Profitable real estate investing demands that you wisely purchase investment property. If you don't, it will not take long for you to be broke!
How do you know if the property is under value? You find this out by looking at the comparable properties that have sold in the area recently. If you don't know how to do this, obtain the services of a local real estate agent that works with investors and ask for them to provide comps to the investment property you are evaluating as well as a market analysis of the area.
Just finding a property under value is only part of the equation however. The better question to ask is what is your goal for investing? Is it to gain appreciation, is it to gain monthly cash flow, is it to gain both appreciation and cash flow or is it to wholesale to another investor to put a few bucks in your pocket. This ultimately determines the type of investment property you are seeking to purchase. Once you have the end in mind, it is much easier to determine the best approach to acquiring the type of investment property to meet your objective.
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