Starting out as a real estate investor can be daunting. You may not know where to start or who to turn to. Here are our top four ways to make it in this business. When you’re ready to start your investment strategies, give us a call!
Know your deals. You should be looking at a lot of deals and know when a good one comes up. Many won’t make sense and the ones where you’ll make money won’t last for long. Once you spot one, grab it before the next investor has a chance. Also, make sure you know the local markets. Be familiar with specific neighborhoods that are profitable and know the ins and outs of them. All too often, people lose money buying on a snap decision because the area “seems nice”. Know the market be patient and you’ll have a leg up on competitors.
Funding. If you have secure funding, you’ll be able to move quickly on deals. Banks often can’t make a loan quickly enough, or they might not see the value in a property. This is where Propel Real Estate Capital comes in, we can get you access to those funds quickly. Make sure to know where you’re getting your money and that you can get it fast.
Be willing to take risks. Real estate investments often don’t go as planned and can cause a great deal of stress. Especially if you’re dealing with renovations, you can expect the unexpected and know your timeline will probably get derailed. Patience is key in real estate investing. Be willing to think long-term, in order to find the greatest successes.
Be realistic. One of the biggest problems you face is thinking too positively about your investment and valuing it higher than you should. Don’t compare it to the property that sold for a premium down the street. Make sure you get the property below market value and be realistic when setting a goal price.
Put your investment plan together, find your properties, and then give us a call to discuss how you can be a success as a real estate investor.