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Issue Date: December 21, 2005
New Year's Resolution #1: Get Lucky
By Jody Zink
Licensed Realtor in Ohio & Michigan
I recently bought something I probably didn't need. It's a coaster with a message that's proved to be inspiring to me lately. It reads:
Luck is good planning carefully executed.
It sits on my desk and has prompted some thought as to why some people seem luckier than others. Is success just dumb luck? In some cases, probably. (How else could you explain the success of those people you don't like?) But here's the real truth. Some people don't really get all the breaks---they help create the breaks they get. They've actually planned for them. Especially when it comes to real estate investing.
So let's plan. You've talked about it for years. Don't you wish you'd invested in real estate when you were really young? Well, 2006 is the perfect time. While you may not be ready to purchase, let's start planning.
1. Form many friendships. The luckiest people are the ones who have many friends and acquaintances. They talk to strangers. They meet and greet. The larger your network of friendly contacts, the better your odds of finding that pot-of-gold opportunity. They can also help give you some education.
Surround yourself with a team of good people. Start with a mortgage professional. Find a good Realtor who understands your needs. Get to know a home inspector, an attorney, an appraiser and insurance agent. Get referrals from friends. Consider a fix-it crew and/or property management company if you're not planning to manage the property on your own.
2. Check your credit report at least once a year. (Do it for free at annualcreditreport.com). Being pro-active can prevent identity theft from wreaking havoc on your ability to buy. It also prepares you for a clean bill of credit health. Get your finances in order by living below your means, paying off debt and saving for a down payment. It's what lucky folks do.
3. Research your options and determine which to pursue: Maybe you'd like to buy foreclosures to fix up and resell. Or rent out a duplex. Gathering knowledge is bound to improve your luck.
4. Actually meet with the people mentioned above. Instead of buying one more book or searching for one more website, call the mortgage guy or gal to know what is required of you. Talk with the Realtor about your goals. Meet with a contractor to see how much it really costs to fix a leaky pipe or replace a roof.
As you invest in real estate, invest in yourself, too. That means gathering knowledge and recognizing a break when you see it.
What ever you do, don't do nothing. That's not lucky-like. You must execute the the good planning. Just like the coaster says.
Jody Zink is a licensed REALTOR in Ohio and Michigan with the Loss Realty Group. Her column appears every other week in the Toledo Free Press. She can be reached at jody@jodyzinkrealtor.com or 419-725-1881.
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