Monopoly Can Teach You About Real Estate Investing

Over the weekend my daughters and I had a bit of a Monopoly Marathon.  We had a great time!  I had not played Monopoly in years.  While we played I couldn't help but notice that there sure are alot similarities between the game and Edmond Real Estate investment strategies.

Everyone has their own strategy when playing Monopoly.  Some start buying every property they land on.  Others target certain areas on the board and wait until they have an opportunity to buy.  And then there are those that try to save money before they start to buy anything. 

Buying every property that you can, might leave you with a wide array ranging from St. Charles Place, to Baltic Avenue and even Park Place.  Using this game strategy when investing in Edmond Real Estate may mean you would have rental property in all price ranges all over town.  The benefit would be that you would be able to serve a variety of consumers.  A disadvantage might be commuting around town to maintain and manage your properties.

Targeting a certain area of the board, like going after a particular corner takes patience.  You may have to wait a few times around the board before you achieve your goal.  You may even have to haggle with another player to obtain the property you desire.  But once you corner the market, you can make improvements and the rental rate can go up!  Using this appraoch to investing in real estate takes patience.  But the patience pays off because you have specialized in a certain market.  With that knowledge, you will spot a bargain right away.  Edmond Realtors will know that you are interested in a certain area and contact you first when new properties become available.

Finally, for those that focus on collecting money before buying anything, they tend to miss a lot of opportunities.  A few rounds go by and they realize all the good properties have been purchased.  All that's left is Electric Company and Water Works.  But it's a good thing they have all that money, they will need it to pay rent on Park Place and Ventnor Avenue with a hotel!

Ready to play?  Give me a call at the CENTURY 21 Goodyear Green office 405-359-7400.  I enjoy working with investors in Edmond and NW OKC.  I work with real estate investors that purchase property to renovate and sell as well as investors that purchase to hold and lease.  Whichever your strategy, let's play!