Many things play a part in your journey to investment property ownership, starting with finding the right real estate agent or broker. There are literally hundreds to choose from so where do you begin?
Being a real estate investor is an appealing idea for many people. It can seem like a fun and lucrative way to make some extra money. But, of course, it’s not quite as simple as that. Before you sink money into an investment property, you need to know what your ultimate goal is:
In order for this to be an enjoyable, rewarding and lucrative experience, it’s vital that you’re fully aware of what’s involved and required to be successful. While this article not meant to deter you, it is meant to honestly depict all the responsibilities of property ownership.
Here are six essential tips to help ensure that you realize the largest possible profit from your investment property:
Now that you’ve found a property, it’s time to start looking for financing. Talk to several lenders, compare terms and rates and decide if this is someone you can comfortably work with. Yes you need to like them, but you also need to make sure they are someone who can help you understand all the issues associated with purchasing investment property. Pick someone you trust and find easy to work with.
There are many places to find available properties: MLS listings, your local newspaper, word of mouth, loopnet.com, or a For Sale sign at the property. You can also join local chapters of the National Real Estate Investor Association or Real Estate Investment Club. They’re great sources of information for both the novice and expert investor.
Want to keep your search simple? Find neighborhood that you like and look for signs. Also, keep an ear out for multi-property owners looking to get out of the business.
Now, what do you do when you find a property that looks good to you?
If you’ve thought it over carefully, clearly defined your goals, examined your financial situation and are ready to jump into financing an investment property, there are really just three factors that will play a role in your success:
As I’ve been shopping over the last couple of weeks, I’ve been watching how different businesses are preparing for the switch from magnetic strip credit cards to the chip cards that will be coming soon. It’s been fascinating to me.