MSN Money - The real risks of investing in real estate
MSN Money - The real risks of investing in real estate
For Derrik Dyka, the biggest obstacle to successful real estate investing isn’t a meltdown in property values or tenants who wreck an apartment or don’t pay their rent.
"It’s overconfidence," says Dyka, a 34-year-old Minneapolis investor who turns old apartments into new condominiums. If you’re expecting to cash in on the 21st century’s first gold rush without breaking a sweat, it would be wise to take Dyka’s words to heart. The margin of error for making money in real estate is closing fast.
It’s not surprising that real estate tempts so many Americans today. Over the past five years, home prices have soared and rags-to-riches tales abound. But so much real estate has become so expensive that Real Estate Research Corp. in Chicago reports that many real estate pros say now is a better time to sell than buy. As San Diego real estate investor Chuck Wise observes about the area where he operates, today’s buyers are like "lambs being shorn."
posted by Mark Myszak @ 12:31 PM
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