Learning about Real Estate
Before you can begin investing in real estate, there are a few terms and concepts you need to familiarize yourself with. Even if you have some experience with real estate, investing can pose a whole new set of challenges. Get to know the market you want to invest in, and find other successful real estate investors who can give you specialized advice for your area.
Develop Your Strategy and Focus
Ask yourself: what type of real estate do I want to focus on? It may be single family residential, commercial, or multi-family. While each category comes with its own advantages, it can be dangerous to dabble in too many markets. Wait until you’ve seen success in one area before moving on to another. Your strategy should focus primarily on developing a profitable business, whether through flipping, or buying and holding, or some other investing tactic.
Create a Plan
Having an idea of what you want to do and the time frame to do it will eliminate a lot of guess work. Create a road map, so you can track your progress and adjust accordingly to your plan. Make sure your plan is meaningful, but also attainable and measurable. You need to be able to track where you are along the way.
Find Your Property
This is the exciting part! The property that fits your investment plan, focus, and strategy isn’t going to fall into your lap. You’re going to have to do some legwork, such as searching online or collaborating with an agent or wholesaler.
Finance Your Investment
Before you can land the ideal property that fits your plan, you need to have a strategy for funding the investment. There are many ways to finance your investment – a bank, private lender, or hard money lender. You can even pay for it upfront if you have the cash. Give us a call or look around online to get an idea of the type of financing you should be using.