Most people want to own an investment property but don’t know where to start – here are 4 Easy Steps to Real Estate Investing Success.
Are you a new investor? Or are you thinking about investing in real estate, but want some tips and tricks to get started? Real estate can be a great investment as long as you approach it carefully and with a solid plan. When most people think of investing, they immediately think stocks, bonds, mutual funds and so on. Now, some people will even think about commercial real estate (like stores and business buildings). But I’d like to encourage you to consider investing in residential real estate. Here are 4 easy steps to get started and achieve real estate investing success.
Step 1: Start with the right mindset
Before you invest in any property, take time to understand the basics of what it takes to be successful in real estate investing. Read books or online tutorials, attend seminars or workshops and talk with experienced investors about their strategies and mistakes. Learn everything you can before jumping into the market yourself.
Step 2: Make a Plan
Real estate investing is best approached as a long-term business, not a get-rich-quick scheme. Which means you should treat it like a business, complete with a business plan. Clearly define your end goal with regards to real estate investing, then work backwards to figure out the steps that you need to take in order to achieve your goal.
Step 3: Save Your Money
In order to purchase your first property you have to start saving your money now. Meet with a mortgage broker to find out how much you would be approved for and what the down payment will be. Look into creative solutions – do you have assets that you could leverage? Are there people that you could partner with? What about purchasing a home for yourself that has a rental unit?
Step 4: Take Action
Don’t get too stuck in the planning phase – you need to take action and start looking. The more time and effort you put into analyzing deals, the better you will be at recognizing a great opportunity when it presents itself. A deal isn’t a deal unless the numbers work. Take advantage of resources, like the help of a local realtor, who can assist you research and analyze different properties.
There you have it, 4 steps that you can take to get a good head start on the road to real estate investing success.
Real estate investing offers great potential for wealth. In a good market, and with the help of the right tools, a savvy investor can make a solid living simply by investing in and leveraging real estate.
If you are considering purchasing a home with a rental unit, CLICK HERE to check out my blog on the the pros & cons of a single family home vs. a 2 apartment home.
Do you have questions about Real Estate Investing?
We should talk! Everybody’s situation is a little bit different. If you are looking to invest give me a call, we can take a closer look at your specific needs and find the right investment property for you.
TEXT ME at 709-770-5565 or CLICK HERE to schedule a meeting.