Now, of course, everyone is singing a different tune. With the bottom of the real estate market falling out, people are running for cover, getting out of investments in real estate, and some are praying their houses will sell. All you hear about in the media is how bad the real estate market is.
Mistakenly, many people take that as a sign to stay out of the market, but nothing could be farther from the truth. You have to understand, when you hear in the media that the real estate market is “bad”, what that means is, that if you are a homeowner and you want to sell your house and get top dollar for it, then the market is “bad”! What many people don’t realize, is that when the market is bad, that means that typical houses in a typical market are difficult to sell and it becomes a “buyer’s market”.
So, we, as investors, are “buyer’s”. Therefore, this is “our” market. Anytime the market is “bad” according to the media, then it is “good” for us. It’s not that homes will not sell in a bad market, it’s that they won’t sell to the regular pool of buyers for top dollar. This is the market where we can go out and pick up deals at a very reduced price, sometimes simply for loan value owed, just to relieve the seller of the debt. And since we are buying so much below value, we can sell the house below value and still sell it quickly and make a nice profit.
It’s like in the stock market, buy low, sell high. What better time to buy low, than in a “bad” market. Now is the time to get into real estate investing, not when prices are sky high and houses are selling quickly for top dollar.
There are more millionaires made during the so-called “bad times” in real estate investing, then in all the good times combined.