Real estate can be a profitable and smart business decision for those looking for a great investment opportunity, but only if the proper steps are taken. Luckily, we’ve broken down some of the key factors we think are most important to help you get set up.
Step One: Find Out What You’re Getting Yourself Into
There are many people who’ve thought about or done what you’re about to, and they’ve picked up some valuable information that can be beneficial to learn and understand before you make the leap into real estate investing. Pick up a few books, listen to a few podcasts, or even check out a few blogs and forums. Whichever avenue you take, you’re sure to find some useful tidbits that can save you time and money, and may even help you focus in on the areas of investing that truly interest you.
Step Two: Planning Makes Perfect
Mistakes are bound to happen, but they happen more often when you decide to invest without a solid foundation of knowledge and a sustainable plan that will get you where you want to go. There are so many variables and factors to take into account like your monthly income, assets, expenses, and future needs. Without a plan that’s been looked over and approved by an investor, you can easily find yourself in over your head.
Step Three: Figure Out the Finances
You need to know how you plan on purchasing the properties you’re interested in before you actually buy them. Luckily, there are several options that may work for you, so be sure to get the help of a bank or mortgage lender to narrow down your best choices.
Step Four: Wish List
Now’s the time to think about what kind of properties you would to invest in. Take into account all of the factors that were important when you were searching for your own residence: location, price, property type, and condition of the property. Make a list of things that you’re not looking for and a list of things that you need to have in order to consider investing in the property.
Step Five: Work Your Plan
Now that you have a plan and your wish list made, it’s time to follow through and make it a reality. Pick a real estate agent who has experience working with investors to partner up with and help you find ideal properties. The agent needs to understand your criteria list and be willing to negotiate with sellers to get you the best deal possible. Once a deal has been reached, look into what added costs the property may entail and have an inspector ensure that there aren’t any major problems with the property. Once that’s done, all that’s left to do is close!
Step Six: Investment You Need to Manage
After you close on the property, your new career as a real estate investor and property manager begins. Learn what it takes to be a good landlord or look into property management companies to handle the nitty-gritty details for you, so you can ensure your investment will thrive for years to come.
With our years of experience, we have a team that can make your real estate investment journey a smooth one. Pick up the phone and call your friends at Sage Wilson Property Group to find you the right properties and negotiate to get you the best deals.