Updated almost 16 years ago on .
Making money in a down market
Most people give lip service to buying low and selling high in real estate. In theory it sounds very simple. But in reality it takes people with extremely strong constitutions and nerves of steel to buy when everyone else is selling. It is no different in a disaster. When there is an explosion most people try to run from the explosion, but there are a few highly trained professionals like some firemen, law enforcement officials, medical personnel and military personnel who have been trained to do the exact opposite.
To make big money in real estate, you've got to learn to swim upstream. You want to buy things when there are no buyers and other people don't want it. You've also got to have staying power. If you buy for cash you don't have to worry about principal and interest payments, but there still will be continuing costs such as taxes, insurance, home owner association dues, maintenance and possibly items like electricity, gas and advertsing. Make sure you are adiquately capitalized before you jump in.
The realities of life are that if it was easy, everyone would be doing it.
Ben Koshkin