real estate experts say that the longer you intend to keep the property, you should be ready for repairs, maintenance and upkeep that is sure to come.

In 20 years, you might have to shell out cash for major repairs like piping, and maybe even a new roof. IF you are planning to keep it with you for a shorter time, just make sure you are still able to sell it at a higher value that also covers the minor or other repairs and upkeeps you have done.

• Study the market and learn some real estate strategies. Even with trends almost always saying that real estate value appreciates, times may change and your property might suddenly decrease or lose its value in 10 years or maybe even sooner. Make sure you have earned enough to cover for that as well.

Study your options and strategies well to make sure you have all your bases covered.

• Ownership. If you feel you don’t want a Trump Tower in your hands, small investors may opt to have long-term ownership instead. This would ensure steady income for the long haul and can be a good source of supplemental income. It is already a good deal to earn a steady income from a small investment if you are not keen in venturing it out and conquering the world (or the air, for skyscrapers that is).

• Increase your clout to get great deals. Your network of friends, relatives and professional contacts can lead you to properties that are about to be sold. Check local ads to see which ones can be a good buy and is a good potential for long-term real estate investment.

Once you get your hands on in real estate, investor meetings and networking can help point you to other good finds.

It’s good to note that if you are going to handle properties, read – “assets” – then you should get other ‘assets’ in good shape as well. Have your bank accounts and credit cards in good standing so you can get better deals on loans and property purchases. Foreclosure is that last you would want to hear from your bank. Let them know that you are able to manage your finances well that you acquiring assets can be profitable to them as well.

I know I still have to study a whole lot more, and make them work for me as hard as I can before I get close to the same level as The Donald (okay, maybe not that close).

Watching re-runs of the Celebrity Apprentice might help (hey, did I mention him again?), but I know ‘real life’ experience can teach me all I need to learn.