As we prepare for the new year, we as investors know 2012 looks bright for us. The prospect of all the different types of properties available are exciting to say the least. Using solid real estate comps to decide which to go after is always a wise choice.
One thing we should all keep in mind are the costs of construction materials and labor. The construction business, particularly in Georgia, hasn’t fully recovered from the Great Recession, and in some ways might be just above bottom. But prices for building materials have just as much to do with local demand as they do with the development rush in fast-moving economies in other parts of the world. Additionally, the cost of labor also is a bit of a wild card. Subcontractors often are still bidding at rock-bottom prices. Look for a contractor who gives a realistic price as well as time schedule.
Once you have your property renovated, it’s time to market and sell. I use large social networks, such as Facebook, Twitter, LinkedIn, Craigslist, and YouTube to list properties and build my business. With so many people online today it has become imperative to connect with fellow investors, agents, contractors, buyers, and sellers through social media. There is no other place in the world which let’s you access so many people for FREE. On average, 50-100 investors from Twitter, Facebook, and YouTube may look at my property. This is free advertising and these are contacts you or I would generally not meet otherwise.
I challenge you in 2012 to keep a watchful eye on your construction costs as well as use social networking/marketing to make your deals happen faster. Always know InvestorCompsOnline is available to you to assist you each step of the way..
Happy Investing in 2012!!