This week we scoured the internet and our own brains, FOR YOU, and compiled a series of steps you can take to become a successful real estate investor. We will keep it simple and break it down into two parts. Part one will cover the basics of getting started and part two will dive in a little deeper.
The first thing you need to do before getting started on any new venture, especially one that could greatly impact your finances, is educating yourself. We live in a time where information is abundant and all you have to do is search for what you need to learn. Obviously, not everything on the internet is factual and worth reading, however, multiple sources online related to real estate are written are written by real estate professionals and investors who are either simply looking to educate and bring value or are hoping to increase their business by having an internet presence. Either way, the information they provide, due to their licensing and experience is valid and worth learning.
Having said that, you should carefully and thoughtfully find sources to educate yourself about the real estate market, loans, financing, locations, types of property, interest rates, risks and advantages. Read articles, follow blogs and watch YouTube videos posted by professionals and reputable sources.
You should also educate yourself by talking to a professional, www.aminvali.com. Talking to professionals will not only ensure you are well informed; it also helps you build your contacts and develop a network. The right contacts and a good network will also provide you with investment and partnership opportunities, and a lot of industry know-how that you may not learn online.
Next thing you need to do is get your finances in order, since the average investor newbie doesn’t have all the capital needed to get started. Take a deep hard look at your finances and then be sure to talk to a financial professional. Break down all the financial resources that are available to you as a potential investor. Make educated decisions once you know all the options available to you for raising the funds you need to get started and how to properly plan ahead in order to ensure success.
The financials are the most sensitive area when you are getting started. Real estate professionals (www.aminvali.com) are well versed in loan and mortgage options and generally work closely with a financial professional in order to better service their clients and the investors they partner with on projects.
You then need to figure out your location options. It is definitely easier, logistically, to invest in an area close to where you live, however, you need to choose the right location. Learn about the market in your county/city/area. Is it a good rental market? Is it up and coming and in need of newly renovated homes for purchase? What are the demographics? What are the recent mortgage rates and property prices? How much has real estate appreciated in recent years? What’s the rate of population growth? What’s the job market like. There are several other factors and a real estate professional (www.aminvali.com) could help you with answering these questions and more. If your area is not ideal, don’t be afraid of expanding to other counties and areas with better markets in order to ensure success.
Our little step-by-step guide will continue next week. Have a good weekend!