Becoming a Real Estate Investor
More than 10% of residential homes are purchased by investors. Have you ever wondered how to get started in real estate investing? Real estate can be a great investment option for many people because it is so likely to increase significantly in value over time and it can also be a good source of additional income. Whether you want to start out with one property or you have bigger goals in mind, I can help you make a plan that’s right for you to get started. Let’s start with the basics:
- Approach it like a business: Even if real estate investing is not going to be your full-time gig, it’s a big commitment and should be treated like a real business, because it is! Plus, the more you think of yourself as a business owner, the more confidence you’ll have to make decisions around your investments and reach your personal goals.
- Get educated about the market: This one is easy – talk to me! Depending on the type of investing you plan to do, whether rental properties or flipping or otherwise, it’s important to know when and where to buy and what risks and benefits are involved. I can help you understand the market conditions at any given time and discern whether the area or the type of property that you’re interested in is likely to give you a good return.
- Secure funds: How do you plan to pay for your investment property? Some investors use cash, or many banks now offer investor loans. If you do have to get a loan, the good news is that a flip property should allow you to pay it off quickly and avoid accruing much interest. If you’re taking out a loan on a rental property, be sure that the rent you charge covers your monthly payments on the home and allows a margin for maintenance and profit.
- Prepare for an adventure: The world of real estate is an exciting and sometimes unpredictable business, and things don’t always go as planned. As long as you are prepared for the unexpected and make smart decisions based on the market and your financial means, everything will be okay! Who knows, this might become more than a “side gig!”
If you have additional questions about investing in real estate or you’re ready to get started, I’m here to help!