The real estate tips that follow are meant to help you avoid common and not-so-common mistakes. Buying a house or other property always involves some risk, but there are many ways to reduce those risks.

1. “As Is” Property Inspections

Some sellers (including banks) specify that a property is sold “as is.” Of course all properties are ultimately sold with no promises other than those made in writing. We take our chances. But if sellers won’t allow an inspector into a property, walk away. There is no good reason that a seller shouldn’t allow an inspection, and the bad reasons are a risk you don’t need. Banks generally won’t loan on properties under such conditions anyhow, so you may be in trouble with financing in any case.

2. Plan For The Unexpected

Plan on at least $2,000 for “unexpected costs” when buying any real estate. One investor I know, who was very careful in his planning and had done many rehab projects, still found that he averaged a couple thousand more that he estimated for total expenses. Even when you are buying a home for yourself you should expect the unexpected, and make it part of your budget.

3. Check The Attic

On older homes, be sure to pop your head up into the attic (or have the inspector do so). Have a flashlight with you. You want to look for signs of leaks, as well as looking to see if the wiring has been updated. There are still bare wires strung on ceramic insulators in some old homes. Note how thick the insulation is as well, and whether there are any signs of animals.

4. Lay Of The Land

Look at the way the land lays around a property. On a sunny day after a dry-spell, you might think nothing of the slope towards the house or buildings. But it almost certainly means there will be water pooling near the foundation every time it rains. See if there is proper drainage, and then look for any water stains on basement walls.

5. Negotiating Through Real Estate Agents

You might think you have to meet the seller in person to use most negotiating ploys, but there are some you can use even when a real estate agent will be presenting the offer. For example, you can hesitate when you make an offer, and suggest that you really didn’t want to go this high. You might even start talking about another investment or home opportunity that you’re looking at. The agent will certainly pass along this information, and may suggest that the seller accept the offer as written rather than risk chasing you away with a counter-offer.

6. Know Your Costs

This may be the most important of these real estate tips. You should plan for extra expenses as mentioned above, but you also need to know what your ongoing costs will be to honestly compare properties. This is true whether you are buying a home for yourself or investing. Property tax and insurance rates can be very different from one property to another, for example, especially if they are in different towns. One house can cost twice as much to heat. Mortgage rates can be substantially higher on a home if it is classified as a mobile home (and some double-wide mobiles look like standard “stick built” houses). Calculate what you’ll be paying at closing, of course, but also know what your ongoing expenses will be.

The huge number of homes on the housing market right now means that agents need to work overtime to sell one. Even though it is a great buyer’s market, most people who can afford a new home are still on the fence as they wait to see when prices will drop. Open houses are one way for potential buyers to get to know the property better and convince them that the home is a good deal.

Looking For Open Houses Online

A slowed economy and foreclosure listings are part of why there are so many homes to choose from on the market. With a higher inventory of unsold homes, open houses are being increasingly used as an effective sales tool.

Serious and hesitant buyers alike are turning to the Internet first before going anywhere. Buyers look for property they might like and attend open houses. If the buyer likes what he sees, he will come back with his agent. This pattern of behavior should be a signal to real estate agents that posting as much information about the home online is extremely important and beneficial for sales.

Open Houses Encourage Real Estate Buyers

Motivating buyers, especially if they are just looking around, can get frustrating. Open houses solve the problem of taking a buyer around to several houses, because interested buyers will come to you instead.

While many of the people at an open house are interested buyers, some are just from around the neighborhood or vaguely interested in a home. However, these impulse buyers are the ones who see the house, fall in love with it and make an offer. An open house also shows buyers who are thinking about low bids that there is competition for the same property, which in turn can drive buyers to make a serious offer.

Other Tips For Selling Real Estate With Open Houses

Besides listing the property at your website and through the newspaper or other advertising, mail post cards to neighbors and prospective buyers in the area. These people may not always want to buy a new home, but they might know someone who does. Sunday afternoons are typically the best time to attract open house visitors.

Although a house on the market should already be sparkling clean, make sure to tidy up before an open house by throwing out all the garbage, getting rid of boxes or clutter, clearing space in the closets and cleaning debris from the yard or a pool. The real estate market may be slow at the moment, but open houses help get out the word about fantastic homes for sale.

Many people in the industry are tired of the seemingly endless number of clichéd real estate tips that investors hear over and over again during seminars and while surfing on the Internet.  Some pieces of common real estate advice remain popular through the years. However, investors also need to see and experience a new spin on the popular thoughts, assumptions, misconceptions, and insights. Here are some examples:

Old Advice: Investing in real estate is a bad idea during a housing bubble or recession.

Idea Makeover: The recession is an opportunity to snatch up great deals on properties  with low prices.

Old Advice: Get a good real estate coach to get real estate tips when needed.

Idea Makeover: Get a real estate mentor who will work with an investor from the very start and share observations instead of criticism.

Old Advice: Fixer upper homes are meant to be torn down and turned into new ones.

Idea Makeover: There is no need to tear down a house completely in order to make money out of it.

Old Advice: Never share real estate tips and techniques with other fellow real estate investors.

Idea Makeover: Sharing knowledge with fellow investors creates and establishes great working relationships.

Old Advice: One must have a lot of money on hand in order to invest in real estate.

Idea Makeover: One can engage in real estate investing with little or no cash at all by getting funds from banks and hard money lenders.

Old Advice: Flipping houses is an illegal way to make money in real estate.

Idea Makeover: Flipping is a legal and easy way of investing in real estate as long as investors follow regulations and avoid shady dealings.

Old Advice: REO properties are poorly maintained and are not suitable real estate investments.

Idea Makeover: REOs provide investors an opportunity to earn profit through rehabbing and wholesaling the said properties.

Old Advice: Once a real estate investor succeeds in the field, he or she does not need to learn new stuff anymore.

Idea Makeover: A great investor never stops learning new things from his or her chosen field.

There are many other existing real estate tips that need revision in today’s market. In order for real estate investors to know more about these tips, they can visit REIWired.com. This real estate investing website contains useful and up-to-date advice about the ins and outs of the industry.