To get started on your journey to becoming a successful real estate investor, read on…
You should first choose the type of real estate you want to invest in. You might decide that you like flipping real estate or you may prefer to purchase property as an income producing asset that appreciates over time.
Hire a Professional to Guide You
To get professional help with your real estate investing contact Gene Mock, Associate Broker, Keller Williams Realty 703-342-8100. He is an expert in real estate investing, whether you want to investing in buying and flipping property or purchasing a longer term hold property for income and appreciation over time. He will guide you through the process, helping you locate the price range, location and type of property to choose, as well as financing options available to you.
Start small. You’ll gain experience with the less expensive properties. You need to decide what type of property you are comfortable investing in, after doing the field and sales research. Errors made here can lead to losses if you don’t watch out. Even if you’re thinking it’s a good price, it may be inexpensive because the property needs work or may not be in the most desirable neighborhood for rentals.
CONSIDER location and RENT VALUES
Consider the possible rental values as you project a property’s value. You can end up with thousands during a tidy sum each year for renting the home. You can then go on to resell the home and make a nice profit.
Have an idea of your time’s opportunity cost. If you want to rehab properties, you should consider if the time spent doing manual labor and hiring subcontractors is worth it. Or would you be better spent searching for the next opportunity? Buying a newer property that doesn’t need rehabbing will save you time and effort in the long run. It may cost a bit more, but if it brings in higher rents right away, it could be well worth it.
Get to Know the Neighborhoods You Are Considering Investing In
Do your homework and get to know the areas you are thinking about investing in. Make sure your real estate professional advisor will assist you in analyzing neighborhood sales and research the market before you invest. Check crime statistics, local school ratings and understand the demographics of the area. A good deal on a nice house will have lots of buyer competition so you have to be ready to act fast. You want to make sure you can recover your investment based on a timeline of hold term you want.
Be very patient when first starting out. Your first deal in real estate investment transaction may take a lot longer than anticipated. Don’t get anxious and invest in a scenario that’s not ideal. That is not a recipe to waste money. Waiting until you are sure of your potential investment is critical.
Hire a professional property manager who can screen tenants. Since their rent is paying the mortgage, you need to make sure the tenants have good credit. This is imperative to make sure your investment is paid for as well as ensuring your real estate is properly maintained.
Make smart real estate investment choices
When you have good information, understanding real estate is not really that hard. It’s vital that you learn the ropes from a qualified professional real estate advisor to gain the most knowledge ahead of making your investment decisions. Most people can do well with real estate. With the advice you got here, you should be ready to get started yourself.
Gene Mock, Associate Broker, Premier Team, Keller Williams Realty is a proven expert real estate professional. Gene and his Premier Team will guide you through the buying or selling process. Gene is a native Virginian who has dedicated himself to serving you, his client, with the utmost respect and awareness of your individual needs. His business acumen and deep knowledge of the real estate markets in Loudoun County and Northern VA are at your disposal.