Editorial

Front Page - Friday, December 11, 2009

Real Estate Facts

Elwynn Schwartz

If you can hear the whispers below the din of panic, you know that the recent financial and housing collapses have actually created some amazing opportunities for smart investors. Low interest rates and depressed property values have combined in an environment favorable for long-term gains.
It may not be for everyone, but if you’re in the right financial position, you have plenty of options. However, there is a right way and a wrong way to invest, and it’s the wrong way that led so many to suffer in the recent housing crisis.
Don’t think about investing in real estate until you’ve saved up for your nest egg and have held or reduced your expenses to keep it growing. Your money doesn’t work for you unless it’s your money.
Similarly, don’t begin your investment adventure until you’ve polished up your credit score. The best opportunities go to those with upfront cash and excellent credit. Maximize your borrowed capital by making sure you get the lowest interest rates and best terms.
It then follows that you should not over-borrow. Real estate markets are continually cycling up and down. Learn the lessons of the recent debacle, and don’t over-leverage yourself to the point you can’t survive a down period in the cycle. If you’re smart about it, you won’t get rich quick, but you will get rich right!
Elwynn Schwartz is the owner of Chattanooga Real Estate Consultants and may be reached at 423-894-3050.

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