Investing in real estate doesn’t have to be the late-night infomercial or reality show. Many of these shows present investing as a rich quick scheme with a profitable venture but these investors typically only focus on flipping properties. This is the only way to make a buck in investing.
Many investors are just getting started and there are so many different niches of real estate investing but it’s important to find one that works for you. Most people are clueless when it comes to real estate investing, I know I was when I first started out decades ago. Because a lot of people do not have construction backgrounds, real estate investing can seem a little intimidating. Many people don’t feel that they can do the repairs themselves however, there are many things that a lot of people can be qualified to do. And it’s important to find those type of niches to find the investing that works with your personality. It’s important to find your strengths and interests to find the investing that works for you both now, financially, and in the future.
One option could be to discuss the possibility of selling with distressed homeowners. People on the verge of a foreclosure may be much more receptive to someone who can listen and be supportive instead of lowballing them with an offer. It’s not about finding someone in their most vulnerable states, but about capitalizing on the opportunities that present themselves.
What about a particular neighborhood or community? Talk to a qualified real estate agent about the best niche and community to get into. There could be great communities on the verge of a rental breakthrough that would be perfect to not only flip and sell but rent out for monthly cash flow income.
Read More: Can I buy an investment home without a down payment?
Residential properties may not even be your niche. Multi-family properties might be more to your liking and many investors find that they had a lot of success with commercial properties. Wholesaling rental properties or investment homes may also be an idea that you want to pursue.
The point is there are a lot of different investment opportunities to consider. It’s not just about finding a cheap property, doing a few cosmetic repairs and flipping it, although that can be an option if it works for your niche.
Call my office at any time. Let’s discuss what you’re looking for both now and long-term when it comes to real estate investing. Because we have offices throughout Northern Virginia, DC, and Maryland we have agents in each of these offices ready to help with your specific real estate needs. Whether it’s investing, the rental market, or simply finding a primary residence of your own, let the Premier Team be your guide.
More on Investing:
How long does it take to buy a short sale?
5 Things Never to Do in Real Estate Investing
Dos and Don’ts of House Flipping