7 Things To Know About Real Estate Investing
We have put together 7 things to know about real estate investing. These are tips & tricks and just general information that will help you get started when thinking about investing in real estate.
- Real Estate Investing is a business. When you purchase an real estate investment, it should be treated as an business transaction. Emotions should not be apart of your decisions. Buy investment properties because it makes the most sense financially, not because you can’t picture living in the home.
- You won’t become an expert Real Estate Investor overnight. Investing in Real Estate takes experience, and this can take time. You won’t wake up and know everything about real estate investing, it will take experience and time.
- Expect the unexpected from tenants. When it comes to tenants, you can have the best feeling about a potential tenant, and it could go completely wrong. You have to plan for the worst and ensure you have a reserve fund in case there is a problem with a tenant.
- Be aware of money being spent. If you are remodeling your investment property, you should be aware of how much you are spending and focus on not spending too much. You should not be spending more than 5% of the homes value on a remodel.
- Create relationships and network. Networking and building relationships with individuals in the industry can help you succeed. By building relationships you will find more people who have your best interest, rather than being solely focused on making money.
- Find a mentor. A mentor can help you learn from what they have done and can give you valuable advice from their own personal experience. Finding a mentor who is local to where you wish to invest can also be very beneficial.
- Location is important. Finding the perfect investment property can seem easy, but ensuring it is in the perfect location is key. You can always remodel, but the location will remain the same so focus on choosing a good location.
Thinking About Investing?
If you are interested in real estate investment contact us today, we can help you get started. We help you find the perfect investment property for your needs, and set you up with the right connections to help make your investment a success.
Call Matt 705-739-3432 or Dom 289-877-7785 to get started investing today.