Investing In Real Estate: We've Got You Covered
You’ve probably heard it said, ‘Real estate is the safest investment in the world.’ But when it comes to dipping your toes into the investment property pool for the first time, it can feel like anything but safe. The journey to creating a successful real estate portfolio may have its challenges, but the rewards are huge.
It’s our job to take the guesswork out of this process for you, and our team members are experts at investing in real estate. Let us put that expertise in YOUR corner to make sound decisions that help you build a successful portfolio!
Let’s break down a few key things to keep in mind, while thinking about whether you’d like to take the first step into owning an investment property.
Start With the End in Mind:
It’s important to clarify what you want out of this investment. Are you looking for monthly cash flow or a long-term appreciation plan? Or both? Different types of properties will fit different goals, so being clear on your ‘why’ is crucial.
Understand Your Budget:
This goes beyond knowing how much you can afford to spend on an investment property. You also need to consider the ongoing costs of owning and managing it, including taxes, maintenance, insurance, and potential vacancies.
Choose Your Property Type:
Whether it’s a single-family home, a duplex, or a commercial property, your choice will heavily depend on your budget and your investment goals.
Location, Location, Location:
Remember, you’re not just investing in a property, but also in a location. Look for areas with a strong rental market, promising future developments, and amenities that will attract tenants.
Build Your Team:
Just like you wouldn’t whip up a complex dish without the right kitchen tools, you shouldn’t venture into real estate investment without the right team. This includes a trustworthy real estate agent, a reliable property manager, a knowledgeable lender, and an experienced lawyer.
There you have it—your recipe for success in your first real estate investment venture. In a nut shell, these are the basic ingredients to begin your journey to becoming a landlord to your first investment property.
BUT, you don’t have to go it alone. As #5 states, having the right team members can make a huge difference in not only beginning your dream of passive income, but it will start you off on the right foot toward a successful business adventure. There are more tools below to help you get started, or better yet call Seay Realty Group to have your first team member that can give you the inside scoop and help you get started off on the right foot.
GETTING STARTED
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