Don't Wait to Buy Real Estate. Buy Real Estate and Wait!
Real estate is a commodity that will never go untouched. People will always need a place to live and do business. Real estate is a necessity. It is one of the best investment strategies when it comes to building wealth. Investing in real estate can be fun, scary and expensive. There’s a bit of an art and a science to finding the best investment properties. You’ll need time to learn, research, build a good plan and of course some expert advice on your side.
Here's what you need to know to find the best investment properties in your area.
Decide what type of real estate investor you want to become. Do you want to buy, fix and flip? Do you want to become a landlord? Do you want to become a Realtor? There are so many ways to get involved in real estate. You just need to decide how you want to get involved and work towards making it happen.
It's important to Build a network of support. Get out and network at industry events and with industry professionals. Make friends with real estate agents, mortgage brokers, bankers, credit specialist and property managers. They will become invaluable to you in starting and building your business. This network of people will help you find the best deals and opportunities on and off the market. Stay in touch with them, connect and share information you find. Always be willing to collaborate. Teamwork makes the dreamwork in this business. This network of professionals can also be a valuable source of information with expert advice once you find the property you want to buy. Need one on one coaching to help you get started in real estate? Let chat here.
Make sure your finances are ready to go. When a great investment opportunity presents itself, you better jump on it. You must have some skin in the game financially or with time. Investors want to make sure you are all in. If you have to get your finances in order, get approved for a mortgage, seek out a hard money lender and gather the capital to make a down payment. Great deals don't last long. They come and go. When the market is hot, money will be your friend.
The best investment on earth is a piece of land with equity in it.
Know how much you have to spend and be able to quickly assess the value of a property. Know that depending on your goals for the investment property the value may change. For example, if you’re planning on owning the property for long term and renting it out, you can take repairs and rental profits into consideration when evaluating whether a property is worth the investment. It's important to understand how to average profits and losses as it relates to real estate. Having a CPA (Certified Public Accountant) can be an asset.
Make sure you also have your legal ducks in a row. If you’re buying a foreclosed home, you will probably need an attorney or a real estate agent and/or a mortgage broker on your team because there will be some negotiating with the bank. This is a different process than buying from a traditional seller. While it offers financial benefits to purchase this way, it requires some additional expertise to make certain there are no liens or other liabilities that can counteract with your financial goals as it relates to the property. Foreclosure homes can be bought for pennies on the dollar in most markets.
Become an expert at knowing how to identify real estate for sale or in turmoil. Drive through neighborhoods, search the real estate websites and for sale by owner signs in yards. Knowing what to look for will help you quickly assess the value of a property. Check out this guide here to help you find properties fast. Make a list of what you’re looking for, your investment goals and how much you have to spend. This will help you quickly narrow your search to only the best properties.
Become a student of the business. The more you learn, the more you earn. Real estate is consistently changing. You can never know enough or too much. Whether it's in the classroom, through one on one coaching, reading or online, learn something and don't be afraid to ask questions if you don't know. Real estate can be expensive. One wrong mistake can bankrupt you. Check out my YOUTUBE CHANNEL for some profitable tips and advice. Be sure to learn your area and how real estate is bought and sold.
Real Estate is an Imperishable Asset.
Finding the best investment properties and opportunities requires patience, persistence, a firm knowledge about what you’re looking for and why plus the right team of support. Make sure your goals are outlined in advance so you’re buying an investment property that meets goals, needs and budget. The last thing you want to be is upside down or out of touch with the true value of the property you are purchasing. That's why it's so important to have a team of support sooner vs later. If you fail to plan, you plan to fail. Check out The Realtors Wealth Plan Workbook to jumpstart your real estate business.
I hope this information was helpful. After 28 years in the field of real estate, I would say that I love it and I enjoy talking about it. It has always been a source of income for me in my life. Not only is the money great, you get the opportunity to change the lives of others by offering them a place to call home. Being in real estate has changed my life and I'm sure it can change your life too. Stay in touch! Let's connect! Subscribe to my blog and connect with me on Instagram.