Christina Hall is an investor and television personality based in Los Angeles. She’s the author of Christina Hall’s New York Times best-selling book entitled The Millionaire Real Estate Investor: How to Turn a House into a Cash Cow! She has appeared numerous times on CBS, CNBC, Fox News Radio, and ABC, in addition to many other national networks. Christina helped people transform their lives by using personal finance as an everyday way of life, following her path.
Christina Hall also explained that she could write the book by cutting back on her spending. Because she had been investing for years doing her research for free rather than four hours a day at work. She found that the return on investment was much more significant as an investor. Christina Hall did advise to be careful with every deal.
Tips of Christina Hall on Investing in Real Estate
- The first thing to do is find a realtor who specializes in foreclosure homes; they’re the ones who know the market and can help you see properties.
- You should look at foreclosed homes, not houses that the banks sell after foreclosure. Also, you cannot get a loan from the bank, and you can’t buy one with the bank. You have to finance a property through a bank, so you are purchasing a property from someone who has already paid for it by selling it to another person – that’s why it didn’t go through foreclosure.
- The best thing to do is buy as many houses as possible. At any period during the year, keep going out and looking for good deals. Look for foreclosures, but be very careful with every arrangement.
- It’s better to buy a house in a college town and sell it at the end of the school year to students living elsewhere than to buy a home with two roommates and sell it after you’ve lived there for three months.
- If you have an offer on the house, don’t count it; accept it. If you’re desperate but in a hurry, and the house price is $100,000, buy the house and flip it for $160,000.
- Try to avoid buying houses with acreage or lakefront property. The land is costly in Southern California.
- Don’t underestimate the value of your neighborhood. Some people think you can’t make money in the suburbs or a small town, but it’s true.
- I’d buy a house in an urban area rather than a place with beautiful water views. That’s not as good of an investment as you would think.
- You can get a great deal on rent and then invest the rest of your money into more houses to increase your cash flow.
Christina Hall Shares Important Tips on Investing
- Invest in properties that are a good deal on the house or the land.
- I advise people to buy an average house and rent it out. I don’t see any need to buy a mansion or something like that.
- You can do this by paying a monthly rent of $1,000, and you’ll pay $10,000 in rent every year. Then, you can buy one more property at the end of a year and make $10,000 within one year.
- You should look at the figures and decide to buy more rooms in one house, or buy another place altogether.
- When buying houses, it doesn’t matter if you have to do some repairs because the rent you’ll earn will improve the value of your investment over time. It’s essential to learn how to invest in properties that need work. You don’t have to learn how to fix the roofs, but you should do any necessary repairs on the property.
- If you invest in foreclosed investment properties, be very careful and do a lot of research. You should go ahead and buy a foreclosure at auction, but if you don’t want to go through the process of buying it at auction and taking it back in one day, then look for one that’s already been sold by the bank – they’ll sell them at public auction anyway.
- Don’t think you have to find a deal with a bank and finance it with a traditional bank mortgage. Be very careful with every agreement because if you don’t buy it at an auction and you don’t buy this house, somebody else will. There is always somebody looking to buy foreclosed properties, so there are plenty of places for sale, and getting rid of them at a public auction is not hard.
- The minimum you should pay for a house is $10,000, but if you want to make money with this strategy, look for a property under $50,000.
- If you’re doing this to become rich quickly, then forget it. It’s not a way to get rich quickly.
Facts About The Investment on Real Estate
- The best strategy is to buy as many properties as possible, then keep looking for deals on houses. It would be best if you had a portfolio of eight to ten homes at any time.
- If you’re looking at one property, it’s probably too expensive, or it is not in good shape. You could buy that property and flip it for retail value, but many people don’t even know that they can flip properties – they go along with the deals that are presented to them.
- If you’re looking at a property that is not in good condition, you should look for a foreclosed property.
- When buying properties through foreclosure, if you have to put your own money into it, then try to get as much money as you can because they’re only going to sell this house at the price that they’d get if they were selling it in an auction and with no negotiation.
- If you’re looking for one property and it’s too far away from where you live, then look for a foreclosed property in another part of the country.
- When buying, you should also look at the property values and make sure that this is not a precarious investment.
- Foreclosure properties are a bit riskier, but if you have a strategy to make money quickly, many people will go out and buy them.
- If you’re looking at foreclosures, make sure that they do not have any liens on them because they could be part of a lawsuit that’s in process, and they’ll sell the property for less than it’s worth to get rid of it.
To sum up, if you want to invest in real estate and make money on it, you must buy as many properties as possible. You’ll find many properties to buy using this method, but you’ll only find perfect deals on properties occupied by people willing to live in them.