When purchasing an investment property, there are certain strategies you may employ to find success. The first is to purchase a property at a bargain price, usually at least 20% below current market value, in the hopes of making a tidy profit from the sale.
Another common strategy is to find a property with great potential, purchase it at its current market value, and perform the necessary work to increase the value of the property. This strategy works best if you increase the value at least 20% within the first six months.
One strategy to avoid: making a purchase simply because you believe the property will quickly increase in value due to appreciation in the market. There is no way to know for sure how the market will progress, and most investors who succeed at this strategy have a healthy amount of luck on their side.
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