Actionable Tips For Your Real Estate Investment Business
If you don’t know us, Real Estate Investing is my family’s passion. It’s a great way of life. At times it allows us to do the things we want and visit places we want. However, there are times when it is work, work, work! It’s not all like the TV shows make it out to be. Just like any other business, it requires your time and effort to succeed.
We are constantly being asked what tips we can offer for new investors. Well, there are a lot! If we were to sit down and make a list it would take a day or so, and then we would remember even more in the coming days.
I just came across this article today from Forbes that has a few of those tips that we would offer and more:
1. Don’t Be Too Eager
When looking for your first investment property, it’s critical not to “chase the deal.” I often see first time investors overpay for property because they are so excited and want to get started. Always know your numbers, and never exceed the right purchase price during the excitement of an auction or when negotiating with home sellers. — Jeremy Brandt, WeBuyHouses.com
2. Spend Time At The Property
Sit in your car outside of the property from 6 a.m. to 9 a.m. and 9 p.m. to midnight before you commit to buying it. You will see what is really happening at the building and in the neighborhood during those times. — Lee Kiser, Kiser Group
3. Check The Property’s Value
Anytime you purchase a property below the County Appraisal District, chances are you have hit a home run. Of course other factors come into play… repairs, updates, etc. However, follow this method and you will have the winning score. — Angela Yaun, Day Realty Group
4. Buy With Your Head, Not Your Heart
First-time investors don’t have the luxury of purchasing an investment property on a “gut” feeling. In fact, you probably need to buy on a bigger margin to account for all the things you know, the ones you don’t know and a buffer above and beyond that. Buying investment property can be expensive, so one or two bad choices can take you out of the game. Only buy if the numbers really make sense. — Tracy Royce, Royce of Real Estate
Read The Full Article “How To Ensure Your First Investment Property Isn’t A Bust”
There is a lot of good information in that entire article. Stay tuned for more info on what’s happening in the world of Real Estate Investing!